Outdated and unstable | BVI needs new $5M revenue collection system
A new Revenue Collection system is urgently needed for the British Virgin Islands as the existing system is likely to ‘crash at any time’.
Deputy Commissioner of the Inland Revenue Orris Thomas gave that indication when he appeared before the Standing Finance Committee (SFC) in April.
He described the system as “outdated, corrupt and unstable.”
The deputy revenue commissioner also said a new system would cost the government between three to five million dollars to implement.
Responding to the reports of the defunct system, government minister Carvin Malone said he believes the requests of the Inland Revenue Department should be accommodated to ensure the department is consistently running at its full potential.
Opposition member Julian Fraser, in the meantime, said the department should have never had to appear before the SFC to request anything considering that Premier Andrew Fahie has responsibility for the department as Minister of Finance.
The Inland Revenue Department is considered to be of significant importance to the local economy and is said to collect approximately 14 percent of the overall income of the territory.
The department is responsible for collecting payroll tax, stamp duty, self-drive motor vehicle tax, hotel accommodations tax, property tax, liquor licence, cheque duty, and service charges.
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Fraser… only opposing for opposing sake.
His sole objective is to dig as deep down as he can and find something negative to say.
Not a solution from his mouth. Not a suggestion.
What a dinosaur!
We luv him still and that’s why ayo cant beat him
An inadequate revenue collection system invite people to put their hands in the cookie jar. Get it done to keek the cookie monsters in check.
Dinosaur indeed
This is actually kind of amazing that Inland Revenue only collects 14% of the Territory’s revenues.
Presumably the other 86% comes from FSC, Customs, and fees from the various Government departments.
Before FSC, Inland Revenue was the largest revenue earning department followed by Customs. Over the years, the department’s lead dropped to third: 1.FSC, 2.HMC, 3.IRD.
I believe that that 14% collection rate is attributed to an outdated system, interference…hhhmmm, and low morale.
Talk what you know. ITD is still in 2nd place with HMC in third!!!
I still like the $300,00.00 boat that bigger than their house yet reported only $10,00.00 income. Don’t forget the $70,000.00 Land Rover to pull the boat.
So wait? If you update the system HOW IS PEOPLE SUPPOSE TO SKIM A LITTLE OF THE TOP? You messing with people hustle.
It needs to be a GOVT wide system that each person and company is registered in so all the taxes, ss, nhi and anything else contacted with GOVT is seen under your record.
THEN the GOVT would earn its money and be able to ditch the stupid taxes that screw up our tourism.
You mean employers might actually have to pay the Payroll tax that they deduct from employees to Inland Revenue???