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He described the system as “outdated, corrupt and unstable.”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.