Home  News Regional News Jamaica collects millions in tax arrears
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Jamaica collects millions in tax arrears |
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Monday, 18 August 2008 |
KINGSTON – The Jamaica government has collected nearly J$12 billion (US$167 million) in tax arrears during the months April to July this year, Finance Minister Audley Shaw has said.
He said that for the same period last year, the government had collected J$6 billion (US$83.5 million) in tax arrears, with the figure almost doubling for the similar period this year.
"That is, by any standard of evaluation, a substantial increase in the amount of funds we have collected in the first four months," he said, noting that last year the total collection of arrears amounted to J$14 billion (US$194.8 million) for the whole year.
"So consider that for one-third of the year... we have collected almost J$12 billion, which is J$2 billion (US$27.8 million) short of what we collected in the entire year last year."
Shaw said that with an accumulated deficit of J$4 billion (US$55.6 million) so far, the government is on target to achieving the J$12.5 billion (US$167.02 million) in deficit targeted for this fiscal year.
"We are on the right track to achieving our target and, indeed, that target achievement is reflected in the fact that in our fiscal operations for the first three months, we are ahead in revenue by 1.2 percent and we are somewhat behind in our expenditure, such that our fiscal balance is not only in balance; but it is ahead of the targeted deficit,” Shaw said.
"We targeted J$12.5 billion deficit for the year and have realized J$4 billion so far.”
Shaw said that the government was also making it possible for tax payers to pay online.
"We want to put in a system where we have those who can take advantage of electronic transactions, to minimize the need to physically go to a site," the Finance Minister added.
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