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FINANCE Minister Colm Imbert has said Government cannot defer the collection of taxes, because it provides an invaluable revenue stream which allows it to offer relief to people who have been affected by the covid19 pandemic.
In his opening contribution to debate on the Finance Bill in the Senate on Tuesday, Imbert said his ministry has been "bombarded by requests by persons in the business sector and individuals that we defer taxes."
But, he said,"We can't, because in order to provide relief that people also want...the relief in terms of grants...the relief in terms of loan facilities...guaranteed loan facilities...the Government would require revenue."
"We would not be able to run the country or provide all of the relief that people are asking. So it's a Catch-22."
He added the amnesty he referred to in the House of Representatives on June 25 would let businesses that have been unable to pay their taxes over the last 15 months due to the pandemic do so without incurring any penalties.
He recalled a previous amnesty allowed Government to collect $2.4 billion, and a tax amnesty has been shown to "be a very productive measure in terms of mopping up, unpaid taxes outside there." He said Government is looking at some amendments to the legislation that "will clarify and confirm the complete range of taxes that are going to be captured by the tax amnesty because of the Government's intention to capture as many, if not all, existing taxes in all the various laws."
Independent Senator Amrita Deonarine welcomed the amnesty, but said it should have come earlier. Deonarine also said Government should be prepared to extend the amnesty and not expect to collect much revenue from it because of the pandemic and current economic conditions.
Speaking in the House of Representatives on June 25, Imbert said this amnesty will run from July 5-September 17.
"The amnesty is applicable for the years up to December 31, 2020, and for the period January 1, 2021-May 31, 2021.
The post Imbert: Government must offer $$ relief so can’t defer taxes appeared first on Trinidad and Tobago Newsday.