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Tuesday, 30 August 2016 19:37

Tax Reform Is An Expensive Exercise

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GREAT BAY -- “Tax reform without reforming the tax department is counterproductive,” Finance Minister Richard Gibson said in a meeting of the finance committee of parliament yesterday afternoon. “These two go hand in hand. Reforming the law with a tax department that is unable to carry out the reform is not going to give us what we are looking for.”
The minister said that parliament has already adopted the framework for tax reform and that the legislation to bring the reform about is pending. “Tax reform is an expensive exercise. It has to be done carefully and cautiously in terms of what taxes and what rates we’re going to apply.”
The minister informed the committee members about his preferences: lower profit and income taxes and a shift to more indirect taxes.
“Which buttons we decide to press has to be done in a responsible manner. We have to calculate the effects to make sure we’re not taking a gamble that will bankrupt the country. We need experts to make those calculations and once that is done we are able to take responsible decisions.”

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