Bridgetown.
Minister of Finance Chris Sinckler has lamented the astronomical amount of money owed to the VAT Department by businesses houses in Barbados.
In delivering the feature address during the official launch of the Barbados VAT and Excise Tax Administration System (VETAS) yesterday at the Accra Beach Hotel, Sinckler said more than $300 million in Value Added Tax (VAT) was owned to the Government of Barbados.
According to Sinckler, there were vast insufficiencies in the current VAT legislation regarding debt recovery.
In his address Sinckler said the taxes owed to the Government’s revenue collecting agencies were astronomical.
He said that the VAT arrears included principal,penalties and interest.
“This is very undesirable as it is unsustainable and particularly unacceptable. A review of the VAT legislation has highlighted an overwhelming inadequacy in terms of the powers it grants for actual debt recovery and related activities so necssary to a modern VAT administration to operate an effective arrears regime”,Sinckler said.
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