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Thursday 13 December 2018
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TT gets D on tax system

KALIFA CLYNE

THIS country has gotten Ds, the worst possible grade on 18 of 28 high-level indicators critical to tax administration performance says Finance Minister Colm Imbert.

He made a statement to Parliament on Friday on the country’s performance in the Tax Administration Diagnostic Assessment Tool (TADAT) which was conducted in this country in December 2017. The TADAT report was prepared by an International Monetary Fund (IMF) mission between September and December. The report identified the main strengths and weaknesses of the country’s tax administration system.

“It has long been recognised that our tax collection system is under-performing, although we have made substantial and significant progress in reforming the taxation system for improving domestic revenues,” Imbert said. The report focused on nine key performance outcome areas, including effective risk management, timely payment of taxes, timely filing of taxes, efficient revenue management and accountability and transparency.

Of the four high-level indicators under accountability and transparency, TT received two Ds and Cs.

The country received one A-grade for use of efficient tax collection systems.

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