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Mar 16, 2022

PM Briceño on Outstanding, Uncollected Tax

Prime Minister John Briceño

Prime Minister John Briceño dedicated a portion of his budget presentation on Tuesday to speak on the issue of outstanding, uncollected taxes. He noted that the recently established Tax Collection Unit reviewed close to nineteen thousand accounts that carried arrears of an estimated six hundred and forty million dollars in GST, Business Tax and Income Tax. But, how much of this can the government go after?


Prime Minister John Briceño

“Of this six hundred and forty five  million: only six percent or thirty eight  million dollars  were assessed within the last two years; less than twenty percent or one hundred and eleven million are less than five years in arrears; approximately four hundred and nineteen million or sixty seven percent are non-collectable by law due to the statute of limitations or because they related to the now obsolete Sales Tax; Moreover, the IMF’s Fiscal Affairs Department experts have advised based on the US’s IRS guidance that arrears beyond three years are deemed non collectable. Nonetheless, the TRU will pursue with vigor the collection of the remaining arrears not deemed uncollectible by law. In addition, preliminary estimates indicate that some three hundred and thirty four million relating to three hundred two eight thousand, seven hundred and twenty one land accounts are outstanding. Responsibility for these accounts is in the process of being assigned to the Tax Recovery Unit. Determining what proportion of this estimate is actually collectible is a process well underway. The Unit’s tactics will include publishing the names of defaulters, triggering court proceedings, and activating lien and all other actions provided for by the Tax Administration and Procedure Act.”

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