Trinidad And Tobago Acknowledges Need For Tax Agency Reform
by Mike Godfrey, Lowtax.net, Washington
22 March, 2018
Trinidad and Tobago's tax administration system has been described as having many deficiencies in a recent International Monetary Fund (IMF) report, which was tabled in the territory's parliament last week.
The IMF says Trinidad and Tobago's reform needs are substantial, with its report highlighting the unreliable state of its taxpayer registration database; delays in processing accounting transactions; and weak compliance risk management methodologies, which were said to be severely hampering the operations of its tax authority, including its capacity to improve taxpayer compliance and generate additional tax revenues.
In a positive note, the IMF observed strengths in the use of third-party data to support audits, a well-structured tax dispute resolution process, and a relatively sound tax administration IT system.
Colm Imbert, Trinidad and Tobago's Minister of Finance, said the IMF's findings were not a surprise. He said that the findings will be useful as objectives for change for the new Trinidad and Tobago Revenue Authority, which is proposed to bring together the income tax and customs and excise authorities.
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