Stamping Down On Unnecessary Tax Exemptions
Gov't To Stamp Down Unnecessary Tax Exemptions
The Coalition for National Unity and Rural Advancement (CNURA) government will stamp down on irrelevant tax and duty exemptions as one of its crucial steps to increase government revenue collection in 2008.
Finance Minister, Snyder Rini said some exemptions granted by the previous government had unnecessarily cost government's revenue collection.
He said exemptions granted under the previous regime rose to nearly SBD$120 million a year.
"While some of these exemptions are legitimate, justified and necessary such as exemptions for diplomats, development assistance or for productive machinery or hospital supplies, many others are not.
"We believe that reducing these by one third will raise SBD$40 million or so," Mr Rini said.
The other measure that the government will implement is to raise excise on beer and tobacco products which it believes pose social or health risks.
Minister Rini made those announcements when tabling the 2008 national budget last week in parliament.