House Smiles On New Tax Act

Details

Economy

Tuesday, 27 November 2012 02:31

By caribarena news

Antigua St. John's - Parliament on Monday passed the new Tax Administration and Procedure Act that now governs all other taxes in the twin-island state.

Designed to facilitate consistent and effective tax administration, the Act seeks to pull everything together that currently exists in the different tax laws on the books, including land tax, personal income tax, ABST and more. And as a result of its passage, several other Acts have been repealed.

It looks at the appointment of the commissioner of Inland Revenue and addresses the matter of confidentiality with strict requirements for both junior and senior officials in the Inland Revenue Department (IRD) and Customs and Excise. It also covers the need for record keeping and allows for all taxpayers to access their respective files at any time.

The bill provides for a Tax Appeals Board to address, among other issues, any tardiness on the part of IRD. The High Court also remains an option. Finance Minister Harold Lovell pointed to clause 47, which he said provides even more relief for taxpayers, allowing for the payment of the actual outstanding tax debt to be paid ahead of the penalties and interest – a process that, although legal, worked against the taxpayer.

The lien on property that once applied against defaulting taxpayers now has no effect until it is registered with the Registrar of Companies and later enforced by an order of the High Court. And this cannot take effect without legal advice.

Provisions are also in place to prosecute and penalize officers convicted of taking bribes and other payments outside of their customary wages for services rendered. A fine of $20,000 and a prison term of two years are the maximum penalties in this regard.

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