Tax running 27% ahead of target for the last quarter

LBC
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Tax Administration of Jamaica, TAJ, says it’s exceeded its tax collection target for the third quarter of fiscal year 2016/2017 by almost $7-billion.

In a statement today, the TAJ says this is 27-percent above the the $20-billion target.

It says this puts year to date net collections at $192-billion which is $12.6-billion or 7-percent above the projected target of $179-billion.

The TAJ says the performance continues a positive trend which was set over the previous two quarters and during the financial year 2015/2016.

It’s attributing the positive outcome to the continuation of focused compliance strategies.

It says this includes closer monitoring of arrears facilitated through the implementation of the Revenue Administration Information System.

The TAJ says it’ll continue to use all avenues available to encourage and foster voluntary compliance.

LBC ANALYSIS.


As the Government seeks to rake in more money from Taxes to pay down debt and run the Government, it is extremely heartening to see Taxes up by so much. When taken against the backdrop of cronic tax avoidance in this country, it is even more remarkable that the Government has raked in so much taxes in the last quarter.

It not only shows that a more aggressive tax collection drive is underway, but that more persons may very well be paying more taxes. All this augurs well for the coming Tax package that the Government is considering to fund their 1.5 million Tax break. With taxes running ahead of target, it means that a smaller Tax package may very well be needed to fund the second phase of the 1.5 million Tax break.

 

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