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KPMG agrees: Tighten tax collection
Audit, tax and advisory services company, KPMG, is calling for legislation to be brought to the Parliament for the establishment of an Integrated Revenue Authority (IRA) so that the “weakness in tax administration in Customs and Excise as well as BIR can be addressed.”
The company was responding to the mid-year review which was presented in the Parliament last week. In its 2017, mid-year review commentary, KPMG suggested that, in order to support the IRA, it hoped graduates from various tertiary education institutions would be employed to assist with VAT and other tax collections.
KPMG noted that no mention was made concerning the number of people retrenched as a result of the recession, or T&T’s current debt level, or initiatives for diversification of the economy, as well as fiscal measures to generate new sources of revenue. Transfer pricing legislation was also absent from the mid-year review presentation, KPMG said.
Overall, the company was satisfied that there was effort to “shed some light on, and increase the level of, transparency with respect to T&T’s current economic conditions by reporting on the actual revenue collected and actual expenditure in the first half of 2017.”