Gov’t takes steps to improve tax collection
As the territory heads towards full recovery from the global COVID-19 pandemic, the government has announced that it is making plans to improve its revenue collection systems.
Making his budget presentation this week, Premier Dr Natalio Wheatley, new technology is being sourced to help the government become more efficient in collecting taxes and other government fees.
The Premier revealed that the Inland Revenue Department has embarked on a two-year project to upgrade its Standard Integrated Government Tax Administration System (SIGTAS). This upgrade is expected to automate processes and facilitate greater transparency and modernisation of the taxation process. The new system will allow for e-registration, e-filing, e-payments, and flexible reporting.
“By upgrading this software, central government will be able to optimise decision-making and increase the efficiency in tax collection, enforcement, and recovery. This will be rolled out early in 2023,” Premier Wheatley explained.
He also said the government is working on a new e-payment system with Banco Popular that will allow residents to pay government fees easier and safer. He said the new system will reduce the risk and the responsibility the government has to bear when processing credit cards directly.
“With this approach, the government would gain the benefit of collecting revenue online, while limiting its involvement in banking activities,” Premier Wheatley said before adding that the new e-payment system will be launched early in 2023.
The Premier also outlined other benefits of the new e-payment system which includes a secure payment environment with a high level of fraud protection; the ability to make payments 24 hours a day; and the ability to accept all forms of payment that are available locally.
Premier Wheatley also signalled that many government agencies will be empowered to digitise their processes in the coming months, which should allow for a more efficient use of public resources.
The Premier revealed that the Inland Revenue Department has embarked on a two-year project to upgrade its Standard Integrated Government Tax Administration System (SIGTAS). This upgrade is expected to automate processes and facilitate greater transparency and modernisation of the taxation process. The new system will allow for e-registration, e-filing, e-payments, and flexible reporting.
“By upgrading this software, central government will be able to optimise decision-making and increase the efficiency in tax collection, enforcement, and recovery. This will be rolled out early in 2023,” Premier Wheatley explained.
He also said the government is working on a new e-payment system with Banco Popular that will allow residents to pay government fees easier and safer. He said the new system will reduce the risk and the responsibility the government has to bear when processing credit cards directly.
“With this approach, the government would gain the benefit of collecting revenue online, while limiting its involvement in banking activities,” Premier Wheatley said before adding that the new e-payment system will be launched early in 2023.
The Premier also outlined other benefits of the new e-payment system which includes a secure payment environment with a high level of fraud protection; the ability to make payments 24 hours a day; and the ability to accept all forms of payment that are available locally.
Premier Wheatley also signalled that many government agencies will be empowered to digitise their processes in the coming months, which should allow for a more efficient use of public resources.
