Revenue agency rejects bank allegations

The Barbados Revenue Authority notes with regret, reports which suggest that the revenue collecting agency was holding up disbursement of mortgages and other credit facilities that require security over real estate, following the March 16 amendment to the Barbados Revenue Authority Act.

Revenue Commissioner, Margaret Sivers categorically rejects the implications being made, which infer that the Authority is hampering the commercial banks’ ability to carry out their functions.

The Commissioner has noted that over the last two weeks the Authority received 316 tax clearance certificate applications, of which 73 per cent have been completed and returned to the applicants.

“Under normal circumstances General Tax Clearances are completed within 48 hours, once there are no outstanding tax obligations,” she explained.

“As an institution, we have been engaging with stakeholder associations to proactively discuss matters and get feedback on any issues they have been experiencing, whether current or potential. This is part of our strategic direction to
become more customer-centric and build collaborative relationships with our taxpayers, taxpayer representatives and businesses.”

She noted that the Bankers’ Association identified some issues with the application of the legislation and requested a meeting to which the Authority agreed.

“I therefore think that making these allegations is premature and goes against the intent with which the meeting was agreed. The Authority does not want to in any way prevent the taxpaying public from achieving their goals and plans. It is however our mandate to ensure that our taxpayers are compliant with their obligations under the Laws of Barbados. We also recognise that there are many nuances to the implementation of any legislative requirement and the Authority is always willing to work with its customers and their representatives to work through and clarify any issues identified.”

Sivers also shared that the Authority had been meeting with stakeholders groups on a regular basis as a means of fostering more direct relationships with agencies.Ò