Revenue Authority praised
Tue, 11/08/2016 - 12:00am
Minister of Finance and Economic Affairs, Christopher Sinckler, says that this country is already benefitting from the creation of the Barbados Revenue Authority (BRA).
In fact, Minister Sinckler believes that in its first 12 to 18 months in operation, the BRA has added more than an additional one per cent of gross domestic product in terms of value, to the local economy.
His comments came as he was speaking at the opening ceremony of the 37th Commonwealth Association of Tax Administrators (CATA) Annual Technical Conference at the Hilton Hotel, held under the theme ‘Enhancing Tax Compliance through Strategic Alliances’.
Moreover, he told delegates drawn from across the Commonwealth nations that with almost two years into the existence of that entity, the country has been seeing “significant progress” in the reconstruction of the national tax administration platform. This, he explained, is as it relates to the level of operational efficiency, tax policy and practice integration, internal work flow mechanisms and more concerted leadership on tax transparency and compliance issues.
However, the Minister said the process of introducing the BRA has not been without its challenges and there is still “much more work” to be done. He indicated that this includes the integration of Customs into the Revenue Authority, and the codifying and operationalising of the single taxpayer IT system. In spite of the outstanding work that needs to be done, the Minister sayshe is “extremely confident” that the BRA will deliver many decades of excellent and proficient service to the people of Barbados.
His comments came as he noted that the BRA and the Financial Services Commission were both created as part of Government’s efforts to make fundamental changes to the apparatus of its financial management and regulatory systems in general and in particular its tax administration system. He added that as many countries continue to grapple with the twin problems of the global economic slowdown and fallout from the 2007-2008 financial crisis, and the increased pressures brought to bear by more powerful jurisdictions and international organisation to conform to their sometimes narrow reality of the world, the role of tax administrators will become even more critical in helping all of us to respond to, and win, the challenge of securing a balanced and inclusive development for our peoples.
“The solemn reality that is ours, more than suggests that while many of us may achieve some progress as individual actors in the system, it is when we unite partners, part of the Commonwealth Association of Tax Administrators, the largest international organisation of tax administrators in the world in terms of membership, that we are able to learn from our experiences, to share responses, correct any errors that we may have… and eventually to amplify our success,” he added.
To that end, he said that CATA conferences should be used to formulate the CATA action plan and position on international tax matters, with the goal of CATA becoming a catalyst for its members not only at the Global Forum, but in all similar international oversight and regulatory bodies.