According to a regional media report, the government of Antigua & Barbuda has held the first in a series of public consultations concerning future tax reform as a first step towards remedying the country’s growing fiscal problems.
The programme was initiated by Minister of Finance and the Economy, Dr. Errol Cort earlier this week to canvass the opinions of the local population as the government considers additional taxes to patch up holes in the public finances, Caribbean Net News reported.
"We have a chronic fiscal imbalance in terms of the government's revenue and expenditure equation. It means that our expenditures are far outstripping our revenues," observed Dr Cort.
This fact was highlighted by the IMF’s recent Article IV consultation with Antigua & Barbuda, concluded last month, in which it was pointed out that years of fiscal mismanagement have led to a very large build-up of public debt, close to EC$3 billion (US$1.1 billion), or around 135% of GDP at the end of 2003.
The IMF recommended the government embark on a “bold and comprehensive” strategy in order to put its fiscal house back in order.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment