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Nevis To Capitalise On Local Tax Opportunities,
by Phillip Morton, Investor Offshore.com
Thursday, January 08, 2009
The Premier of Nevis, Joseph Parry has vowed to place greater emphasis in 2009
on ensuring that Nevis is less dependent on external economic forces. Nevis will accomplish this through diversifying its economy and improving
tax collection methods.
During the Premier’s 2009 New Year’s Message, he urged all banking,
financial institutions and telecommunications companies on Nevis to pay their share of taxes to the Nevis treasury in 2009:
“We anticipate that by the end of 2009, all banking and financial institutions
which make a profit by doing business on the island of Nevis will return what
is due to the people of Nevis.”
Parry thanked LIME (a local Internet and phone service provider), which has recently
set up operations in Nevis, for improving telecommunications on the Island. The
government acclaimed the improvements that the company has brought to the island
and said that the increased tax-take generated from the company’s operations
would help secure greater financial independence for Nevis.
The Premier commended the Ministry of Finance for its work in 2008. He praised
the ministry for enforcing property taxes and announced that some expatriate homeowners
would now pay tax on their properties for the first time in the history of Nevis.
Further to the Premier’s announcement, on January 6, Chief Finance Secretary
in the Ministry of Finance, Laurie Lawrence stated that the Nevis Island Administration
(NIA) was looking at investing in technology to streamline tax collections and
reduce government expenditure with the implementation of a ‘Cash and Call
Accounting system’.
Speaking on the accounting system proposals Lawrence said:
“We have to improve productivity, work smarter and do more with less
waste. As the largest institution in Nevis we must demonstrate our commitment
to facing the fiscal challenges which lie ahead by way of example and this is
a clear indication that the NIA is prepared to do that.”
The system would help streamline the procedure used to chase up tax debtors.
Currently there is an insufficient database of information on tax matters, meaning
that multiple telephone calls are made to taxpayers, increasing government expenditure
dramatically. Lawrence plans to implement the system to reduce the process to
a single phone call by efficiently supplying call handlers with information
on taxpayers as well as information on previous calls.
“It is clear now more than ever before that we must spend the taxpayer’s
dollar wisely and tighten the public purse strings," Lawrence said.
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