Editorial Staff
6 months ago

Editorial Staff
6 months ago

IRD Achieves Revenue Growth Amid Lingering Compliance Concerns

Deputy Commissioner of the IRD, Jermaine Jarvis

By Aabigayle McIntosh

 

The Inland Revenue Department has successfully collected revenue, with a significant increase during this year’s second quarter.

The Deputy Commissioner of the IRD, Jermaine Jarvis, reported that the corporation had exceeded expectations by collecting $20 million more than its projected budget.

Between January and June 2023, almost $40 million was collected, surpassing the amount collected in 2022. The Tourism and Construction sectors have been instrumental in this growth, contributing to the department’s continued success.Top of Form

“Because of the investments in the country and the increased economic activity, you would have growth in relation to the tax situation as well. So, as economic activity increases, you would have growth in the number of items being sold, which will translate both in the taxes collected and as persons record increases in profits there is increase in profit taxes as well”, Jarvis said.

Even as they celebrate notable surges in revenue, IRD officials remain vigilant about compliance challenges in specific sectors.

While celebrating significant revenue growth, the officials at IRD are mindful of the difficulties in ensuring compliance in some industries.

Jarvis stated that the tax administration system needs an upgrade to enable online payments, which will simplify the payment process. Moreover, property owners who are behind on their payments are advised to take note of their obligations and settle their dues.

Jarvis explained that the tax administration system is due for an upgrade to facilitate online payments.

This modernization step is aimed at streamlining the payment process. Property owners who have fallen behind in their payments are also urged to pay attention to their obligations.

“In September, we will enter into what we call our user access testing for a new software concerning our property tax system, and we are going to be on the ball in terms of trying to collect outstanding property tax to prevent arrears from building up.

“Persons are encouraged to come in and ensure they pay their property tax and key compliant,” Jarvis advised.

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