The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Central Revenue Agency’s (CRA) framework structure is “well advanced”, Financial Secretary John Rolle said yesterday, adding that a revised Value-Added Tax (VAT) Bill was now being handed over to the Government.

“We have incorporated the revisions that we saw as necessary after the consultations meeting with the private sector,” Mr Rolle said.

“That Bill is in the process now of being handed back over to government so that they could review it and make a determination as to when there is going to be forward movement on it.

“In addition to the VAT Bill, you also have there emulations. We gave ourselves a little extra time to receive feedback on the regulations because the regulations affect a lot of administrative procedures.”

Addressing the CRA, which will ensure compliance with VAT and help police registrants and vendors collecting it, Mr Rolle said: “The framework for the Central Revenue Agency is well advanced in terms of the structure. We have a VAT implementation unit within the Ministry of Finance, and they are doing everything that the CRA would be doing.

“At some point, everything that is being done in that unit will be placed in the CRA. The formation of the CRA is a process and that is continuing.”

In terms of staffing Mr Rolle added: “We have a very advanced plan in terms of the staffing of the process. We have already deployed lots of persons from within the Ministry of Finance.

“Our approach from the internal preparation standpoint has not slowed down in intensity. We have always set out to ensure that the administration systems are in place.”