The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Chamber of Commerce's chief executive yesterday said the private sector will continue to discuss tax reform options with the Government even as it adjusts to the VAT rate increase.

Edison Sumner told Tribune Business that the private sector body was assisting the Deloitte and Touche accounting firm in its study of tax alternatives by facilitating meetings with the private sector on the possibility of introducing a corporate tax.

"This week the Deloitte consultants are in town again, having consultations with a number of private sector industry organisations and businesses on the idea of implementing corporate tax as opposed to, or as an alternative to, the Business License fees," Mr Sumner said.

"The Chamber is assisting them in facilitating those meetings that commenced today, and will be running though Friday. It is giving the business community an opportunity to have a direct discussion with the consultant who would be advising the Government on the next tax strategy."

Mr Sumner added that many businesses are still working to get their systems in place relative to the VAT increase from 7.5 per cent to 12 per cent. "Some of them are still working to get their systems in place," he said. "As you know, the Government gave many of the retailers an extension until August to get their systems in place.

"That process is still ongoing for a number of businesses. Some are adjusting to the new environment, although it is still a challenge with the rate increase. We've concluded that it is what it is now. We will continue working with the system until such time we have an opportunity to make any further amendments to it. That is a discussion we will be having with the government on a continuous basis to see what other means of taxation can be considered."