Prime Minister Gaston Browne has announced plans to tighten regulations aimed at preventing businesses from underreporting earnings to reduce their tax obligations.
Speaking on Pointe FM, Browne expressed concern that some companies, particularly in the hospitality sector, may be manipulating revenue declarations to pay lower taxes.
He warned that the government is prepared to take action against tax avoidance practices that deprive the country of much-needed revenue.
“There are businesses underreporting their earnings, cutting deeply into the country’s tax revenues,” Browne said. “We will be implementing stricter measures to ensure compliance and fairness in the system.”
The prime minister indicated that the government is reviewing existing tax policies to close loopholes that allow for misreporting. He also suggested that authorities may introduce new auditing mechanisms and enhanced oversight to detect irregularities.
Browne highlighted concerns about deductions claimed by some companies, arguing that while tax incentives are necessary to encourage investment, they should not be exploited to avoid paying a fair share.
He pointed to ongoing discussions with major hotel operators regarding their tax contributions as part of the broader effort to enforce financial transparency.
The government has pledged to strengthen the Inland Revenue Department’s capacity to monitor and enforce tax compliance. Officials have signaled that penalties for tax evasion could be increased as part of the crackdown.
Browne reaffirmed his administration’s commitment to ensuring that businesses contribute equitably to national development. “Every company operating in this country benefits from our infrastructure and public services. They must pay their fair share,” he said.
The proposed measures are expected to be outlined in upcoming legislative reforms, with the government promising consultations with the business community to ensure a balanced approach.
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I hope this crackdown is thorough and consistent.
I hope the government provides clear guidelines to avoid innocent businesses getting caught in the crossfire.
Good move.