The territory’s 2016-2018 Medium Term Fiscal Plan, released this month with the budget, details several revenue-earning strategies that echo unfinished plans made by the government in years past.
Among the measures repeated in the current MTFP but not implemented yet are plans to introduce a tourist arrival levy, raise work permit fees, and alter the method of measuring import duties.
New revenue-generating strategies listed this year include increasing the hotel accommodation tax from seven percent to 10 percent, revising the marine fee structure, and collecting royalties from the Telecommunications Regulatory Commission.
The MTFP also notes that the government plans to increase the authority and efficiency of tax collection agencies.
“It is envisaged that these revenue initiatives will be brought on stream between 2016 and 2017, and amass approximately $19.3 million in additional revenue in 2016, $26.7 million in 2017 and $26.8 million in 2018,” the report noted.
Certain unimplemented initiatives listed in earlier years have been left off the current MTFP. In 2014, for example, one of the strategies was to extend the seven percent hotel accommodation tax to visitors staying on charter boats. However, that initiative was never put on stream and is absent from 2016-2018 plan.
Another strategy mentioned in previous MTFPs is increasing the alcohol import tax, which, after being first mentioned in 2014, is currently being implemented now.
See the May 19, 2016 edition for full coverage.
{fcomment}