The Stamp Duty Commission of Inquiry Report completed in 2010 and made public last August found that government had lost out on at least $3.4 million in revenue from underpayment of land transfer fees.
The report also recommended several changes to prevent further losses, but none of them have been put in place.
During the recent deliberations of the Standing Finance Committee, Health and Social Development Minister Ronnie Skelton asked whether any of the “deficiencies” raised in the commission’s report had been addressed.
Inland Revenue Commissioner Sylvia Moses answered that recommendations were not put in place because the office hadn’t been directed to do so either by Cabinet or the Ministry of Finance, the SFC report says.
Financial Secretary Neil Smith said the ministry received the commission’s recommendations and is discussing a Transfer Tax Act to replace the Stamp Duty Act, the report states.
See the Jan. 17, 2013 edition for full coverage.
{fcomment}