“amalgamation plan” underway for VAT, IRD, Customs and TCU
The Finance Ministry is currently defining an “amalgamation plan” to enable the merger of the various tax collection departments into one, Business Today has learnt.
The merger of the Valued Added Tax (VAT), Inland Revenue Department (IRD), Customs and the Tax Compliance Unit (TCU) was one of the major measures announced by Finance Minister Tonio Fenech during the 2010 Budget Speech presented in Parliament on last month.
“We are currently in the process of defining the amalgamation plan that includes legislative amendments, HR, systems, and logistical arrangements to ensure a smooth transition process,” spokesperson for the Finance Ministry told Business Today.
“So this stage it is too early to discuss any additional details or specifications, since these are being determined and decided upon at this time,” he added.
The amalgamation of the tax departments was another important process through which Government was aiming at “strengthening its capabilities in ensuring a fuller, fairer collection of tax – and other dues – due to it, to further strengthen its efforts against abuse while at the same time reducing bureaucracy for businesses and individuals,” the Finance Ministry spokesperson told Business Today.