National

Inland Revenue Acting Controller: We have To Meet The Target, We Don’t Have A Choice

NASSAU, BAHAMAS – As government cracks down on tax collections to bring down deficit numbers by the end of the fiscal year, the Department of Inland Revenue is making it clear they’ll do what it takes to meet that target.

Published

2 months ago

February 29, 2024

Berthony McDermott

NASSAU, BAHAMAS – As the government cracks down on tax collections to bring down deficit numbers by the end of the fiscal year, the Department of Inland Revenue is making it clear they’ll do what it takes to meet that target.

Inland Revenue Department Acting Controller Shunda Strachan says the department still has over $100 million left to collect in taxes if it hopes to meet its budget target by the end of the fiscal year.

Strachan says the department has exhausted all means of collection and now they’re going after the money.

Inland Revenue officials are expected to collect just over $195 million from real property tax this fiscal year or 5.9% of the government’s overall income.

Strachan explains how close they’ve come to meeting the target.

Last week, Financial Secretary Simon Wilson revealed the government is looking to bring the fiscal deficit in line from tax collection in the coming months.

The department has over 42,000 accounts with arrears of over $500m in total real property tax areas stand at about $900 million.