Government has proposed raising the Value Added Tax (VAT) threshold from $180,000 to $400,000.
This means that over 600 VAT registrants will not be required to collect VAT on behalf of the government, Prime Minister and Minister of Finance announced in his 2015 Budget Statement on Tuesday.
“We have recognized that these smaller registrants are continuously seeking filing assistance from the Inland Revenue Department and some have even requested de-registration. We have listened to their concerns,” Dr. Anthony said.
Requests for voluntary registration will continue to receive appropriate consideration, he noted.
“This will ensure that small manufacturers and other sensitive businesses (falling below this threshold) are not disadvantaged. Voluntary registration will, however, be subject to adherence to the provisions of any enactment administered by the Inland Revenue Department,” he added.