Government earns $750 million from tax amnesty

Date: 
Wednesday, November 9, 2016 - 15:30

Finance Minister Colm Imbert says the Government earned $750 million from a tax amnesty it implemented this year.

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Furthermore, the Minister says the Government stands to earn over $600 million from the implementation of a higher tax regime for people earning in excess of $1 million in taxable income. 

The Minister told the Parliament that calculations are showing that the country can earn up to $80 million this year alone, from individuals who fall under that new tax bracket.

He said that with respect to corporations, the calculations show that this country can get $560 million, from corporations that earn profits in excess of $1 million per year

He said he inquired from the Board of Inland Revenue about how much the tax amnesty yielded this year and was told the amount was $750 million.

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