PHILIPSBURG–“A country’s wellbeing depends on its financial health. The one cannot exist without the other,” said Minister of Finance Richard Gibson on Tuesday during the presentation of his Ministry’s year plan.
He said the Finance Ministry aims to promote sound financial management, stimulate fiscal compliance and promote an environment for “healthy” monetary development.
Gibson said Government’s aim for 2017 is to plan good governance and sound financial management. The main strategic objectives for this year are fiscal stability and transparency.
The plans include the improvement of public services and the integration of the Tax Department and the Receiver’s Office in one new building, the construction of which is planned to start this year.
The Ministry’s total operational budget for 2017 stands at NAf. 4.2 million. From the Government budget NAf. 6 million will go towards improvements at the Tax Department, “for which I had to fight hard,” Gibson stated.
The fiscal policy needs to be modernised and brought in compliance with other countries in the region, Gibson said. “Income and profit tax need to be lowered with a shift from direct taxes to indirect taxes and a broadening of the tax base. We hope to complete this in 2017 with Parliament’s help and approval,” he said.
Based on recommendations by the Committee for Financial Supervision CFT and the General Audit Chamber, a Plan of Approach for the strengthening of financial management will be drafted, as well as a subsidy ordinance.
Auditable balance sheets of credits, debts, debtors and receivables are also among the Finance Ministry’s aims for 2017.
Source: The Daily Herald https://www.thedailyherald.sx/islands/65283-gibson-country-s-wellbeing-depends-on-its-financial-health
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