The public has been given more time to comment on the Tax Administration Bill 2022 and Revenue Laws (Consequential Amendments) 2022.
The Tax Administration Bill 2022 and Revenue Laws (Consequential Amendments) 2022 had their first reading in the Legislative Assembly on Tuesday 22 November, 2022.
As part of the drive to ensure inclusiveness and promote transparency and accountability, the Ministry of Finance and the Montserrat Customs and Revenue Service are sharing the Bills widely to ensure that the legislation is comprehensive, and help all stakeholders develop understanding of both Bills and the subsequent Legislative Amendments. The Bills can be accessed for reading at the following links:
i. Tax Administration Bill 2022- Located at https://www.gov.ms/wp-content/uploads/2022/11/Bill-No-of-2022-Tax-Admin-Bill-2022-formatted-4-11-2022.pdf
ii. Revenue Laws (Consequential Amendments) Bill 2022- located at https://www.gov.ms/wp-content/uploads/2022/11/Bill-No-of-2022-Revenue-Laws-Consequential-Amendments-Bill-2022-4-11-2022.pdf
“It has long being recognized that the administration of the main direct taxes on Montserrat is very inefficient, laborious, outdated because of gaps in the legislation which does not always promote the timely filing of returns, formulation of assessments and generation of statistics and data,” states the MCRS.
The introduction of the Tax Administration Bill 2022 will serve to modernize the administration of a number of Taxes and will among other things clarify the onus on tax payers to file their Tax Returns in a timely manner or be subjected to related penalties. The bill will also implement a formal requirement for the introduction a tax payers Identification mechanism such as a Tax Identification Number (TIN) among other things.
Tax Administration Bill 2022- Located at https://www.gov.ms/wp-content/uploads/2022/11/Bill-No-of-2022-Tax-Admin-Bill-2022-formatted-4-11-2022.pdf
The Revenue Laws (Consequential Amendments) 2022 provides for consequential amendments to a number of Revenue Legislation to facilitate the provisions of the Tax Administration Bill 2021.
The Revenue Laws (Consequential Amendments) Bill 2022- located at https://www.gov.ms/wp-content/uploads/2022/11/Bill-No-of-2022-Revenue-Laws-Consequential-Amendments-Bill-2022-4-11-2022.pdf
The laws that will be amended are:
- Montserrat Customs and Revenue Services (Enabling) Act (Cap. 17.06) – located at – https://www.gov.ms/wp-content/uploads/2020/06/Montserrat-Customs-and-Revenue-Services-Enabling.pdf
- Hotels Tax Act (Cap 17.13) located at – https://www.gov.ms/wp-content/uploads/2020/06/Hotels-Tax-Act.pdf
- Property Tax Act (Cap. 17.16) located at – https://www.gov.ms/wp-content/uploads/2020/06/Property-Tax-Act.pdf
- Insurance Levy Act (Cap 17.14) located at – https://www.gov.ms/wp-content/uploads/2020/06/Insurance-Levy-Act.pdf
- Income and Corporation Tax Act (Cap 17.01) located at- https://www.gov.ms/wp-content/uploads/2020/06/Income-and-Incorporation-Tax-Act.pdf
There is now an extension of time to submit comments. All comments, queries and suggestions can be sent via email address MCRS@gov.ms on or before December 13th 2022.