Colm: Tax registration is voluntary

He spoke at yesterday’s post Cabinet media briefing where he said he would not get drawn into a debate as the matter is now sub judice, that is, before the law courts.

Imbert also made it clear that the contents of media statements from his ministry were not drafted according to any mere whim of his but on the basis of advice from senior counsel.

His counsel had advised that the court issued no injunction against the Property Tax Act nor the Valuation of Land Act, nor the voluntary submission of forms.

“The senior counsel advised us that the process had not been injuncted against.” He said that (as of now) Opposition-linked attorney Anand Ramlogan was right to argue that people are not obligated to pay the tax.

Pressed on the June 5 extended deadline for submissions, Imbert said people are not obligated to pay by this date.

Imbert used the occasion to share details of revenue-generation for the $6 billion deficit Budget of fiscal 2017, including a US$300 million loan from the Andean Bank, drawdowns on the Heritage and Stabilisation Fund and borrowing on the local market. This latter included a third tranche of $1 billion borrowed via Republic Bank at a rate of 4.25 percent for 15 years, a better rate than a loan earlier this year via the Central Bank at 4.5 percent