Opposition Senator, Damian Lyder is calling on government to pay VAT refunds to manufacturers.
Speaking at UNC’s Sunday morning press briefing, Lyder said he has been clamouring, in the Senate and during budget debates, for Government to get in line with a timely repayment to the businesses and stakeholders. He accused Government of not prioritising the issue yet boasting of achieving a fiscal balance.
He also claimed that Finance Minister Colm Imbert had “stonewalled” the private sector. He said members’ attempts for full disclosure regarding the total amount of VAT owed to manufacturers have failed.
Lyder said the TTMA’s estimation of “over $140 million” still outstanding to TTMA members was a conservative figure.
“We know from previous debates the number could amount to billions of dollars owing in VAT refunds to all stakeholders. The non-payment serves as yet another stumbling block in attracting foreign direct investors into this country.”
Lyder also called on the government to fix the ease of doing business, adding that getting approvals from utility companies, getting financing from banks, and dealing with issues in the port are daily burdens.
“These continue to become burdens and worsen over the months and years ahead. Every businessman in this country can attest to this.”
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