The government has announced a number of technological initiatives for 2023 that will seek to improve its tax collection measures, including upgrading its Standard Integrated Government Tax Administration System (SIGTAS) and the establishment of an e-payment system.
These were some of the many initiatives announced by Premier and Minister of Finance Dr. the Honourable Natalio Wheatley during his 2023 Budget Address on Tuesday.
He said it is futile for the government to continue to implement new tax collection measures if the systems in place are not equipped to collect the intended taxes.
To ensure his government and the respective ministries are effective and efficient in revenue collection he said the Inland Revenue Department has embarked on a 2-year project to upgrade their SIGTAS system to the latest software.
“The platform will be moved from version 1.0 to the latest version 3.0. This upgrade contains an integrated suite of modules that will automate the administration of taxes, using a single comprehensive information system to facilitate greater transparency and modernization of the taxation process. SIGTAS 3.0 will allow for e-registration, e-filing, e-payments and flexible reporting. By upgrading the software, central government will be able to optimise decision-making and increase the efficiency in tax collection in enforcement and recovery. This will be rolled out early in 2023,” Premier Wheatley explained.
The finance minister also revealed plans to introduce an e-payment system next year which he believes will benefit the government in its collection of online revenue.
He said his government is now at the advanced stages of discussions with Banco Popular and will be ready to launch this initiative early in 2023.
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