23 July 2008Payroll Tax Review
GISAdhoc Committee has been established to review Payroll Tax
Premier Honourable Ralph T. O’Neal, OBE has confirmed the establishment of an ad-hoc committee to review the payroll tax, which replaced income tax in the Territory three years ago.
Delivering a statement during the Tenth Sitting of the First Session of the First House of Assembly of the Virgin Islands on Tuesday, the Premier stated that the committee will be chaired by Mr. Ian Smith and will consist of ten members.
The other members are Mrs. Rosemarie Flax, Ms. Diana Wheatley and Messrs. Jerry Samuel, Clarence Faulkner Jr., John Greenwood, Joseph Roberts, Keith Matthew, Neville Pole and Edison O’Neal.
The committee, according to the Premier, has been mandated to “identify inconsistencies within the Payroll Tax Act and make recommendations for amendments, or if deemed to be so fit, repeal the Payroll Tax Act.”
Payroll tax was introduced in the Territory in 2005 under the previous administration but Hon. O’Neal’s government promised to review this piece of legislation. The establishment of the ad-hoc committee represents an affirmation of the Premier’s commitment to honouring his promise to undertake the review.
Government is committed to ensuring that the economy maintains its vibrancy and provides opportunities for growth.
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