The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

THE Minnis administration's VAT grabbed the spotlight yesterday but Deputy Prime Minister and Minister of Finance Peter Turnquest also announced select increases to real property taxes and immigration fees.

Real property tax on foreign-owned vacant land will rise to two percent of value, up from 1.5 percent. Licencing fees on large commercial vehicles will increase by $50 for class B and class C vehicles.

Fees will also be increased for immigration services, police records, fingerprinting for casino employees and labour certificates.

At the same time, the administration is looking to enhance other revenue generation capacities.

"The Real Property Tax system has long been acknowledged to be antiquated and inadequate to its mandate and mission," Mr Turnquest said.

"The desirable reforms identified in recent years must be reassessed and, where appropriate, re-initiated and pursued with purpose and determination. We will do so as a matter of priority and ensure that the necessary resources are dedicated to this important challenge.

"Developing a modern and equitable system of property taxation will better serve our citizens and secure the revenues that are anticipated from the system. Previous estimates suggest that a properly functioning system could readily yield significant improvements in revenues."

Problems in underpayment and avoidance of paying property taxes is a huge problem for the government with millions of dollars in revenue not being paid by consumers.

Strengthening the collection process - along with an increase in excise duties - Mr Turnquest hopes will generate an extra $80m for the Treasury.