Dear Editor,
Minister Derrick Kellier's suggestion to impose a cess at the time of importation of sugar is the only solution that will correct the problem relating to dishonest importers.
On the other hand, levelling a cess across the board is only half the answer, as it will only serve to increase production cost and, by extension, cost to the consumers.
Here is my solution to this problem:
1) Impose a cess/duty on all goods coming into the island, no matter which sector it was imported for.
2) Companies who import goods to use as raw material for the production and manufacturing sector should also pay the cess at the point of import, but should be refunded the amounts paid upon filing of the appropriate tax returns.
3) The filing period should be optional (quarterly, half yearly, or annually) and should be the decision of the company doing the filing.
4) The amount refunded should be determined by comparing the raw material used over the period of the claim against the output of production over the same period.
5) Reporting and filing quarterly should quickly address any cash flow problem that may exist on account of paying these cess.
This very simple solution would guarantee tax benefits for the genuine players in the market while ridding the sector of the unlawful practices of others.
Hotshots
myviews50@hotmail.com
Minister Kellier is half right on sugar cess
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Minister Derrick Kellier's suggestion to impose a cess at the time of importation of sugar is the only solution that will correct the problem relating to dishonest importers.
On the other hand, levelling a cess across the board is only half the answer, as it will only serve to increase production cost and, by extension, cost to the consumers.
Here is my solution to this problem:
1) Impose a cess/duty on all goods coming into the island, no matter which sector it was imported for.
2) Companies who import goods to use as raw material for the production and manufacturing sector should also pay the cess at the point of import, but should be refunded the amounts paid upon filing of the appropriate tax returns.
3) The filing period should be optional (quarterly, half yearly, or annually) and should be the decision of the company doing the filing.
4) The amount refunded should be determined by comparing the raw material used over the period of the claim against the output of production over the same period.
5) Reporting and filing quarterly should quickly address any cash flow problem that may exist on account of paying these cess.
This very simple solution would guarantee tax benefits for the genuine players in the market while ridding the sector of the unlawful practices of others.
Hotshots
myviews50@hotmail.com
Minister Kellier is half right on sugar cess
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