New tax system applauded
28 December 2018 | Ministries
ITAS, which becomes operational from 17 January, will allow taxpayers to submit their returns online and also file requests.
Speaking on the development, Schade praised government for the initiative and said it will cut costs and time for businesses.
“The ministry of finance should be commended for implementing the Integrated Tax Administration System that will cut costs and save time for businesses in terms of filing their tax returns; and hence, it should contribute to a more conducive environment for private sector growth,” he said.
Schade, however, encouraged government to engage the private sector on the new planned tax proposals it wants to implement.
“It is also commendable to engage the private sector in discussions about the proposed income tax reforms,” he said.
Finance ministry permanent secretary Ericah Shafudah recently advised taxpayers to sort out their outstanding issues while the new system is being introduced.
“There will be a two-week downtime for all individual and business transactions before the new system comes into operation, starting from 31 December 2018 until 16 January 2019. This means no processing of any transaction will take place during this period,” she said.
Shafudah also advised that the issuing of good standing certificates and taxpayer registrations will also not be done during the transition period.
She, however, noted that tax payments could still be made during the transition period via electronic fund transfers and direct bank deposits.
Taxpayers will be required to register on the new system once it becomes operational, Shafudah advised.