Jamaica News: Jamaica Customs Agency (JCA), will be implementing strategies aimed at improving efficiencies during the new financial year.
This is according to the Government’s 2019/20 Fiscal Policy Paper, which was recently tabled in the House of Representatives by Finance and Public Service Minister, Dr. the Hon. Nigel Clarke.
According to the document, TAJ will focus on building on the notable gains recorded during 2018/19, in a bid to satisfy taxpayers’ and stakeholders’ expectations over the medium-term.
Strategic engagements and objectives identified in this regard include: continuously improving voluntary compliance; institutional strengthening; building human capital synergies and culture; and enhancing corporate governance and culture.
The focus on enhancing voluntary compliance will entail incorporating the four primary components – registration, filing, payment and accurate reporting.
Initiatives will be employed to address revenue leakage, particularly activities associated with e-commerce. Additionally, TAJ will continue implementation of the Base Erosion and Profit Shifting/transfer pricing regime.
Under the institutional strengthening component, the emphasis will be on continued enhancement of business processes, technology and physical infrastructure across the organisation.
Initiatives will be developed and implemented to treat with how TAJ manages its information, assets, static security, digital surveillance, and staff/visitor access, in addition to the phased execution of the agency’s information and communications technology investment plan.
TAJ will also continue to strengthen human capital, including leadership capacity to ensure positive staff engagement, and to adequately provide the requisite levels of service excellence.
The focus on enhanced corporate governance will see TAJ strengthening the accountability and transparency mechanisms that will establish a defensible framework capable of withstanding stakeholder scrutiny.
Meanwhile, the JCA will be putting measures in place to maximise revenue collection; improve detection of illegal and prohibited goods; increase voluntary compliance; facilitate efficient processing of legitimate goods and persons; and improve and effectively monitor internal control systems.
According to the Fiscal Policy Paper, the core objective of the Government’s revenue strategy remains transforming the existing tax system into one that is simpler, and more equitable and efficient.
The document points out that the increased tax revenue collections anticipated will ensure that adequate resources are available to finance the Government’s policies and programmes, and provide greater contribution towards economic growth and development.
Source: JIS News