BURS tightens screws as arrears reach P1 Billion

Answering a question in Parliament last week, the Assistant Minister of Finance, Vincent Seretse, revealed that as at 30 September 2010, taxpayers owed P445.7 million and P598.5 million in VAT and income tax arrears.

The defaults were up marginally from the P1.015 billion owed by taxpayers as at 31 March 2010, comprising P420 million and P594 million in VAT and income tax arrears. BURS' arrears position as at 30 September 2010 includes P535 million in penalties and interest on late submissions of returns and late payments. According to the BURS' 2010 Annual Report released last week, several initiatives will be undertaken to recover the outstanding funds, which the fiscus urgently needs to level out this year's projected P6.93 deficit.