High levels of tax exemptions – over $43b in 2014 – and tax incentives have been strongly criticised by the reform committee empanelled by the APNU+AFC Government and it has recommended major revamping.
In the report seen by Stabroek News, the Tax Reform Committee (TRC) says that tax incentives should be provided for through tax laws which should be based on clear criteria and reduce ministerial discretion to an absolute minimum.
It also said that an annual statement on tax expenditures and revenue foregone should be