VAT REFUND SYSTEM INEFFICIENT SAYS GOV'T

As the Government is owing large, medium and small local business millions of dollars in Value Added Tax or VAT refunds, the Finance Minister says this country has "an inefficient VAT system."

The Finance Minister said while a sales tax was being looked at as a possible solution, it would not solve "the problem with the VAT system" which he identified as compliance.

He was responding to a question from our Political Editor Juhel Browne during an event for the Small and
Medium Enterprises sector stock exchange today.