Sunday, April 14, 2024

Late tax refunds should accrue interest


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HOW CAN IT BE reasonable and acceptable for a Government to tell taxpayers that there is no money in the Treasury so income tax refunds cannot be paid?

Maybe the Prime Minister and ministers should do without their salaries so that the taxpayers can get their money.

Every month I pay income tax which is taken out before I even see my salary. Now that I am entitled to a refund I cannot get it.

If I did not pay my tax I would be charged a penalty and interest but not the Government.

When Dr Richard Haynes was Minister of Finance for this said Government, he amended the Income Tax Act to provide for interest to be paid to taxpayers entitled to a refund if the refund was not paid within six months of April 30, the date fixed for filing.

Has this taken place? Of course not. Is the Government entitled to break the law?



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