11 Jan 2008

IMF officials offer revenue improvement advice to Marshall Islands

10:33 am on 11 January 2008

An official of the International Monetary Fund says the Marshall Islands could be collecting $8 million to $10 million more in local revenues every year if it enforced tax laws already on the books.

IMF official Raphael W.K. Lam says an estimated 30-to-40 percent of

available tax money is not being collected.

He says the goverrnment needs to continue to work to improve the tax administration.

Mr Lam has suggested several ways of improving the tax administration by involving key stakeholders in dscussions of tax issues, harmonising tax collection, developing effective auditing and collection and penalising repeated cases of non-compliance