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Truth behind VAT refunds

Finance Minister Colm Imbert said in last week’s mid-year review that the Government would be repaying VAT refunds up to $250,000 in cash and $3 billion via bonds.

While this would give SMEs room to breathe, he did not tell the whole truth to the population of this continuing scheme of issuing bonds to pay VAT refunds. This is not the way to improve tax efficiency and would signal that the Government is either out of money or using cash for wasteful spending.



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