Tax Invoice Monitoring System on trial
The Ministry of Customs and Revenue’s Tax Invoice Monitoring System (T.I.M.S.) is being trialed with the local firm downtown C.C.K. merchandise store currently using the system.
This was confirmed by Minister Tialavea Tionisio Hunt in an interview with the Samoa Observer.
The $3 million tala T.I.M.S. is a web-based monitoring tool — which would enable real time capture and monitoring of sales and notification of the Revenue Office on how much tax should be collected — from each a business.
“We have started off with C.C.K. testing the system and so far, so good. We can expect accurate figures given as a result of the new system and the accurate taxes the company needs to pay," he said.
"At the year’s end, we will get the full sale of the year and the taxes that must be paid that is why this system is important and it will be utilized by all the stores.
“We intend to start with the big stores, hotels, restaurants and eventually expand to the smaller stores in Upolu and Savaii.”
The cost of the T.I.M.S. was questioned by the Parliament’s Finance and Expenditure Committee.
In its report for first supplementary for Financial Year 2019-2020 the initial cost approved was $1.39 million. However $1 million was appropriated in the 2019-2020 budget, but at the conclusion of the tender processes the total came up to $2.39 million which is why $1.39 is being supplemented, says the report.
The new tax monitoring system will be rolled out in five phases with the Ministry giving the assurance that there will be public consultations and awareness on it in the lead-up to the launch.