The Minister of Finance informed the media yesterday that he did not agree with the Attorney General Faris Al Rawi that $1 billion in outstanding taxes is owed to the State.
Colm Imbert explained that while the State is planning to recoup a significant amount of outstanding taxes via a tax amnesty, $500 million is the government’s target.
Addressing the Chamber of Industry and Commerce on Wednesday the Attorney general announced that billions of dollars in unpaid taxes were owed to the State by businesses.
However speaking at the post cabinet press briefing on Thursday, Finance Minister Colm Imbert stated that he was surprised by the figures quoted by the Attorney General.
He said that while the possibility existed that the figure could cross $1 billion on paper the figure that could be retrieved by the State could be significantly lower due to a number of factors.