New tax system expected to go live in 3rd quarter

The government has announced plans to introduce a new tax system during the third quarter of this year.

Premier Dr Natalio Wheatley said efforts are ongoing to launch the Standard Integrated Government Tax Administration System (SIGTAS) upgrade — an initiative he described as a major milestone for the territory’s tax administrative system.

He thanked the project team, comprised of officers from the Inland Revenue Department and the Department of Information Technology, for their unwavering support for the project.

The Premier said SIGTAS is a software solution that helps governments manage their tax revenue and compliance and is currently utilised by over 30 countries around the world.

The latest edition of the software, version 3.0, offers several new features and enhancements that will benefit both the tax authorities and the taxpayers, the Premier said.

Key benefits include an improved user-friendly interface and navigation, integrated online services, enhanced security and data protection, increased automation and integration in addition to expanded functionality and flexibility. Premier Wheatley said the software also has additional customisation and configuration options to suit the specific needs and preferences of the BVI tax system.