History of the Revenue Department
The Financial Control Unit was established between 1998-99. This department was restructured in March 2002 in efforts to enhance revenue collection by administering the ordinances in an efficient and effective manner and renamed from the Financial Control Unit to the Revenue Control Unit relinquishing some expenditure oversite to the Accountant General’s Department.
The Unit was headed by the Revenue Controller and was supposed to be supported by the Deputy Revenue Controller and at least Senior and Revenue Officers. The Revenue Control Unit made a historic move in April 2004 with the introduction of a Standard Integrated Government Tax Administration System which is more commonly referred to as SIGTAS. SIGTAS converted TCIG’s revenue collection and reporting from a manual to a semi-digital process.
Following the repeal of the VAT Implementation initiative in 2012, the Department again saw a restructure and renaming from the Revenue Control Unit to currently named Revenue Department. The subsequent changes brought hierarchical changes as well as more structure and transparency to the Department and strengthening their status with the Regional Tax Community.
Further to recommendations adopted from the European Union’s Assessment for a Comprehensive Tax Reform Strategy in November 2010 the Revenue Department implemented several initiatives reforming some policies, protocol and legislation but more notably initiated the process of converting the Business Licence and Taxation process to an almost completely digital process.
As such, it is anticipated that by the end of the 2020/2021 Financial Year, Customers will be able to remotely make application for, renew or amend a Business Licence and make payment online and within a year after, file and remit taxes payments online.
Mission & Vision Statement
To administer the statutes regarding public finances in an efficient and equitable manner; to monitor and control revenue for the development of the islands by promoting voluntary compliance in a manner that warrants the highest degree of public confidence in our integrity, efficiency and fairness.
Functions of the Revenue Department
- To monitor, manage and supervise public revenue collections;
- To process business licenses, monitor reports or assess delinquents;
- To verify and assess all tax returns and general revenue on a regular basis; and to ensure that all assessments are processed and issued for collection;
- To conduct Operational Audits to improve Inter-department revenue collection
- Assist Revenue Departments’ Finance Officers with arrears collections
- To conduct field audits and report findings; and
- To provide MOF with custom reports as needed on the status of revenue collection
- Revenue Generating Departments Operational Audits
- Revenue Generating Departments Arrears Collections
- Internal Compliance
- External Audit