Page 51 - PNM General Election 2020 Manifesto
P. 51
The required transformative measures are under • Enhance the existing cooperation between
5 broad areas, namely: stakeholders of the National Trade Facilitation
Committee to modernize, upgrade and automate
1) Improving the ease of doing business import procedures, to reduce the time and cost
2) Improving access to finance and foreign associated with import and export of goods
exchange
3) Improving production capacity and IMPROVING ACCESS TO
promote new and niche products
4) Enhancing human resource capacity in FINANCES AND FOREIGN
the sector EXCHANGE
5) Expanding export growth to traditional
and non-traditional markets
REFORM THE VAT REFUND SYSTEM
IMPROVING THE EASE OF Improving the cash flow for business through the
DOING BUSINESS timely release of VAT refunds will significantly
ease the financial and economic burden
Building on existing systems, such as the Single especially during tough financial times and will
Electronic Window, the Government will pursue support and facilitate business continuity. To
facilitate this the Government will:
• Systematically clear off all outstanding VAT
refunds using the highly successful tradeable VAT
Bond instrument developed by the PNM in 2020
• Implement a hybrid approach to VAT, to treat
with outstanding VAT rebates, to allow exporters
that are owed VAT refunds to net off these
the following initiatives: amounts against future payments
• Implement an Electronic Funds Transfer • Enact legislative amendments to facilitate the
Framework to allow all payments to Government establishment of a separate ring-fenced Fund for
such as taxes and customs duties to be made the collection of VAT revenues and payment of
electronically VAT refunds
• Automate all government services where TRANSFORMATION OF THE EXIMBANK
practicable
The PNM will improve and transform the
• Develop regulatory sandboxes for new EXIMBANK to facilitate the growth and expansion
applications, to allow innovators to conduct live of the non-energy export and manufacturing
experiments in a controlled environment sectors, enhance the foreign exchange earnings
of the country, and create and sustain
• Expand the Voluntary Compliance Programme employment
(VCP) under the Customs and Excise Division so
that shipments of bona fide importers can be
fast-tracked
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PNM THE RIGHT CHOICE ON AUGUST 10 People’s National Movement Manifesto 2020
