Imbert: Attorney General's VAT figure is wrong

Wednesday, July 20, 2016 - 20:00

Minister of Finance, Colm Imbert says Attorney General Faris Al Rawi's claim that uncollected VAT amounts to $12 billion, is not correct.

"I don't know exactly where the Attorney General got that figure from but that's not the figure I have," Minister Imbert told today's post-Cabinet media conference.

The AG made the comments as he addressed the Chamber of Industry and Commerce on Wednesday.

Hear what the AG said

Minister Imbert says there are distinctions in the debts owed to the Government, one of them being "uncollectable debts".

He gave as one example, debts that must be written off when people die.

In that regard, the Minister said several debts are not recoverable and therefore the figure is noT $12 billion.

"In this amnesty that we are pursuing, we are hoping to collect $500 million. I don't think $12 billion is collectable", Minister Imbert said.

The complete debt is said to be around $2 billion.