• Fiscal Reform Commission runs a marathon of consultations with stakeholders

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Fiscal Reform Commission runs a marathon of consultations with stakeholders

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The Fiscal Reform Commission, under the Ministry of Finance and coordinated by Ms. Fernanda Borges, is running a series of consultations with key stakeholders until March 2016. After months of preparatory work with national and international experts, the FRC has started to present the draft tax and customs laws to government members and other stakeholders for comment and feedback. Top experts in the field have flown into Timor today to present their recommendations and clarify issues. Topics discussed ranged from tax law, tax administration reform, VAT draft law income tax reform, customs procedure code as well as strategic planning for tax administration. The consultations will be held with the Prime Minister, key ministers, Members of Parliament, the President’s Office, representatives from the Chamber of Commerce, oil companies, accounting bodies, lawyers, NGOs, churches, universities, political parties, media and international organizations such as the ADB, IMF, and World Bank. Fiscal Reform, in addition to the Performance Management Reform and Budget Performance Reform, aims to ensure the fiscal sustainability of Timor-Leste in the medium and long term by achieving a balance between State expenditures and revenues. Fiscal Reform will increase non-petroleum resources, while guaranteeing the State’s commitment to its citizen. In doing so, it seeks to provide the Timorese Tax and Customs systems with an efficient body of legislation that enable the State to collect the necessary revenues for pursuing its mission, and to modernize and consolidate the Timorese Tax and Customs administration through the modernization of IT systems and streamlining processes and procedures.