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Microsoft tax solutions can help T&T
T&T is in an economic slump and needs to do more to raise revenue, Racquel Moses, newly appointed Country Manager, Microsoft T&T, said yesterday.
“Many people do not pay their fair share of taxes.
“Because of the way our tax system is administered there are a plethora of loopholes and what that means is there are solutions that can be implemented that have the ability to impact this in short order,” she told participants at the opening of Microsoft’s Innovation Summit at the Hilton Hotel and Conference Centre in St Ann’s.
Moses gave the example of Mexico which partnered with the tech giant to increase their tax collection through better information technology systems.
“Mexico went through digital transformation and implemented Digi-Tax with Microsoft. In 1997 they went from US$300m in tax collection to US$2.7 billion in taxes in 2017. They just collected the taxes evenly, efficiently and consistently by putting in place a solution,” she said.
According to Moses, T&T can experience similar economic circumstances if they follow Mexico’s path. If the country also improved its productivity its fortunes will improve, she added.
“Companies who use data effectively over a three year period have seen an increase in their income. Their average margin increases by five per cent.
“Trinidad and Tobago’s ease of doing business in the last six years went from position 66 out of 189 to 102. Trinidad and Tobago is not improving,” she said.
Moses said the best results tend to emerge when the private sector works with the public sector to find solutions.
Charles Arizmendi, Azure Business Lead at Microsoft, Latin America, later told the T&T Guardian local companies can increase business by using cloud technology.
Azure is a cloud computing service created by Microsoft for building, and managing applications and services through a global network of Microsoft-managed data centres.
Arizmendi used the example of Rolls Royce which builds aircraft engines and expanded their business using cloud technology.
“They were able to expand their services, for example, by automating their maintenance systems, so they were able to deploy anyone in the field, like a mechanic, or would know when an engine would need maintenance.”
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