Minister of Finance Colm Imbert announced the Government will issue individual tax refunds to 87,376 eligible taxpayers owed refunds of up to $25,000.
The Minister said he has instructed the Board of Inland Revenue (BIR) to process and distribute these payments. According to the BIR, this initiative will cost the Government approximately $246 million.
Last month, Imbert also announced government was going to pay VAT refunds to 6,100 small and medium-sized businesses, totalling $691 million.
He said, "Following this, in February, we shall start to process individual income tax refunds."
