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Finance Minister Colm Imbert Reports Vat Refund Delays Due to Cash Flow and Promises Completion of Payments by End of January 2025.
The Minister of Finance, Colm Imbert, is confirming delays in VAT refunds to companies after a newspaper article raised concerns. Imbert blamed the delay on cash flow problems, not bureaucracy, as was reported. He claimed lower-than-expected oil and gas production, coupled with depressed prices in the latter half of 2024, resulted in reduced government revenue. As a result, Imbert explained that the government prioritised urgent bills and postponed VAT refunds. However, with the recovery of oil and gas prices and increased revenue from the Tax Amnesty in late 2024, he expects cash flow to improve. Imbert assured that the government is now in a position to fulfil its commitment and will complete VAT refunds to Small and Medium-sized Enterprises or SMEs by the end of January 2025.
