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Tuesday, January 31, 2023

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Taxes Are A Way To Help Those In Need Says Renganaden Padayachy

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The Minister of Finance was answering questions from the press following an agreement signing ceremony at his office this afternoon. To those who believe that fuel prices include too many taxes, he explained that « taxes are important. It’s not as if we are putting money in our pockets. Taxes are a way to help those in need. » Dr Padayachy also expressed pride in paying taxes and added that his money is being used to help those in need. Renganaden Padayachy also asked the population to understand the difference between the Consolidated Fund and the Price Stabilisation Account, where he insisted that the latter belongs to the State Trading Corporation and has a deficit of Rs 4.5 billion.

STC Managing Director Rajiv Servansingh was also categorical. “Money has never been transferred from the Price Stabilization Account Consolidated Fund,” said the No. 1 of this organization. Amounts through tax, that is to say VAT, have indeed been transferred to the various funds concerned. It should also be said that the Consolidated Fund is the main fund of the State where all revenues and expenditures are accounted for. The government will also be able to count on grants from foreign countries, revenues generated by the Generalized Social Contribution and tourism revenues, among others.

As for the Consolidated Fund, according to Dr Padayachy, it is the fund used to pay for government expenditures and is often in deficit at the end of the year.

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