00:00I have asked my staff to find out when that happened, why that happened, because there
00:07is potential for leakage inside of there, and it creates problems.
00:11And if we can eliminate this whole question of a 100% refund for energy sector companies,
00:18maybe just abandon the whole thing altogether, make them exempt or something like that.
00:22So there's no refund, then we don't get into this problem, because the other companies
00:28are just 15% of the problem.
00:30The minister said if this policy is adjusted, it would create a smoother system for all
00:35when it relates to VAT refunds.
00:38On the issue of the availability of foreign exchange in the country, Minister Imbert reiterated
00:43that increased credit card usage has a significant impact on the foreign exchange system.
00:49So if everybody's using credit cards, then you must put pressure on the system.
00:55It's the whole question of you can't have your cake and eat it too.
00:59The minister argued that it is not as easy as some may think when it comes to the injection
01:03of additional foreign exchange into the system.
01:07Right now, the central bank operates a system on what is called an honour system.
01:12It simply advises the banks when it puts its forex into the system that you should focus
01:18on trade.
01:19And I personally added a few other things a few years ago.
01:24I said also focus it on medical treatment overseas and also education overseas.
01:32I keep listening, and I get the feeling there is a belief from the majority that it should
01:40be more specific.
01:42There should be more regulation rather than less, but we'll see.
01:46Because the system has been in existence now for over 20 years.
01:50The honour system has been operating for over 20 years.
01:53So if you try to intervene, you are going to cause some discomfort.
02:01The finance minister said the government is doing all in its power to ensure that the
02:05country is in the best position to facilitate growth in all sectors.
02:09We are committed to fostering a vibrant and competitive economic climate.
02:15To achieve this, we must simplify rules, cut down on bureaucratic red tape, and facilitate
02:24commercial transactions.
02:26This he believes will be championed through digital transformation.
02:30One of the many projects that is expected to be a great benefit is the port community
02:35system.
02:36This port community system solution is intended to streamline import and export processes
02:44and improve inter-agency communication by interconnecting the IT and online systems
02:51used by all of the parties involved in clearing commodities through our port system.
02:57We expect this to be fully operational by September of 2025.
03:03And when this system is fully operational, it will vastly improve traceability and transparency
03:10throughout the supply chain, including the movement, storage, and clearing of commodities,
03:16of shipments.
03:17The minister reharsed that the country is experiencing three years of consecutive positive
03:22growth and challenged the population to become more aware of the incentives and initiatives
03:27that are available digitally so that they can take full advantage of them.
03:33Aksha Galston, TV6 News.
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