Ministry of Finance makes Basic Basket payments to 87 more companies totalling over $22 million
The Ministry of Finance (MF), through the Technical Secretariat of the COVID-19 Fund, on Monday, April 12th, 2021, made payments to a further 87 local companies related to the Basic Basket programme, amounting to US$ 22,354,643.00 (twenty two million, three hundred and fifty four thousand, six hundred and forty three US dollars) (these numbers of companies and amounts, already include the payments to 25 companies that the Ministry of Finance made last month).
These payments were made after the Ministry of Finance received 50 payment requests from the Ministry of Tourism, Commerce and Industry (MTCI), and the Ministry of Finance processed these 50 payments, for a total amount of US$ 10,635,966.00.
The Ministry of Finance also received 24 payment requests from the Secretary of State for Cooperatives (SECoop).Of these 24, the Ministry of Finance processed only 21, for an overall amount of US$ 10,218,612.00. Three payments claims were returned to SECoop for completion of the requirements according the Law, before the Ministry of Finance made the payments.
In addition to these, the Ministry of Finance also received 20 payment requests from the National Logistic Centre (CLN) . Of these, the Ministry of Finance has proceeded to pay 16, for an amount of $1,500,065.00. The remaining four requests were returned to the CLN to complete the payment requirements, according to the Law, before the Ministry of Finance made the payments.
The Ministry of Finance, through the Technical Secretariat of the COVID-19 Fund, has so far not received any payment request from the Ministry of Agriculture and Fisheries (MAP). The Technical Secretariat of the COVID-19 Fund continues to work with the implementing ministries of the Basic Basket Program to speed up the process of payment to the supplying companies.
When the documents of the payment request are complete, correct and meet the payment requirements according to the Law, the Technical Secretariat of the COVID-19 Fund processes all the documents and makes the payments, according to the rules in force.
However, before the Technical Secretariat of the COVID-19 Fund makes the payment, all companies must fulfil their obligations, namely payment of income tax in the amount of 0.5% of their total income as stipulated in the Tax Law. Companies must show the receipt of the income tax payment to the Technical Secretariat of COVID-19 Fund for final payment.
In case supplier companies have any questions or need more information about the tax, they can go directly to the Tax Authority, or they can visit the Tax Authority portal at www.attl.gov.tl and there, they can consult information about (i) payment of tax; (ii) submission of monthly/annual reports and; (iii) request for the issuance of a Debt Certificate. It is also informed that the payment of tax can now be made through the ATM P24 machines. This means that taxpayers no longer need to go to commercial banks as before.
