The government is getting serious about monitoring businesses that receive tax breaks through the Industrial Development Commission to be sure they comply with labor and other requirements.
Acting IDC Commissioner Frandelle Gerard has "teamed up" with Labor, the Internal Revenue Bureau, Licensing and Consumer Affairs and the Corporations Division so each agency can check on the aspects under their purview, according to a Government House statement.
U.S. Customs also has agreed to help ensure that only those materials an IDC beneficiary brings into the territory for use in its business will be tax exempt.
Licensing will make sure all licensing requirements are met, Labor will ensure the beneficiary employs the required minimum number of local workers, IRB will review tax documentation for accuracy and Corporations will analyze corporate documents for compliance, the press release states.
