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Fri 11th Jan 2019

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ULP giving away billions and putting peanuts in to SVG Treasury

According to Warrant Officer Ivan O’Neal BSc (hons), MSc, MBA, Leader of SVG Green Party, the ULP regime is giving away billions, but only putting peanuts in to the SVG Treasury.

The Director of Audit report for 2012 shows that the ULP regime is messing collecting small bits and pieces of revenue by overtaxing Vincentians, but would be much better off if they focused on taxing Taiwan or setting up our own SVG tuna fishing industry.

The Director of Audit report for 2012 explains that there was a shortfall in tax collected in 2012 as per below:

(a) International trade totalled $172.9m, but fell short of its estimate by $23.4m. This is an indication of a very weak and shrinking SVG economy;
(b) Tax on property realised less than 50% of its projected revenue, as only $2.5m was recorded;
(c) The 2012 Estimates in Revenue was $793.9m, but Actual Revenue was less than three-quarters of that, only $580.4m. This shows a very big shortfall of $213.4m and illustrates what a poor state the SVG economy is in.

The table from the Director of Audit Report 2012 shows taxes on various Domestic Goods and Transactions collected. SVG could collect much more revenue by abolishing the tax exemptions given to Taiwan on its tuna fishing operations.

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(Source Audit Report 2012 – researched by
Ivan O’Neal BSc (hons), MSc, MBA)

According to the BBC News website on 5th January 2019, a Japanese sushi boss paid US$3.1m for a giant tuna - 278kg (612lbs) bluefin tuna - at the first new year's auction in Tokyo's fish market.

According to the Taipei Times, a Taiwan national newspaper, Taiwan uses a jumbo class of fishing boats that can catch up to 11,000 tonnes of tuna a year, twice the amount of the older boats. It says one Taiwanese super seiner can catch 20,000 tonnes of tuna fish a year.

Taiwan continues to cream-off billions of dollars annually from SVG's deep sea fish licence and has been doing so for decades. The people of SVG get none of this money. Instead we get the occasional pitiful donation of a fridge or a few motor cycles or an insulting cheque.

It is criminal that Taiwan earns so much money from SVG’s tuna fishing licence and pays no tax, leaving the people of SVG to suffer in poverty. It is conservatively estimated that Taiwan owes the SVG Treasury EC$54 billion in Fish Tax avoidance for 2001 to 2018.

An SVG Green Party government will end this abuse of the Vincentian people by Gonsalves and Taiwan. We will cut ties with Taiwan and bring prosperity to the people of SVG by creating economic links with China and setting up a Vincentian tuna fishing and canning industry.

This will bring billions of dollars in to SVG and create thousands of new jobs.

SVG needs a change of government. It makes no sense that the ULP regime gives away billions and puts only peanuts in to the SVG Treasury, especially as our country is very poor.

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