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Financial Times Malta Supplement
PR1910
06/10/1997
06/10/1997
| The Financial Times of the 17th September carried a report | by Mr Godfrey Grima and Mr Derrick Coyle, titled "Higher taxes seem likely as state revenues decline". |
| The sixth paragraph of this report reads as follows: "This | (VAT) has now been replaced by a customs and excise tax structure which, on the basis of returns for the first seven months of this year, seems to have led directly to a substantial revenue shortfall". |
| On the 18th September 1997, the Department of Information wrote to | the Editor of the Financial Times, pointing out that the new tax structure, as regulated by the Customs and Excise Tax Act 1997, had come into force on the 1st July 1997. Any amount of revenue collected in any month previous to that date could not, by any stretch of the imagination, have been directly affected by the new tax structure. |
| On the 26th September 1997 Mr Rhys David, Head of the Financial | Times Surveys Department faxed us his reply. Inter alia he wrote: |
| "You are of course right in pointing out that we were in error | in implying that there could have been a shortfall recorded in the first seven months of the year arising out of the new customs and excise tax structure . . . . we will endeavour to ensure the mistake is not repeated when we return to the subject on a future occasion." |
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