Warrant Officer Ivan Bertie O’Neal, who spent three years full time at Oxford Brookes University, England, reading for his BSc (Hons) degree in Accounting and Finance and Economics, strongly contends that SVG has become the South Africa of the Caribbean with ‘Apartheid in taxation’.
It been 42 years since we gained independence from the UK, but still non-nationals who reside in Mustique and Canouan and the type of relations we have with Taiwan, continue to dictate how the indigenous black Vincentians live in SVG.
The Leader of SVG Green Party, Warrant Officer Ivan Bertie O’Neal BSc (Hons), MSc, MBA, objects to what appears to be the influence on government by the non-nationals in Mustique and Canouan and Taiwan, which in turn influences how the black, poor and powerless indigenous population live in SVG.
Taxation and public finances in SVG are in a real mess and our country is very poor. To help find solutions to these problems, our country needs a public debate on SVG’s public finances between PM Gonsalves and Warrant Officer Ivan O’Neal.
SVG Director of Audit reports have highlighted the poor financial management by the ULP regime. Warrant Officer Ivan O’Neal, BSc (Hons), MSc, MBA, offers an insight into the SVG 1979 Constitutionally-Appointed Director of Audit Report of SVG for the year 2012.
Public Debt Investment was $853,121,005.94. There was a lack of transparency about where this huge amount of government debt has been squandered.
The Overdraft at the Bank was $31,348,999.87. This was a large and excessive overdraft that the government had. It showed that the ULP regime lacks the ability to create enough revenue to manage SVG.
Cash of $23,378,920.32 was unreconciled. The accounting term unreconciled means that cheques (outstanding) drawn against the $23,378,920.32 have not been accounted for. There may be cheques totalling $23,378,920.32 that are about to be paid, and the amount of cash could actually be zero. This was a very good example of the workings of a highly incompetent and unqualified Minister of Finance.
The incompetent ULP government had no Contingency Fund. This is very serious and dangerous for the people of SVG. In the likely event of a serious disaster in SVG, the ULP Regime will be unable to react immediately, and be forced to beg the International Community for money. We have seen this come true recently.
There was a shortfall of $4,095,041.65 in the collections for Corporate Tax. This told us that the SVG business sector had contracted quite significantly – less tax collected suggests businesses had a lower amount of sales. This was a sign of the SVG economy getting smaller, and the fallout of this is seen all around our country, with the increased unemployment and crime.
The SVG economy is getting smaller and our people suffer, with increased unemployment and crime.
Warrant Officer Ivan O’Neal, BSc (Hons), MSc, MBA is calling for a public debate on the strengthening of financial governance and competent management of the public sector in SVG, in order to build a framework for addressing economic growth, mass employment and prosperity for all our people.
According to Warrant Officer Ivan O’Neal, our country is in its worst condition in living memory. The economy is dying, crime and unemployment are high, and SVG is a financial disaster under the incompetent ULP regime.
