Chief executive officer Chey Scovell was commenting on why some businesses had accrued hundreds of thousands of kina because of the temporary lifting of the GST, The National reported.

 

"It hasn't been implemented smoothly. The implementation has been difficult and there have been a number of businesses that have accrued hundreds of thousands of kina because of issues with customs complying with the government's position to temporarily waive the GST.

 

"Rather than trying to forgo revenue on GST which has been problematic in its implementation, it might be better if that money was just spent on TVET (technical and vocational education and training) or something to provide skill for the workforce.

 

"The cost of living pressures are real, but globally, countries are going to be dealing with inflation over the short to medium-term.

 

"They probably need to have some holistic reform to put in a fiscal policy that is conducive to investment and profit generation and wealth generation."

 

Parliament last week passed three money bills: the Excise Tariff Amendment Bill 2022, Goods and Services Amendment Bill 2022 and the Supplementary Appropriation Bill 2022.