There’s not enough collections, he told reporters.
However, he said the Department of Finance continues to release rebate checks based on the availability of funds.
He said the government may probably pay only 50 percent of the total rebate amount “hopefully” by the end of December.
“But we are trying our best. And again it’s basically a function of available funds,” he added.
As of yesterday, he said he did not have the amount of checks that had been released, “but we have been issuing rebates as we go along.”
The rebates are being funded by current collections to supplement what is in the rebate trust fund, he added.
Collections are coming in, he said, “but they are insufficient to cover all the rebates.”
Inos said the government is asking taxpayers to be patient as Finance continues working on their rebate stimulus and refund checks.
“Hopefully everyone will get something rather than wait until we have enough funds for everything. Maybe we can start sharing whatever we can have,” he said.
