Bahamas Should Implement Consumption Tax

Wednesday 09th, November 2011 / 09:14 Published by

The International Monetary Fund has published its Article IV consultation with the Bahamas, which contains recommendations for the government to introduce a broad-based consumption tax to aid debt reduction efforts amid a continued contraction in the islands’ financial services and construction sectors.

Presenting recommendations after a weak recovery in 2010, the IMF said the key policy challenge is to ensure sustainable public finances. The Fund called on the government to improve tax collection and administration processes and reduce the cost of tax collection.

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