n a previous paper, we posit that VAT was probably 20 years too late. The July 1, 2014 was the original date of the proposed system of Value Added Tax (VAT).
Prime Minister Christie announced yesterday in his annual budget communication that Government will introduce Value Added Tax at 7.5%, down from the 15% originally proposed.
The IDB says that The Bahamas has “furthered worsened its potential” to be subject to a downgrade of its credit rating by international agencies as a result of pushing back the implementation date for VAT.
Business readiness is the key to minimizing the expense and challenges of converting to a Value Added Tax scheme, particularly for small and medium-sized businesses according to Bahamas Hotel and Tourism Association President Stuart Bowe.
Forget politics. Forget all that petty stuff about PLP, FNM and DNA and all the gratuitously political you say and I say that preoccupy the minds of so many local politicians seeking to score cheap political brownie points.
The government’s draft value-added tax (VAT) legislation needs “substantial” changes, New Zealand VAT expert Don Brash said yesterday.
My people never cease to amaze me. There is not one single salient thing said on VAT by the two visiting consultants from New Zealand that has not firstly already been said to our government by the IMF, or that has not already repeatedly been said to the government by Bahamians, yet the government and the Bahamian media are behaving as though salient points stated by these gentlemen, with all due respect to them, are brand new or independently consequential.
Bahamas Press reports that locksmiths representing First Caribbean Bank International showed up the other day at Lightbourne’s palatial beachfront home out west to change the locks on his property.
The following are several of the many issues in the country that the Bahamian people ought to be given answers to: