The ball of responsibility is about to go down the hill for the PLP administration, with three months remaining before the July 1 VAT deadline. It will be the organization’s first official “baptism of fire” in its 60 year history.
While most Bahamians appreciate the essential role that tourism plays in our economy, lives and livelihoods; there is a need to further clarify the tax and revenue contributions to our economy. The goal is to dispel any myths about this industry. We all stand to pay a hefty price if rhetoric drives public taxation policies.
The Prime Minister was wrong, pure and simple, with his boorishness and absolutely fakery in seeking to defend the indefensible position of Ishmael “good Christian” Lightbourne over the non-payment of his legitimate real property taxes.
How can the prime minister expect the government to be successful in prosecutions before the revenue court when he has already sent the message in the House of Assembly that it is okay not to pay taxes for more than 20 years?
Freelance Business Consultant, Bridgette Mackey, recently stated that there needs to be a change in the financial culture throughout The Bahamas and the offloading of some personal expenses as the government readies to implement Value Added Tax (VAT).
Bowing to public pressure, the government has abandoned plans to introduce value-added tax (VAT) at 15 percent, and is looking at a lower rate and may also push back the implementation date, beyond July 1st.
A renowned tax specialist encouraged support of value added tax in The Bahamas, saying that this is “an opportune time to introduce a more efficient means of collecting revenue” before more extreme measures are taken.
A culture of low tax compliance makes it “irresponsible” to consider implementing a value-added tax (VAT) system which will only fail to be adhered to, and “make a mockery” of the rule of law, a businessman has argued.
Web shops have been declared illegal by the courts. In response to a referendum-like poll, the people rejected legalizing web shops. And yet, operations continue unabated.