The Bahamas’ taxation system is about to be reviewed with particular reference to the impact the World Trade Organisation (WTO), the Free Trade Area of the Americas and the CARICOM Single Market and Economy have on The Bahamas. <\/P><\/p>\n
This mandate is being carried out by a newly appointed 22-member Commission on Trade Liberalisation and Globalisation, officially introduced by Prime Minister Perry Christie during a press conference at Cabinet Office on Monday. <\/P><\/p>\n
“Your task will also be to advise the Government on the administrative and institutional framework for the development of an effective response to globalisation and the trade liberalisation process, in particular the establishment and staffing of an appropriate technical support structure to facilitate the work of the Commission,” said Prime Minister Christie. <\/P><\/p>\n
Establishment of this commission comes on the heels of the appointment of the Financial Services Consultative Forum, a group of experts mandated to develop strategies aimed at repositioning the industry to better meet the needs of global financial markets. <\/P><\/p>\n
Also announced Monday was the formation of the Office of the Bahamas Trade Commission (OBTC), which is to play “a pivotal role” in advising the Government on trade liberalisation and globalisation issues, said Minister of Trade and Industry Leslie Miller. <\/P><\/p>\n
“The establishment of this Commission is in keeping with my Government’s commitment to consult widely with civil society in order to build consensus and develop The Bahamas’ position on the <\/P><\/p>\n
FTAA, WTO, and the CARICOM Single Market & Economy,” said Mr. Miller. <\/P><\/p>\n
The Commission will be chaired by Wendy Craigg, and co-chaired by Raymond Winder, president of Bahamas Chamber of Commerce, supported by a varied group of persons from the Church, private sector and trade unions. Legal advisor Bernadette Butler, would be appointed also be appointed on a full time basis to review, analyse and provide advise on all trade related issues and their implications for The Bahamas. <\/P><\/p>\n
More specifically, the OBTC will make recommendations to the Government on issues relating to bilateral, hemispheric, regional and multilateral trading initiatives and implications of various initiatives on the economy of The Bahamas. <\/P><\/p>\n
An OBTC secretariat will be responsible for coordinating and providing technical support to the commission. Acting Permanent Secretary in the Ministry of Trade and Industry, Helen Ebong, whom Mr. Miller said has developed “considerable expertise” in international trade policies, would manage the secretariat. <\/P><\/p>\n
The OBTC is to meet in early January. <\/P><\/p>\n
Mr. Winder told the Prime Minister that it is a “challenging job” in terms of what is expected of them. “But like you, we also understand the importance of going through this process for our country. <\/P><\/p>\n
“So we are prepared to give you the time and effort that we think need to be put into such a Commission, to identify the issues and concerns that we have as a country as we move forward.” <\/P><\/p>\n
Mr. Christie said recent report on the FTAA carried out by a Jamaican firm commissioned by the Bahamas Chamber of Commerce was “fascinating”. He added that the report convinced him that the best approach was a consultative one. <\/P><\/p>\n
During the 2002\/2003 Budget Communication, Prime Minister Christie promised to ensure that the public is consulted on developments in relation to the establishment of the FTAA and the application of The Bahamas for full membership into the WTO. <\/P><\/p>\n
The Commission’s mandate and terms of reference are: <\/P><\/p>\n
* In recognition of the fact that the concern for The Bahamas in relation to trade liberalisation is primarily related to the fiscal implications of the FTAA and WTO on the erosion of Government’s revenue base, in the first instance, the Commission will be responsible for examining and reviewing various studies prepared on the impact of the FTAA and to a lesser extent the WTO on the tax structure of The Bahamas and to submit recommendations on alternative tax measures for the consideration of a Trade Ministerial Committee. The Commission will also make recommendations on further studies if required. <\/P><\/p>\n
* The Commission will also be expected to examine and review issues of concern for The Bahamas on the four dimensions of trade namely the WTO, FTAA, CARICOM Single Market and Economy and the African Caribbean and Pacific and the European Union (ACP-EU) Partnership Agreement and to identify strategies and programmes to address the fundamental issues of concerns in relation to these multilateral, hemispheric, bilateral and regional trade initiatives. <\/P><\/p>\n
* The Commission will also be expected to advise the Government on the formulation and development of realistic and pragmatic trade policies, which will not negatively impact the sustainable growth, and development of the Bahamian economy. <\/P><\/p>\n
* The Commission will also advise the Government on strategies and programmes to develop policy positions on market access to developed countries, which could further integrate The Bahamas in the global community, thereby creating opportunities for Bahamians. <\/P><\/p>\n
* The Commission will be required to formulate strategies and programmes to enhance awareness, dissemination information and sensitise the Bahamian public about the challenges and opportunities of trade liberalisation. Documentaries are to be prepared by Bahamas Information Services, and ZNS on: a review of the Bahamian Taxation System with recommendations for improvements to and changes in the face of Trade Liberalisation and Globalisation. <\/P><\/p>\n
“You will be expected to advise the Government on strategies and programmes to develop policy positions, which will allow for the making offers to other nations thereby further opening the Bahamian economy to productive foreign investment,” Prime Minister Christie told the Commission. <\/P><\/p>\n
Another function of the Commission is to make recommendations on the involvement of academia (COB and other institutes of higher learning) in the trade liberalisation process. <\/P><\/p>\n
The Commission is also mandated to ensuring that the public is advised on such issues and fully consulted on them and identifying economic and trade initiatives, which could expand the potential of The Bahamas to earn foreign exchange from the provision of internationally competitive goods and services. <\/P><\/p>\n
He said in the months ahead, it is the Government’s intention to hold town meetings, seminars and workshop throughout the length and breadth of The Bahamas to ensure that every Bahamian is familiar with the implications of these trading initiatives on the economy of The Bahamas and in going forward, keeping them fully informed of the development with regard to these three initiatives. <\/P><\/p>\n
\n(Ella, put in box, thanks) <\/P><\/p>\n
Members of The Bahamas Commission on Trade <\/P><\/p>\n
Chairman -Mrs. Wendy Craigg <\/P><\/p>\n
Co-Chairman – Mr. Raymond Winder <\/P><\/p>\n
\nPublic Sector Representatives <\/P><\/p>\n
Mr. John Rolle – Comptroller of Customs <\/P><\/p>\n
Mr. Hillary Deveaux -Secretary, Securities Commission <\/P><\/p>\n
Mrs. Deborah Fraser – Attorney General’s Office <\/P><\/p>\n
Mr. Franklyn Kemp – Chief Valuation Officer <\/P><\/p>\n
Mr. Vincent Vanderpool-Wallace- Director of Tourism <\/P><\/p>\n
Mr. Ehurd Cininingham -Ministry of Finance <\/P><\/p>\n
Mrs. Olivia Saunders-College of The Bahamas <\/P><\/p>\n
Mrs. Vianna Gardiner – Financial Services and Investments <\/P><\/p>\n
Mrs. Deborah Bastian <\/P><\/p>\n
Mrs. Valarie Outten <\/P><\/p>\n
\nPRIVATE SECTOR REPRESENTATIVES <\/P><\/p>\n
Reverend Patrick Pinder – The Church <\/P><\/p>\n
Dr. Keva Bethel – Civil Society <\/P><\/p>\n
Dr. Peter Maynard – The Bar Association <\/P><\/p>\n
Mr. Keith Glinton- Distribution Sector <\/P><\/p>\n
Mr. Godfrey Eneas-Agriculture <\/P><\/p>\n
Mr. Glen Rodgers- Light Industries <\/P><\/p>\n
Mr. Pat Bain – Labour <\/P><\/p>\n
Mr. Reginald Lobosky – Labour <\/P><\/p>\n
Ms. Wendy Warren – Financial Services <\/P><\/p>\n
Mr. Andrew Cartwright – Freeport Port Authority <\/P><\/p>\n
Mr. Barrie Farrington – Tourism <\/P><\/p>\n
Mr. Robert Carron Jr.- Communications <\/P><\/p>\n
Mr. Roosevelt Finlayson – Civil Society <\/P><\/p>\n
Mr. Greg Smith – Freeport Chamber of Commerce <\/P><\/p>\n
Mr. Kevin Simmons <\/P><\/p>\n
Mr. Michael Albury<\/P><\/p>\n
By Lindsay Thompson, The Nassau Guardian<\/B><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
Focus placed on impact of WTO, FTAA, and CARICOM Single Market & Economy on Bahamas<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[],"class_list":["post-240121","post","type-post","status-publish","format-standard","hentry","category-headlines"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/240121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=240121"}],"version-history":[{"count":1,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/240121\/revisions"}],"predecessor-version":[{"id":240963,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/240121\/revisions\/240963"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=240121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=240121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=240121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}