Friday, March 14, 2014
By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net
THE government is still undecided over the implementation of Value Added Tax, Prime Minister Perry Christie revealed last night.
In his closing remarks on the mid-year budget, Mr Christie said the final decision will not be made until officials have completed talks with the public and private sector.
He added that the rate will not be as high as 15 per cent.
Mr Christie said: “As to the rate of VAT, I can assure you that it will not be as high as 15%. But the actual rate is not settled yet although I expect it will be in the very near future along with the final list of exemptions as well as the date for the introduction of VAT.
“I want to emphasize, therefore, that the VAT position I have outlined is not cast in stone. It is not yet a foregone conclusion.
Mr Christie said: “My Government has clearly demonstrated its openness to entertaining varying proposals from the public on VAT and alternative sources of revenue. We will therefore await the outcome of the study being conducted on behalf of the Coalition for Responsible Taxation.”
Last night, parliamentarians passed bills to amend the Excise Act and the Tariff Act.
Mr Christie added: “In this sense, therefore, although the proverbial door is closing, it is still open at the moment. My government therefore welcomes further input from the private sector and the public generally so that we can seriously consider alternatives to VAT and, if need be, change course accordingly.
“We need to get it right. And the best way of ensuring that it is done right is for the Government and private sector to collaborate on developing something that gets the job done for the benefit of The Bahamas and its people.
Comments
B_I_D___ says...
I'd like to believe him...I'm not holding my breath...
Posted 14 March 2014, 12:33 p.m. Suggest removal
proudloudandfnm says...
And children, that is what happens when you cut the head off of a chicken....
Posted 14 March 2014, 12:33 p.m. Suggest removal
GrassRoot says...
Well true, however chicken will run around for a while and then die. Politicians don't. They keep glued to their chairs and don't die.
Posted 14 March 2014, 12:51 p.m. Suggest removal
GrassRoot says...
For the sake of it, just make a decision. On Webshops, on equal rights for women, on VAT, on crime, on whatever. What a waste of space. Who cares anyhow in 50 years? Lame Duck.
Posted 14 March 2014, 12:53 p.m. Suggest removal
Honestman says...
As much as I have been critical of the PM for his abject failure to lead the country since being re-elected, the decision not to push full steam ahead with the introduction of VAT at this time is the correct one. The government cannot afford to get this one wrong as the consequences for the country could be dire. We must all be aware however that "putting off the painful medicine" only means we will remain financially sick for longer. At some point we will have to swallow some form of tax reform to bring the country back to fiscal health. At the same time, government is going to have to tackle its excessive spending and reduce the bloated public sector. I am pleased to read that there is also going to be a renewed focus on recovering outstanding Property taxes but words are easy and this government is not good at delivering on promises. We can only hope.
Posted 14 March 2014, 1:07 p.m. Suggest removal
Bahamianpride says...
Marijuana, follow Colorado people, WEEEEEEEEEEED.. Rack in the billions, u wont need Vat, Property tax, or high stamp tax. Make it legal only for Bahamians to grow & sell and Zone it. Tax it 20%..
Posted 14 March 2014, 2:08 p.m. Suggest removal
GQ says...
I would like to believe The Prime Minister, unfortunately I have been disappointed in him, HAI, Sir Lynden and so many other politicians because as the Indians used to say about "The White Man" in the movies, "THEY TALK WITH FORKED TONGUE."
Posted 14 March 2014, 2:09 p.m. Suggest removal
SP says...
These jackass politicians are "undecided" on gambling, immigration, foreign policy, education, finance, marijuana, agriculture, fisheries, renewable energy, mining, tourism, death penalty, police brutality, bail act, prison reform, transit system, political transparency and everything else.
In fact the only thing they are proven "decided" on is talking shyt and lining their own pockets!
Posted 14 March 2014, 9:44 p.m. Suggest removal
The_Oracle says...
He still has to get approval from the IMF on this,
and they won't be happy and may say NO.
Besides, once implemented, if even at 5%, Govt can adjust it upwards at will.
Ask the peoples of any other nation that has implemented it.
The logistical nightmare will remain no matter the %.
Posted 15 March 2014, 10:10 a.m. Suggest removal
nationbuilder says...
true
Posted 15 March 2014, 7:37 p.m. Suggest removal
proudloudandfnm says...
Mr Christie said: “My Government has clearly demonstrated its openness to entertaining varying proposals from the public on VAT and alternative sources of revenue. We will therefore await the outcome of the study being conducted on behalf of the Coalition for Responsible Taxation.”
Our PM could lie now... Mudda sic.....
Posted 15 March 2014, noon Suggest removal
sheeprunner12 says...
Say NO to VAT.................. bad disease for our nation
Posted 15 March 2014, 5:44 p.m. Suggest removal
SP says...
These Bumba Clowns better get "DECIDED" on Immigration and passport fraud before Haitians finish destroying what little we have left in this dam backwards country.
http://news.yahoo.com/missing-plane-thr…
Posted 16 March 2014, 8:07 a.m. Suggest removal
TheMadHatter says...
I have said from the beginning (and will say again now) that the VAT rate needs to be 1% (or even 1/10 of 1% (0.1%)) SO THAT the FOCUS can be on PROCEDURES instead of the money.
Once all the procedures, forms, computer software are in place -and customers are informed about the registration that needs to be displayed in stores that are authorized to charge VAT and what items are VAT free - etc - etc - etc - etc - etc THEN the rate can be raised to like 7% and duties reduced by 10 percentage points (except luxury items like Cadillac Escalades etc).
FOCUS on the process, not the money and all will work out well.
Mr. Prime Minister - Thank You for your flexibility on this subject. Flexibility is one of the signs of a wise leader.
**TheMadHatter**
Posted 16 March 2014, 8:51 p.m. Suggest removal
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