Wednesday, August 26, 2020
By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
The deputy prime minister said that there will be no tax cuts or additional incentives for businesses coming out of the COVID-19 lockdown.
K Peter Turnquest, speaking to reporters outside of cabinet office yesterday responded to questions about the government considering reducing the value added tax (VAT) back to 7.5 percent as a way to give businesses a kick-start, said: “At the moment, no. The reality is that we are not receiving much revenue at all and in the meanwhile government has to run on.”
Mr Turnquest also said: “The incentives and the assistance that we have given to businesses as well as to individuals has to be paid for and so those businesses that are operating and that have been able to operate during this period, we’re counting on them. We need them, unfortunately. So I don’t that at the moment, obviously as we go forward we make decisions, but at the moment I don’t see that as an option.”
In addition to the government assistance programmes already in place, Mr Turnquest said that the game plan to stimulate the economy in the meantime is that the government will have to rely on the domestic economy more than it had before the COVID-19 shutdown and that the government has undertaken a “simulative infrastructure programme, where we will be doing projects that need to be done anyway, but we will bring them forward to engage as many people and small businesses as we can to try and provide some form of income to those individual families. The Minister for Works (Desmond Bannister) will talk about that and the prime minister spoke about it on Monday evening, but we will speed up some of the infrastructure work we already have on the board and other small projects we can engage small businesses in. We will certainly roll those forward to try and assist.”
Mr Turnquest also warned small businesses that are saying that they don’t having the leeway to reopen on August 31: “They have a responsibility to be responsible to make sure that their customers follow the rules as people enter the establishments that they sanitise, make sure that they have on masks, make sure that they enforce the distancing protocols. Make sure that their staff know what the protocols are in the first instance and are educated about the protocols and that they follow through diligently and that they put in place internal safety inspectors to ensure that they go around and ensure that all of the people are doing what they are supposed to be doing having on gloves or masks or whatever.
He added: “Again, this is not a big business, small business, government or individual problem. This is a problem that we all face and together we can beat it.”
Comments
alfalfa says...
As a way of generating some revenue, the government may wish to facilitate the pending real estate transactions that are awaiting relative government departments processing legal documents. Foreign investment board approval is needed for some of these transactions, as well. There are millions of dollars of real estate under sales agreements, which could generate considerable vat revenue.
Posted 26 August 2020, 7:52 p.m. Suggest removal
rodentos says...
did you read the news today? All Bahamas under water until 2060 from climate change. Nobody will ever buy anything in this country and remaining foreigners will run away. facepalm!
Posted 26 August 2020, 8:14 p.m. Suggest removal
DWW says...
buy the cheap lot behind the beachfront house and get waterfront property in 50 years. its a win win right?
Posted 27 August 2020, 12:43 p.m. Suggest removal
DWW says...
yep, tha'ts about the size of it. all these government guaranteed salaried employees sitting at home making full pay and haven't had to do anything for 5 months. they are loving life. meanwhile the other part of the Bahamas is dying slowly from starvation. What are the drivers in this economy? #1 Toursim, #2 Banking #3 Real Estate. Well #1 is dead for the next year. #2 is dying slow death and #3 is being screwed by our loving government. doing a bang up job, congrats.
Posted 27 August 2020, 12:43 p.m. Suggest removal
DDK says...
😫😝🤑😩😵😠👺
Posted 26 August 2020, 7:52 p.m. Suggest removal
rodentos says...
means government is out of money
Posted 26 August 2020, 8:14 p.m. Suggest removal
Amused says...
In reality the government could have laid off ppl not performing or retired ppl whom were at that age, but in regular fashion there's always excuses why this can't happen. The civil service is always over bloated for obvious known reasons. Until a party/PM with balls addresses the problem and others that traditionally plague the country then we can only move forward and see real results
Posted 27 August 2020, 7:54 a.m. Suggest removal
DWW says...
FNM is becoming more and more like a failed government. blatantly giving away money to one person but telling the next one to suck it up and deal. truly this needs a resignation from Minnis and Turnquest. they faced a challenge and are failing miserably. Of course everyone with a cushy guaranteed gov't job is having a great time. The other part of the country, the part that actually works for a living is dying a slow painful death. Congratulations. well done. hats off.
Posted 27 August 2020, 12:40 p.m. Suggest removal
bcitizen says...
Oh what it must be like to take other peoples money and give it to other people to sit home and not work. Private citizens who drive the economy, who have no job, no income, have to pay with what they do not have to the mostly useless public service and corporations who are sitting home collecting a paycheck with no fear of getting laid off for votes next election. The worst part is when the economy does try to get back up and running Mr. Civil servant will be there with his hand out and their useless forms & paperwork all while saying no, blocking, harassing, over regulating, and trying their damndest to stop the private people from getting the economy going.
Posted 27 August 2020, 1:09 p.m. Suggest removal
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