What do you think will happen to ours?
On April Fools' Day 1973, Britain introduced VAT at 10%. 40 years later it is now at 20%.
According to the British newspaper, The Guardian,
"The initial idealistic hope that it would be a simple tax, easy to apply, has constantly been eroded because there are always special lobbies," said Deloitte tax expert Daniel Lyons. "Politics and economics got in the way of simplicity."
The Mail, another British paper says;
"The cost of VAT, which is so notoriously complicated that it was once dubbed ‘a kind of fiscal theme park’ by a judge, is eye-watering."
"Yesterday Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, said: ‘Forty years of VAT is not a cause for celebration. It is a reminder of the never-ending headache VAT creates for businesses.’"
"He said it has become ‘a complicated stumbling block for small businesses and sole traders’, many of whom struggle with the complicated tax."
Of course the main objective for The Bahamian Government introducing a VAT is to get more revenue, placing an even higher burden of taxes on Bahamians, as a result of their insatiable appetite for spending and borrowing.
As I was reminded recently, I'm on the "other side of the mountain", so to speak, but future generations will feel no differently than the British populace does about VAT there.
What a travesty that is about to be foisted upon us.
Maybe our one consolation is VAT is not being implemented on April Fools' Day!
Unless they want the golden goose dead,they better try & forget about the VAT.What are these people thinking,screw us altogether ?
Unfortunately the IMF (lender) has been pressuring our Government (borrower) for many years.
The Goose in all of this has been forgotten……..
Keep your eye on the Eggs!!
By not establishing prudent economic policies our government has compromised our nation’s sovereignty and economic future.. VAT is a cross upon which our nation will be financially crucified.. Only by bring our public spending into line with our collected revenues can we ever emerge from the fiscal mess we find ourselves in.. Prior to Independence the matching of revenues and expenditures, under the fiscal management of the Monetary Board, keep our nation in a state of prudent financial growth and stability.. VAT is NOT the answer as it has been a failure wherever it has been implemented creating more economic basket case countries..
If the Bahamian public does not take back our country. the International Monetary Fund will.. Then there will be Hell to pay as forced austerity will be like the kiss of death.. “Father forgive them, for they (the politicians) do not know what they are doing” or do they? You be the judge Bahamas..