Do you hear the VAT Train a comin’

Posted on January 10, 2014 by weblogbahamas

VAT Train

Let's hope the political class takes some time to rethink this policy on this first, Majority Rule Day, and introduce some business friendly policies to help grow the economy, rather than shrink it even further with a larger tax burden. 

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4 Responses to Do you hear the VAT Train a comin’

  1. Rick Lowe's avatar Rick Lowe says:
    January 11, 2014 at 4:12 am

    A friend reminded me on Facebook that;
    “… too many people and too many talking heads and too many talk-show hosts keep referring to this as a “problem for the merchants”. For heaven’s sake, what it is is a 15% tax on everybody. The “so-called” merchants are just gonna collect it! For the government.”
    He is correct of course. However, I do believe VAT will impact consumers and the effect will be slower business and economic growth.
    The merchants will also be faced with the collection and remittance and audits etc and these are problems to some degree.
    So instead of a detrimental tax policy like VAT we need business friendly policies to help grow the economy. Economic growth will give the government the revenue it needs when they reduce spending and create jobs in the private sector.

    Reply
  2. Vir Ipse's avatar Vir Ipse says:
    January 11, 2014 at 4:59 am

    I noticed that too, put it down to government double speak. It is a direct tax on ALL Bahamaians who need to eat, drink and need various services.
    This does not include covering the businesses expenses necessitated by extra costs incurred during their administration,
    It is appalling that government can be dilatory in their pathetic collection efforts whereas an extremely big stick can be legally wielded upon private business in the same circumstance.
    Where is the Chamber of Commerce?

    Reply
  3. Rick Lowe's avatar Rick Lowe says:
    January 11, 2014 at 5:25 am

    You are so right Vir Ipse.
    I’ve forwarded your comments on to the Chamber folks for their thoughts.
    The business community needs to protest those aspects of the proposed law even louder than others in my view.

    Reply
  4. Tradewinds's avatar Tradewinds says:
    January 15, 2014 at 9:30 am

    I can only hear the cries of desperate Bahamians that are loaded into the train’s boxcars on their way to the promised Safety Net.. One has to wonder where is this so-called safety net funding going to come from?? Perhaps from the money government hopes to collect from VAT.. If worst comes to worst, maybe they can always borrow it.. What an economic disaster that is waiting to happen; a government designed policy that hopes to raise new revenues but only will increase poverty and then hopes to pay this newly created impoverished class with revenues from VAT.. Lots of “hopes” on the part of government, but that does not pay the outstanding bills..
    This has to be the ultimate economic paradox of unbelievable foolishness that will reek enormous destruction upon a once prosperous economy.. RIP Bahamas, the government train is about depart the station..

    Reply

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