Speaking to the press back on March 6, 2014 "in the wake of the proposed regularisation and taxation of web shops", Mr. Michael Halkitis, Minister of State for Finance reportedly said "if the government is able to "realise revenue" from web gaming then it could possibly "relax" on other revenue raising measures." More…
Just two words come to mind: Yeah right!
Maybe if the government confirmed serious plans for reducing their profligacy, this might seem little more than rhetoric. Until then, I won't hold my breath that VAT will be put on hold.
Too true, nor that VAT is and end to its own means.
(Or a means to its own end)
VAT will provide data essential for assessing other areas of potential taxation, and also the size of the gun to be legislated for use therewith!
With TIEAS signed with 31 nations, the Bahamas Government is already asking about Bahamian assets afar.
New laws enacted will give access to assets foreign or domestic.
This has been coming for over a decade, so no one should be surprised.
Given our leaderless leadership and incompetent administration that gives the leaderless leader economic input and advise, we can only speculate as to any validity (truth) in what is really being told to the Bahamian people.. Is this a flash of lightning striking more fear and uncertainty into the hearts of the people, or is this a ray of sunshine on a dark and overcast day bring a sense of meaningful hope to the Bahamian people?? We do know from experience that truth in government is often lacking and seldom forth coming.. Perhaps we can draw one hopeful conclusion from this press release..
Maybe just maybe, government has come to its senses and are at long last beginning to investigate alternative economic strategies to over come the financial mess that successive governments have created.. Perhaps even a clandestine call at midnight to the Nassau Institute might put these advisers on the proper tract to addressing the country’s deteriorating economic and financial condition.. To do the right thing now will yield a sense of nation accomplishment, but to do the wrong thing as they are now pursuing is outright failure not only for themselves but for the entire country.. But to do the right thing would require courageous leadership as well as intellectual competence, something that has been long missing in the governance of our nation.. There is no better time than now for the Bahamas to move towards a “New Economic Policy” of economic prudence, financial stability and real economic growth.. Now that would be real ray of sunshine changing despair into hope and a new direction for economic change..