NASSAU, Bahamas — The Bahamas Real Estate Association (BREA) has requested an audience with Minister of Finance Peter Turnquest to outline concerns they have with their industry and the effect the move from 7.5 percent value added tax (VAT) to 12 percent will have on their industry, the Nassau Guardian reported on June 28.
BREA President Christine Wallace-Whitfield is concerned the increase in VAT will have a negative impact on a housing market that young Bahamians are already priced out of, and where second home buyers are finding mounting costs.
She said the nearly 700-member organization hopes Turnquest might consider delaying the tax hike for the industry so as to not shock the market.
“We have requested a meeting and are very hopeful that the minister of finance will accommodate our request as soon as possible, particularly given the impending deadline of July 1 which is fast approaching,” said Wallace-Whitfield. https://thenassauguardian.com/2018/06/28/brea-wants-meeting-with-dpm-on-vat-hike/
