NASSAU, Bahamas — With at least one major retailer blaming a decrease in sales on the increase in value-added tax (VAT), Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday that enough time might not have elapsed to show that there is a direct correlation between the two, the Nassau Guardian reported July 20.
Turnquest said it will take government one year of data collection to properly assess buying patterns following the VAT increase.
Turnquest was responding to a story in The Tribune’s business section insisting that the 4.5 percent increase in VAT has caused AML Foods Ltd. to see a 10 percent drop in sales.
Turnquest, who was speaking to media following a Rotary Club meeting at the Poop Deck on East Bay Street, said AML is the first business to have reported that its sales have gone down. However, he suggested there are other reasons that the food store chain’s sales may have declined recently.https://thenassauguardian.com/2018/07/20/dpm-not-enough-time-to-conclude-vat-increase-caused-sales-drop/
