NASSAU, Bahamas – Elizabeth MP Dr Duane Sands said yesterday the country will have to adopt serious changes in the years ahead in response to the nation’s worsening debt crisis, noting an income tax system may even have to be implemented, The Tribune reported on Thursday, June 10, 2021.
While voicing his support for the 2021/2022 budget, the former Health Minister recommended the government look to tax reform strategies, public private partnerships and other related initiatives to help chart the nation to recovery.
He said losses incurred from Hurricane Dorian and now the COVID-19 pandemic have “left us in a very tight spot,” adding to the major debt issues created by past administrations over the last five decades.
And with government debt set to top $10 billion by the end of the next fiscal year, Dr Sands said business can no longer return to usual in the country and further added that changes will have to be made.
“We have a sovereign debt crisis,” Dr Sands told the House of Assembly yesterday.
“If we survive this, and we will, we have to make the adjustments necessary. We can no longer kick tax reform down the road, so Mr Speaker, this is the time, now, not tomorrow, but today to start on the road to resiliency and recovery.
“It is time to lock in fundamental reforms moving forward rather than simply throwing stones. I would like to make some recommendations as to what we should do.”
He said the country should acknowledge its total debt. See complete article in The Tribune at http://www.tribune242.com/news/2021/jun/10/facts-debt-sands-warns-painful-tax-reforms-can-no-/
