NASSAU, Bahamas — As the government moves to increase value-added tax (VAT) to 12 percent starting July 1, Minister of Finance Peter Turnquest said that he is “confident” that Bahamians will “survive” the 4.5 percent increase, the Nassau Guardian reported June 25.
While speaking at the Institute of Chartered Accountants of the Caribbean’s (ICAC) 36th Caribbean Conference of Accountants this past Friday, Turnquest said the government intends to move away from narrow-based and distortionary taxes, which he explained would prove to be more beneficial to the economy.
He also lauded the implementation of VAT at 7.5 percent in 2015, which he said “forced” many companies to adapt in The Bahamas. “It forced all Bahamians to adapt,” he noted. https://thenassauguardian.com/2018/06/25/turnquest-confident-bahamians-will-survive-vat-increase/
