NASSAU, Bahamas — The offer recently submitted to the World Trade Organization by The Bahamas will require the government to forego about $40 million in annual revenue, chief WTO negotiator for The Bahamas Zhivargo Laing said yesterday.
Laing, who was a speaker at a WTO symposium at the University of The Bahamas, explained that the government should have no problem making up a $40 million shortfall in revenue if the country’s offer is accepted by the global trading body.
“The government of The Bahamas wastes that amount of money on an annual basis,” said Laing. “The government of The Bahamas gives in customs duties exemptions and concessions almost $1 billion. It could cut that by ten percent and make up the $40 million.”
Laing sought to dispel misconceptions about the country’s WTO accession process. One of those misunderstandings, based on a lack of information, was how much revenue the government would have to make up after it conceded customs duty revenues when the country enters the WTO. https://thenassauguardian.com/2018/10/12/wto-offer-will-require-govt-to-forego-40-mil-in-annual-revenue/
