The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

EDUCATION and implementation will be key in the Bahamas' move to an alternative system of taxation, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executiuve, Winston Rolle, said yesterday.

The Government, outlining its legislative agenda during the Speech from the Throne, said it will launch an "extensive review of the Bahamian tax system with a view to proposing alternative means of taxation that address the current system, while providing the Government with a stable, buoyant and adequate source of revenue to meet its governance obligation to the Bahamian people".

Mr Rolle told Tribune Business: "Education and implementation is going to be extremely important if we are going to move in that direction.

"Both governments have seemed to be leaning to some kind of value added tax, and so that means there is obviously going to be a lot more reporting and regulatory requirements for the business community that they would certainly need to prepare for. Business owners will certainly have to keep proper records. Companies that are not very good at keeping records will find that they have to make some major adjustments."

Mr Rolle added that persons also need to realise that any shift in the country's tax regime is a process that "won't happen overnight".

"Any change from our current tax regime will certain present a major shift and will take some time to be properly implemented, and persons will have to get adjusted to it," Mr Rolle added.

"What needs to happen is that the business community needs to be put on notice, so that the proper adjustments can be made going forward. Once we have met with the Government to get more information on their plans, we at the Chamber will certainly be making every effort to inform our members on the way forward to ensure that they are prepared."