The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday confirmed the creation of a private sector Tax Reform Committee, which will seek to “constructively engage” the Government on its proposed Value-Added Tax (VAT).
The Committee will be co-chaired by BCCEC vicechairman, Robert Myers, and Gowan Bowe, accountant and partner at PriceWaterhouseCoopers (Bahamas).
The committee has invited various industry associations and the affiliate Family Island Chambers to participate in a broad-based private sector working group.
“The purpose of the coalition is to bring leadership to the debate, get more engagement from our members and the private sector in general, and elevate the national discourse on tax reform,” said Chester Cooper, BCCEC chairman.
“If, after in-depth analysis, we find that the impact will be negative on business and/or the economy, we trust that our reasoned feedback to the Government will result in a revised version that will be equitable; contribute to government revenues without adversely impacting business.”
A series of public information sessions are being planned with the cooperation of the Ministry of Finance. At the end of the sessions, and after several weeks of deliberations by the Tax Committee, the BCCEC will issue a position statement that will best reflect the views and solutions of the widest-possible cross section of the private sector.