The Tribune

VALUE Added Tax, combined with reduced Customs duties, will pave the way for government to rebuild its financial house while staving off the potential threat of devaluation that could increase the cost of living for every consumer, according to a senior official.

Livingston Ferguson, senior Customs/revenue officer with Ministry of Finance, delivered this message to more than 50 peope at Faith Mission Church of God in Fox Hill.

Among the congregation were members of other Church of God affiliates in the denomination’s eastern district.

“Value Added Tax allows the government to broaden its tax base that directly assists with returning public finances to a sustainable state,” said Mr Ferguson.

“This modernised tax system captures not only goods, but services as well. As VAT is implemented the government will simultaneously decrease import duties.

“This reduction of customs duties will directly benefit consumers in some cases.”

Mr Ferguson’s presentation was one of many in recent weeks as the Ministry of Finance stepped up public appearances while continuing to listen to public comments in meetings with individuals, associations and business sector representatives.

Government representatives have met with more than 20 entities representing the church, corporate society and civil society since October, noting comments that may potentially shape the final legislation, tariff schedules and regulatory framework.

Two weeks ago, Finance established a VAT hotline.

“We are welcoming comments on our VAT hotline,” Mr Ferguson said. “Between 9am and 5pm daily, Monday-Friday we can be contacted at 225-7280.”

One day after Mr Ferguson met with Church of God parishioners, Financial Secretary John Rolle addressed a meeting of NIB managers.

Finance is also set to address Grand Bahamians at First Baptist Church in Freeport.