Grand Bahama Chamber of Commerce executives yesterday met with the minister for Grand Bahama, Dr Michael Darville, to present him with a copy of its ‘VAT Observations and Recommendations’ report.
This study is a compilation of the concerns expressed by the Grand Bahama business community about VAT, and their recommendations for the Government.
The Minister for Grand Bahama was appreciative of the work the Chamber has done, and vowed to work closely with them on these and other concerns important to the business community, which operates under the Hawksbill Creek Agreement.
Comments
John 10 years, 2 months ago
What if VAT is introduced and instead of increasing government's revenue there is an actual decrease in revenue? We know that at least in the beginning VAT will be inflationary and will lead to a decrease in spending. We also know that some businesses are not prepared to deal with VAT financially and also because of the detailed amount of bookkeeping it requires. They may close shop, at least in the interim. What options will government have to raise revenue if VAT fails?
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