A top government official addressed the Kiwanis Club of Nassau A.M. on January 13 in a continuing effort to communicate the benefits of Value-Added Tax (VAT) in the Bahamas.
John Rolle, the financial secretary, told the Club’s weekly meeting: “A modernised taxation system is essential in the developing Bahamas.
“VAT is a fairer system of taxation by taxing a greater share of the spending of persons with higher incomes. Heavy reliance on taxes on imports of goods puts an uneven burden on poor people, who spend a larger share of their income on such items. The reforms will, in fact, allow the Government to broaden its revenue sources to include more services going forward.”
Mr Rolle spoke to about 20 Kiwanians gathered at the Bahamas Red Cross Society headquarters.
The Ministry of Finance has scheduled a number of speaking engagements to educate and update the public on the pending legislation.
It is continuing the process of meeting with various private sector groups, and to collect feedback on the draft VAT legislation. This week, it announced the launch of a VAT hotline, inviting the public to register comments as well as seek answers about tax reform. The toll-free number is 225-7280.
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