A leading Ministry of Finance consultant believes this is “an opportune time to introduce a more efficient means of collecting revenue” through Value-Added Tax (VAT) before more extreme measures are taken.
Pauline Peters, formerly head of Grenada’s VAT implementation unit, told educators, including Bahamas Union of Teachers (BUT) representatives, gathered at AF Adderley School Library, that VAT allows consumers to make choices about what to buy.
She said they can select between exempt items, such as ‘breadbasket’ foods, and non-exempt, an option that income tax does not offer. Ms Peters also reassured attendees that education services will be exempt from VAT, and that the Government is developing structures to assist lower income individuals.
More than 30 persons turned out for open dialogue with the Ministry of Finance’s VAT team to gain insight on how the proposed tax system will affect them. Concerns ranged from whether education would be VAT-able to how the Government plans to support the disadvantaged sectors.
“The job of the Ministry of Finance is to share as much information with the public as possible in order to alleviate concerns about the implementation” says Ms Peters.
This presentation is part of a series planned for the remaining months leading up to VAT.
Comments
ohdrap4 10 years, 1 month ago
Are medications going to be exempt? Eyesglasses, Blood pressure monitors?
This is double talk. We can choose between duty free items and dutiable items today. Prescription glasses, bone china and shoes are cheaper here than in the US. (Duty free or low duty) Car parts and pots and pans not . (65% or 45% duty)
so VAT is not an added advantage.
The audience was being insulted.
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