The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Grand Bahama’s Chamber of Commerce president yesterday said it was “shameful and disgraceful” that companies have not been receiving timely Value-Added Tax (VAT) refunds.

Kevin Seymour, speaking at the National Conclave of Chambers of Commerce, urged that the Government be held to account on the issue.

“We were told of how the Government would not be holding up on the people’s money, and things would be done expeditiously,” he said.

“I cannot critique the entire VAT system because I think some parts are working, but you cannot have a system where you are tying up people’s working capital and not be doing anything about it.

“That erodes investor confidence and it cannot be tolerated,” Mr Seymour added. “We must continue to hold the Government’s feet to the fire as it relates to those refunds, because some of these businesses that have experienced delays are taking legal advice.

“Some of them might be very close to saying that this is a deal breaker for them. They may say that if the Government can’t stay firm to its commitment, they don’t want to do business any more. That’s something that’s very high on the [Grand Bahama] Chamber’s radar, and we would certainly invite the assistance from the Bahamas Chamber.”

Tribune Business reported back in January how some Bahamian retailers were unable to buy their preferred Christmas inventory due to VAT refund delays, due to the negative impact on operating capital and cash flow from monies being ‘tied up’ in taxes.