EDITOR, The Tribune.
WHEN a Businessman talks about he is not scared about income Tax or Corporate Taxes as sure as the sun rose in the east he knows he ain’t going to pay its as All taxes are passed onto the Consumer just like Vat was.
Yes, membership in WTO will remove Customs Duties which is quite a large tax figure but alike others we will surely substitute Customs Duties for something else.
If you look at taxes from a Business all you will do is to add to your wholesale and retail prices and the consumer pays. The Company can donate millions to this and that charity or promote spending millions they get no break or adjustment.
Personal income tax is different - taxing share dividends is also different - Capital Gains taxes are also different but today we have none of them, but could they be coming? Will The Bahamas remain attractive to the investor, local or foreign?
Personal Income tax probably anyone earning under $28,000.00 will have no fear as they are just scratching through now - there is no money to take!
Above that and the higher your salary goes on a pro-rated basis you will pay more as much as 15%.
Grave danger is here you will price yourself out of the attractive that The Bahamas has for the financial service and hospitality sector.
March 19, 2018.