The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE private sector is waiting to see "what is on the table" with taxes and incentives in tomorrow's 2018-2019 budget, the Chamber of Commerce's chief executive said yesterday.

Edison Sumner told Tribune Business: "The business community would always be interested in hearing about what's on the table in relation to taxes; are there any plans to increase taxes, are there any kinds of tax relief, whether it is through incentives or exemptions.

"We know that the Over-the-Hill promotion and the economic zone planning the Prime Minister has announced will take a prominent place in this budget. We have had meetings with the Deputy Prime Minister and minister of finance to discuss some aspects of what may be included in the budget.

"While the promotions of Over-the-Hill, the economic zoning and redevelopment will have a direct impact on those communities, what will be the side effects on others already operating in those communities but might not meet some of the criteria that was established?" Mr Sumner continued.

"How are we going to see the communities working together? There is talk about, in some aspects, gentrification of certain communities, but I think it is going to be good thing. We can see some economic activity happening in the more depressed areas, but we also want to be assured that there are proper monitors and measures in place to curb abuse."

Mr Sumner said the private sector was also keen to get an overview of The Bahamas' fiscal position. "We are looking to see what incentives will be provided for the business community. Business hasn't been as easy as we would like," he added.

"We are glad there have been some measures taken to improve the 'ease of doing business'. We also want to see a level of fiscal management and prudence included as a part of the budget, and we know there have been some moves toward that end also with the introduction of the Fiscal Responsibility Bill and the fact there is going to be a Fiscal Responsibility Council."

Mr Sumner said that apart from putting Fiscal Responsibility legislation in place, there must also be a Freedom of Information Act. "This will give more strength and impetus to the Bill being presented," he said.

"We want to see a curtail on spending, more fiscal prudence in the way the country's resources are being managed. We want to see a sustained effort to reduce the deficit."