EDITOR, The Tribune.
With regard to the article which appeared in your paper on Friday, Mr James Smith is quite correct in saying that we should not be led like blindfolded sheep to the slaughter by the tax-loving, socialist leaning IMF.
What does, however, need challenging in the otherwise excellent article is the false narrative that the current Business Licence regime is widely disliked and should be replaced. It is in fact the only practical way to ensure that all businesses pay their fair share. While a tax solely on profits sounds more reasonable it is not in fact so – companies could and would simply use creative accounting to show either very small profits or none at all, and thus pay minimal tax.
As for “penalising the likes of food stores and gas stations”, well boohoo. The monopolists who run the food stores and continue to bleed poor Bahamians do in fact need either much more competition or their own special tax on their massive profits.
AEQUITAS
Nassau,
December 13, 2021.
Comments
Proguing 2 years, 5 months ago
Sir, you are correct
newcitizen 2 years, 5 months ago
Well this is about as dumb as you would expect.
Dawes 2 years, 5 months ago
LOL complaining about how much the supermarket charges and then wanting them to pay more taxes, without realizing that you would be the one paying. Real smart.
LastManStanding 2 years, 5 months ago
A corporate tax structure, properly designed and implemented, would be far superior to the current system that does not take low margin businesses, or years where a loss is recorded, into consideration. My opposition to a corporate tax rate lies in the fact that we will paying more than likely another 15% to the government ON TOP OF the current business license fees. Remember how duties were supposedly going to disappear after VAT was implemented? You would have to be a complete fool or imbecile to think that the government is going to pass up the opportunity to juice people for even more money.
Proguing 2 years, 5 months ago
Government is interested in maximizing its revenues. It’s a lot easier for a company to reduce its income than to reduce its turnover on its financial statements.
Maximilianotto 2 years, 5 months ago
Corporate tax will come and business license fee go. Import duties will go and incompetitive businesses will go. Prices will be halved. Welcome to the free market for the benefit of 400,000 consumers.B$ will go…It’s the economy what else.
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