By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
The Opposition's deputy leader yesterday voiced fears that the European Union (EU) will soon "move the goal posts" on The Bahamas again when it comes to tax and anti-financial crime regulation.
Chester Cooper, the Progressive Liberal Party's (PLP) finance spokesman, spoke out after MPs in the European Parliament singled out The Bahamas and other international financial centres (IFCs) as countries that were being taken off the 27-nation's tax 'blacklist' too easily and without implementing more far-reaching reforms to their tax systems.
Suggesting that the EU is targeting countries with low or no income and corporate income tax rates, Mr Cooper said: “With respect to the European Union and these threats that persist, we continue to confront these serious national crises even as we face the pandemic.
"We don't have the luxury to ignore them, and this is why I get woefully concerned when we spend so much time playing politics in relation to the EU. I know the new goalpost-moving tactics of the European Parliament.
“What we do know is that we are still on the EU money laundering listing, and we would like an update in this regard. But what we also know is that the EU will continue to change the standard to which we are held while not holding their own members to the same standard."
Mr Cooper added that the latest International Monetary Fund (IMF) statement on The Bahamas was “blistering and sobering, and reminds us that we are facing a serious national crisis", even though there was little that was new.
"Here's what the IMF said only yesterday," he added. "They said the GDP is projected to contract by 16.2 percent. Public debt is expected to jump to almost 90 percent of GDP. Some banks and credit unions are vulnerable to pandemic-induced risk. Downside risks loom large. This is the environment in which we now live.
"There is no mention of these realities by the minister for finance. None whatsoever. So it is incumbent upon us to bring focus to saving lives and preserving livelihoods, as well as balancing the need of our economy and country.”
Turning to the Grand Lucayan sale, Mr Cooper said the Bahamian people need to know “how much this deal has already cost. What we want to ensure is that there is not a fire sale now going on with this property that we begged you not to burn the Bahamian people on when we told you it was an egregiously bad deal.”
With Scotiabnk soon to exit his Exuma constituency, Mr Cooper said: “The issue of Family Island banking remains a vexing problem. This week, Scotiabank is leaving many islands bank-less and they still plan to exit Exuma during February.” He urged the Government to use its “influence” to ensure that Family Islands have access to banking services.
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