February 18, 2019
Deputy Prime Minister Peter Turnquest.
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WITH the government’s 2019/2020 budget communication set for today, Finance Minister K Peter Turnquest moved to allay one fear, saying value added tax is not increasing.
The deputy prime minister yesterday said “the crystal ball is not exactly clear” in response to Moody’s warning that the government will not hit its 2020-2021 budget surplus target.
Residents of West Grand Bahama have access to funding for small businesses through “a special programme” unavailable to other developed communities by way of the Small Business Development Centre, according to Deputy Prime Minister and Finance Minister Peter Turnquest.
The government yesterday pledged “not to disrupt” the booming vacation rental market as it confirmed plans to impose taxation on the sector in the upcoming 2019-2020 fiscal year.
The deputy prime minister yesterday hailed the Investment Funds Bill 2019 as “a new chapter” for Bahamian financial services, replacing and rebalancing an “outdated” regulatory regime.
The government yesterday forecast it will narrowly beat this year’s fiscal deficit target despite a $185m revenue shortfall caused by VAT, gaming and enforcement underperformance.
The deputy prime minister has voiced optimism that “public outrage” will prevent future governments from abandoning the checks put in place to prevent reckless fiscal policies.
Deputy Prime Minister K Peter Turnquest last night cautioned that The Bahamas’ “hasn’t arrived yet” despite Moody’s ‘outlook’ upgrade indicating the Government has regained some of its fiscal credibility.
The deputy prime minister has voiced confidence that the Bahamian financial services industry will not be “materially affected” by the last-minute reforms to escape Europe’s “blacklist”.
AFTER the controversial decision by the government to introduce a sliding scale tax structure on the local gaming industry, people were split with some supporting the government and others lamenting local businessmen. Disdain for the gaming industry stems from a number of places. On one hand, many felt it was not in line with our standing as a “Christian nation”. Others feel the vice causes family issues and is a drain on society.