The Tribune

The Government has partnered with the College of the Bahamas’ (COB) School of Business to develop a research paper on the likely impact of the proposed Value-Added Tax (VAT), the Minister of Financial Services has revealed.

Addresing the opening of the School’s annual Business Week, Ryan Pinder highlighted the importance of a partnership between COB and the Government on economic policy and advancement.

“As we strive to ensure, partly through government policy, that business develops continuously in the Bahamas, we need to now foster a partnership with the College of the Bahamas, and the students, to ensure that all necessary inputs are taken into account in the development and implementation of policy,” Mr Pinder said.

“I encourage the School of Business, and you the students, to foster a partnership with us, the Government, to ensure your research and input is taken into account. It is important that policy is based on research, and that as we advance the business interests of the country and its people, that your input, the input of the youth, is included.”

The Minister called for research co-operation on the Government’s proposed Value Added Tax (VAT). “In this spirit of cooperation, I have had discussions with COBUS, as well as the leadership of the School of Business here at COB, to foster a partnership in an important element of our economic reform, the implementation of an alternative tax scheme, and in particular, Value Added Tax,” Mr Pinder said.

“We have agreed to host a public information panel discussion here at COB on the Value Added Tax to ensure there is widespread understanding.

“After the panel discussion, we have likewise agreed to work with the School of Business on the preparation of a research paper to the Government on recommendations and suggestions as to the effect and implementation of the Value Added Tax.

“This research paper is indispensible to a Government that is involved in public consultation on such a major reform issue like tax reform. I look forward to advancing this partnership.”

Mr Pinder also called for COB’s School of Business to partner with the Ministry of Financial Services in conducting research on its ‘Value Added’ trade strategy.

“We are actively utilising existing and prospective trade agreements to foster regional integration, develop business networks and enhance our trade infrastructure,” he added.

“The trade policies, trade promotion and efforts of the Government are designed to lead to economic growth and business prosperity. These have been integrated into the Government’s value-added trade strategy.

“I look to the School of Business to work with me in formulating a research paper to provide recommendations, and a basis to the Government, in the proper implementation of a value-added trade strategy to ensure maximum opportunities are provided to Bahamians and Bahamian businesses.”