The Tribune

IN A continuing effort to communicate the benefits of Value Added Tax in the Bahamas, Financial Secretary John Rolle addressed the Kiwanis Club of Nassau AM at its weekly meeting on January 13.

“A modernised taxation system is essential in the developing Bahamas,” Mr Rolle told about 20 Kiwanians gathered at the Bahamas Red Cross Society headquarters.

“VAT is a fairer system of taxation by taxing a greater share of the spending of persons with higher incomes. Heavy reliance on taxes on imports of goods puts an uneven burden on poor people who spend a larger share of their income on such items.

“The reforms will, in fact, allow the government to broaden its revenue sources to include more services going forward.”

The Ministry of Finance has scheduled a number of speaking engagements to educate and update the public on the pending legislation. The Ministry of Finance is continuing the process of meeting with various private sector groups and and to collect feedback on the draft VAT legislation.

“This week, it announced the launch of a VAT hotline, inviting the public to register comments as well as seek answers about tax reform. The toll-free number is 225-7280.