The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas Federation of Retailers (BFR) has praised the Government for its willingness to work with the Tax Coalition and adopt its recent study into policy considerations, adding that fiscal and tax reform required “buy-in” from both the public and private sector.

The Federation, which represents more than 100 Bahamian retailers and is one of the member associations in the Coalition for Responsible Taxation, said it was pleased the Government had agreed to work closely with the Coalition for Responsible Taxation and include its recent Oxford Economics report in the policy analysis and decision making process.

“The more objective and reliable data that can be brought to the decision-making process, the better. Getting our nation’s fiscal and tax reform right, and having a cooperative atmosphere where both the public and private sector have ‘buy in’ to the process, are essential in getting these historic reforms completed in a timely manner, and in a manner that ultimately best serves the interests of the people of the Bahamas,” said the Federation.

Highlighting remarks made by New Zealand tax consultants during their recent Bahamas visit, the Federation added: “It is imperative that the Gvernment and the private sector come to a consensus on the implementation of fiscal and tax reform, as it is important to get it right from the beginning so that our nation’s finances are on a firm footing moving forward. In order to do that, both the Government and the private sector have to believe in and be involved with the reform process.

“That is what made New Zealand’s reform a success. Tax reform without fiscal reform will not work, as all international reports on the Bahamas have made clear, so we are glad that the Government has begun to take seriously the need for fiscal reform and not just tax reform. The Coalition and the Government have a lot of objective and serious data to work from now, and should be in a better position to make an informed decision as a result.”