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Last Updated: Feb 6, 2017 - 2:32:04 PM |
VAT team member Livingston Ferguson, Senior Customs/Revenue Officer, addresses leaders of the Eastern District Fellowship at Faith Mission Church of God, Fox Hill, Sunday evening on pending tax reform which includes Value Added Tax (VAT) implementation. (Photo by Derek Smith, Jr)
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Value Added Tax (VAT), combined with reduced Customs duties, will pave the way for government to rebuild its financial house while staving off the potential threat of devaluation that could increase the cost of living for every consumer, said Livingston Ferguson, Senior Customs/Revenue Officer, Ministry of Finance.
Ferguson was addressing more than 50 persons gathered at Faith Mission Church of God, Fox Hill, January 26. Among the congregation were members of other Church of God affiliates in the denomination’s eastern district.
“Value Added Tax allows the government to broaden its tax base that directly assists with returning public finances to a sustainable state,” said Ferguson. “This modernized tax system captures not only goods, but services as well. As VAT is implemented the government will simultaneously decrease import duties. This reduction of customs duties will directly benefit consumers in some cases.”
Ferguson’s presentation was one of many in recent weeks as the Ministry of Finance has stepped up public appearances while continuing to listen to public comments in meetings with individuals, associations and business sector representatives. Government representatives have met with more than 20 entities representing the church, corporate society and civil society since October, noting comments that may potentially shape the final legislation, tariff schedules and regulatory framework.
Two weeks ago, Finance established a VAT hotline.
“We are welcoming comments on our VAT hotline,” “Between 9 am and 5 pm daily Monday-Friday we can be contacted at 225-7280.”
One day after Ferguson met with Church of God parishioners, Financial Secretary John A. Rolle addressed a meeting of NIB managers and two days later, Finance is set to address Grand Bahamians at First Baptist Church in Freeport.
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