Past President Antonio Knowles welcomes Financial Secretary John Rolle to the Kiwanis Club of Nassau A.M. meeting which actually meets in the evening as it did Monday to learn more about pending tax reform including Value Added Tax. The Ministry of Finance is ramping up presentations as it continues to listen to the public. (Photo by Derek Smith, Jr)
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Nassau, Bahamas- In
a continuing effort to communicate the benefits of Value Added Tax
(VAT) in The Bahamas, Financial Secretary John Rolle addressed the
Kiwanis Club of Nassau A.M. at its weekly meeting January
13.
“A
modernized 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.