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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Members of the Bahamas Union of Teachers and others gathered at the AF Adderley School Library to hear more about value added tax and were reminded that unlike income tax, VAT allows consumers to choose between goods that are exempt including bread basket items and VAT-able goods. (Photo by Derek Smith, Jr.)
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A renowned tax specialist encouraged support of value added tax in The Bahamas, saying that this is “an opportune time to introduce a more efficient means of collecting revenue” before more extreme measures are taken.
Pauline Peters, head of Grenada’s VAT implementation unit, told educators, including Bahamas Union of Teachers representatives gathered at AF Adderley School Library recently, that VAT allows consumers to make choices about what to buy, choosing between exempt items like bread basket goods and non-exempt, an option that income tax does not offer. She also reassured attendees that education services will be exempt from VAT and that the government is developing structures to assist lower income individuals.
More than thirty members of the public turned out for open dialogue with the Ministry of Finance’s VAT team to gain insight on how the proposed tax system will affect them. Concerns ranged from whether education would be VAT-able to how the government plans to support the disadvantaged sectors.
“The job of the Ministry of Finance is to share as much information with the public as possible in order to alleviate concerns about the implementation” says Peters.
This presentation is part of a series planned for the remaining months leading up to VAT.
For more information on the VAT implementation please call the Ministry of Finance VAT hotline between 9 am and 5 pm, Monday-Friday at 225-7280. You can also visit the official Facebook page at www.facebook.com/vatbah242.
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