NASSAU, BAHAMAS — While acknowledging growing public concerns regarding the taxing structure in country, Fidelity CEO and Clearing Banks Association President, Gowen Bowe suggested Wednesday that The Bahamas needs a more equitable system of taxation.
Bowe was the guest speaker at the Rotary Club of South East Nassau monthly meeting held at the Nassau Yacht Club. He suggested that the country doesn’t “overtax but tax the wrong persons and the wrong amount of persons.”
Many have heavily criticized the country’s taxing system, suggesting that while the government continues to raise taxes to assist in offsetting debt, wages are not increasing enough to allow residents to afford daily living needs.
According to Bowe, the push for greater equity within the taxing system would mean that individuals pay, “based on their capacity to pay, [and] not the regressive nature that we have where you pay based on consumption and the least among us pay more relative to their earnings.”
The most recent tax hike under the Davis administration was an increase in national insurance contributions, which has proven controversial Bahamian public.
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