BREAKING: VAT increases to 12% beginning July 1

Deputy Prime Minister and Minister of Finance, K. Peter Turnquest.

Announcement made this afternoon by Minister of Finance Peter Turnquest during his 2018/2019 Budget Communication.

Turnquest said that “the path to correction is extraordinarily hard and excruciatingly painful and out of our control”.

“No more kicking the can down the road to clean up. We understand the redress of our fiscal situation requires real sacrifice. The longer we would have delayed the worse the correction would have been required.

“If we cannot get out debt under control, the amount of interest on that debt will make our ability to supply services to our people impossible.”

5 comments

Boy it’s the people’s time for sure, stick it to the people is this what I voted for and give the outside investors all the tax breaks…like Oban.Wow unbelievably , unthinkable

Years ago the industry movers and shaķers’ major complaints were:
1. The Bahamas is far too DIRTY. Can never sell this destination to top Clients.
2. The Bahamas is far too EXPENSIVE. 3 conventions in other parts of the world and much more history and entertainment compared to hosting 1 in the Bahamas.
I trust that the pros and cons are being evaluated carefully in order to move in the right direction at this point.
What other great source of income is available in our Country other than Tourism $’s?… which has been on the decline for far too many years. We were once the #1 tourist destination in the world. We desperately need those tourism $’s to return as our Country bills must be paid.

Please do not allow continued increased taxes to place our beautiful Nation further into debt.

A lot of transitions have taken place over the many years of governance, nonetheless, the survival of our great Country is at stake…….

The average Bahamian is already taxed beyond what they can afford.Taxes are great to provide necessary needs and services for the people, however salaries must increase, food basket items must decrease so the average man can survive. The people must be trained. Taught how to ….. please hear them, get their opinion. Education of a nation increase the growth. Praying for knowledge, wisdom and genuine caring for the governing leaders.

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