DIFFICULTY AHEAD: Sir Franklyn warns Bahamians to brace for possibility of more taxes under next administration

DIFFICULTY AHEAD: Sir Franklyn warns Bahamians to brace for possibility of more taxes under next administration
(FILE PHOTO)

Sir Franklyn: Election should have been called after official mourning period of AD Hanna

NASSAU, BAHAMAS — A well-known businessman said yesterday the next administration faces a “very daunting task”, warning that Bahamians should brace themselves for the likelihood of increased taxes to bolster government revenues and a serious effort to reduce government expenditure.

Sir Franklyn Wilson.

Following Prime Minister Dr Hubert Minnis’ announcement that the next general election will be held on September 16, Sir Franklyn Wilson told Eyewitness News: “I think the task is going to be very, very daunting. I don’t care what government it is.

“I think the Bahamian people would do well to brace themselves for the possibility of there being more demands to increase government revenues other than by growth, meaning taxes and very serious effort to reduce expenditure. What those taxes are and what expenses are cut is going to be what it comes down to to a large extent.”

Wilson added: “We have faced very difficult times before. We have had deep holes that the country has had to climb out [of]. Yes, Hurricane Dorian might have been a particularly vicious blow, especially when you consider the loss of life. There is no comparison for that. Hurricanes have, over the years, done severe damage.

“The pandemic is a different matter.

“The fact of the matter is we have dug this hole. Successive governments have been pushing the gas. We used to have fiscal headroom and we pushed the gas to the point where we eliminated the headroom.

“It’s not just the fact that we’re in a pandemic but that we really don’t have the headroom to deal with it.”

Speaking to the decision to call an early election, Wilson said: “I think it’s a good thing because people have been agitating for it for some time. I just think it would have been good if it was after the official mourning period of AD Hanna, at what that would have conveyed in light of all he has contributed to the development of this country.”

1 comments

There has to be additional and higher taxes. All the money that has been borrowed and spent over the past 18 months has come from somewhere. That is what happens when a government isn’t forced to have a balanced budget. When you spend more that you make at some point you have to pay the “Piper”. As I have said before every government in the world only has one source of income TAXES.

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