NASSAU, BAHAMAS — The government has decided to repeal the patron winnings tax, according to Economic Affairs Minister Michael Halkitis.
He told Eyewitness News: “We have agreed to repeal the winnings tax. The tax on winnings will be no more and there will be no other adjustments to the gaming tax.”
The tax, which was implemented under the Minnis administration, was intended to see a five percent levy paid by patrons on winnings up to $1,000, and 7.5 percent on anything greater than $1,000.
Its imposition, however, was met by legal challenges.
When asked if the government was looking at austerity measures, Halkitis told Eyewitness News the Davis administration plans to focus on growing the economy.
“We believe in the philosophy which is that the best way to put the nation’s finances in order is to grow the economy, make it easier for people to do business and attract investment into the country so people can go back to work,” said Halkitis.
“We believe that that formula is the formula for success and we are cautiously optimistic.”
Halkitis noted that with the economy having reopened, it appears that economic recovery is underway.
All indications are that the economy is beginning to rebound and we should see some impact going forward.
– Minister of Economic Affairs Senator Michael Halkitis
“The hotels are having very strong bookings, so it looks as if the economy has turned the corner,” said Halkitis.
“We are very cautious because we are not out of the woods as far as COVID is concerned, but all indications are that the economy is beginning to rebound and we should see some impact going forward.”
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