NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that the government is not looking to introduce any new tax initiatives within the next year.
Halkitis said officials are contemplating the creation of a “large taxpayer unit” within the Department of Inland Revenue in an effort to improve service to that segment, noting
He spoke during a virtual summit hosted by Citadel Consultants Limited.
“Government is contemplating the creation of a large taxpayer unit which is just a unit within Inland Revenue,” Halkitis said.
“Large taxpayers contribute most of the revenue and that would be an effort to improve the service to that segment.”
He added: “In terms of any sort of new tax initiatives, there should be none within the next year.”
Halkitis said that the government is assessing various fees to ensure that they are in line with the cost for the delivery of government services.
“Our policy is that before we initiate any major change we will do a consultation and will do a consultation with the public to get their feedback. There will be no surprises,” he said.
According to Halkitis, the government is of the view that the combination of economic growth, improved revenue administration, expenditure control, and tapping new revenue sources such as the monetization of carbon credits should help put the country on a stable fiscal trajectory.
Prime Minister Philip Davis last week tabled the Climate Change and Carbon Market Initiatives Bill, 2022, which provides a regulatory framework for the trade of carbon credits. The move is expected to provide significant financial benefit to the country.
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