Pintard urges gov’t to outline its tax position
NASSAU, BAHAMAS — The government must put forth a diverse and conclusive plan to address the destabilization of the National Insurance Board (NIB) fund, said Free National Movement (FNM) Leader Michael Pintard yesterday.
In an interview with Eyewitness News, Pintard opined on the conflicting commentary from the Minister of State in the Office of the Prime Minister Myles LaRoda and Prime Minister Philip Brave Davis regarding a possible increase in NIB.
He noted that there is a concern that the prime minister and his ministers are not on the “same page” on critical financial decisions and pointed to several incidents that have already occurred during the New Day government’s tenure that have become “common”.
“Our simple response to this most recent debacle is the prime minister and his team must speak with one voice in terms of how they intend to make sure that NIB are sustainable,” Pintard said.
“What is their overall tax policy plan which will allow them to ensure that NIB has sufficient funds to meet the present demands being placed on it and the future demands.
“…They have to talk broadly about their overall tax policy and what are their plans going forward.”
Last week, LaRoda said he believed NIB contributions will be increased by 1.5-2 percent within the next year.
He said Cabinet had not made a decision, but he was in possession of an actuarial ILO report that indicated the fund would be depleted in six years as payouts continue to outpace contributions.
However, Davis said while LaRoda spoke about the facts of the situation, it will be the last resort for his administration to put any more burden on the backs of Bahamians.
The prime minister said the government will see how “innovative and creative” it can be to stave off the increase until relief is brought to the Bahamian public.
But Pintard insisted yesterday that the government must have a partisan approach to addressing NIB’s stability — which he admitted is a historic challenge that has been faced by successive administrations.
He said the matter must be done within the context of an overall macroeconomic plan by this government.
The FNM leader furthered that the prime minister and the government simply “lacks a coherent plan” for the solution of the issue.
“He is unable to specify what those creative measures are going to prevent them from increasing at this time the NIB rate,” Pintard said.
“I think it’s a case of a lack of a plan, one that can be developed if the prime minister and his ministers exercise the necessary discipline to spend time with their technical team in finance and related ministries, with stakeholders in the private sector in the financial services community.
He added: “This cannot be a narrow review…The most prudent way for a government to approach a national economy that is stressed in multiple ways is for them to work out a macro economic plan and that calls for focus and discipline and clearly, the prime minister has not yet exercised that.”
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