VAT increase may cripple construction industry

BusinessJuly 5, 2018July 5, 2018 at 5:40 am Genea Noel
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BCA President, Leonard Sands.

Contractors are among the latest groups sounding off on the value-added tax (VAT) hike.

The Bahamas Contractors Association (BCA) said Wednesday that it is concerned that banks will not increase funding for mortgages to facilitate the 67 per cent VAT increase.

BCA President Leonard Sands said that the increase in VAT can potentially shrink the local industry as a result of reluctance by banks to increase mortgage funding.

 

 

 

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About Genea Noel

Genea Noel is the news director and weeknight TV news anchor at Eyewitness News. She began working at Eyewitness News in 2018 as the newsroom editor and was subsequently promoted during her tenure. As a household name who graces the screens of thousands of Bahamian homes each night, Genea has racked up an impressive five Bahamas Press Club awards, including “The Cyril Stevenson Award for Outstanding Political Journalism” (2020), “Best Studio Live Producer” (2020) and “Best Newscast” (2018).