We are not ready

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Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) Chief Executive Officer, Edison Sumner.

With two days left before value-added tax (VAT) is formally added to goods and services, the business community is sounding the alarm that it is not ready for the July 1 deadline.

Head of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) Edison Sumner, who spoke to Eyewitness News Thursday said, his members need more time to make the necessary adjustments to their inventory.

Sumner also revealed that the government will earn additional revenue from the increase in VAT as items bought at the original 7.5 per cent will now be sold at 12 per cent, giving the government an extra 4.5 per cent in revenue.