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From:TheBahamasWeekly.com Bahamas Information Services Updates State Minister for Finance Michael Halkitis said the new tax reform will provide the revenue the government needs to reverse the economic situation to one with a reduced debt servicing ratio. “The Bahamas is at a very important junction in its economic history and has come to the realisation that while the current tax environment has worked to the benefit of our country in the past, if steps are not taken now to make the necessary adjustments to improve the efficiency of revenue collection, our fiscal stance will be significantly worsened in the very near future,” said Minister Halkitis. “We face debt levels cascading to unsustainable levels, credit ratings downgrades, and the need for much severe tax increases and reductions in spending if we do not act now to reverse the trend. When considering these options, it has become clear that broadening the tax base to allow more sections of the economy to be taxed at a low and consistent rate is the most prudent course of action."
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