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Bahamas Financial Secretary Addresses Kiwanians on VAT
By Diane Phillips & Associates
Jan 17, 2014 - 1:45:26 AM

Past President Antonio Knowles welcomes Financial Secretary John Rolle to the Kiwanis Club of Nassau A.M. meeting which actually meets in the evening as it did Monday to learn more about pending tax reform including Value Added Tax. The Ministry of Finance is ramping up presentations as it continues to listen to the public. (Photo by Derek Smith, Jr)

Nassau, Bahamas- In a continuing effort to communicate the benefits of Value Added Tax (VAT) in The Bahamas, Financial Secretary John Rolle addressed the Kiwanis Club of Nassau A.M. at its weekly meeting January 13.

 “A modernized taxation system is essential in the developing Bahamas,” Mr. Rolle told about 20 Kiwanians gathered at the Bahamas Red Cross Society headquarters. “VAT is a fairer system of taxation by taxing a greater share of the spending of persons with higher incomes. Heavy reliance on taxes on imports of goods puts an uneven burden on poor people who spend a larger share of their income on such items. The reforms will, in fact, allow the government to broaden its revenue sources to include more services going forward.”

The Ministry of Finance has scheduled a number of speaking engagements to educate and update the public on the pending legislation. The Ministry of Finance is continuing the process of meeting with various private sector groups and and to collect feedback on the draft VAT legislation. This week, it announced the launch of a VAT hotline, inviting the public to register comments as well as seek answers about tax reform. The toll-free number is 225-7280.

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