Bahamas News

More taxes = Surplus says Bahamas Ministry of Finance

Nassau, Bahamas, February 20, 2017 – The Bahamas needs to increase taxation in order to achieve a surplus said the Finance Secretary of the Ministry of Finance on Thursday during the State of the Economy Report Conference held at the Atlantis Resort.

Despite the addition of Value Added Tax, the country remains one of the lowest taxed jurisdictions in the region and the tax to GDP ratio is still too low for the country to operate comfortably in the black.  VAT has been a great help to the Bahamas public purse explained, Simon Wilson, who said over two years the country can build to $400 million more.

The current tax to GDP ratio is 17-22%… Mr. Wilson explained that it needs to rise to 25-27% for the country to meet a surplus.

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Photo Credit: Freeport News

 

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