Connect with us

Bahamas News

Bahamas Government’s structure of taxation is antiquated and inadequate to meet the needs of modern governance

Published

on

#Nassau, June 23, 2018 – Bahamas – Acting Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said in The Bahamas, the government’s very structure of taxation is antiquated and inadequate to meet the needs of modern governance in the 21st century.  A tax system with traditionally heavy reliance on customs duties and, more recently, excise taxes that apply solely to goods is clearly deficient in a world where services have come to dominate goods in terms of relative economic importance, the Acting Prime Minister said.

He was speaking at the Institute of Chartered Accountants of the Caribbean’s 36th Caribbean Conference of Accountants held at Atlantis, Friday, June 22, 2018.

Acting Prime Minister Turnquest said countries in the Caribbean region have traditionally relied on import duties as the main source of revenue.  However, he said the development of the CARICOM Common External Tariff (CET), and global trade liberalization, more generally, have convinced the region to shift towards domestic revenue sources, such as value added tax.

“The introduction of VAT has been the most important reform of the regional tax system, according to the International Monetary Fund (IMF).  The IMF has further shown that VAT is considered the best instrument to replace a myriad of inefficient taxes, broaden the tax base, and generate a stable source of revenue for governments across the region.”

The Acting Prime Minister said with the introduction of VAT in January 2015, the Government correspondingly reduced its dependence on revenue from customs duty and excise taxes.  He said today, VAT accounts for 40 per cent of total revenue, while trade taxes contribute 24 per cent towards total revenue.  Prior to the introduction of VAT,trade taxes accounted for well over 50 per cent of revenue.

Acting Prime Minister Turnquest noted that for a long time, The Bahamas was able to coast along with a tax structure that essentially hid the taxes from consumers.

“When you buy anything in The Bahamas, that item might have a 45 per cent or 65 per cent customs duty hidden in the cost of goods sold.  We all know it is there, but it feels benign as this form of indirect tax is not disclosed at the point of purchase like value added tax; it does not come off your pay check like an income tax; and it does not skim off your profits like a corporate tax.”

He explained that governments, in the past, could raise duties as much as they felt like, with minimum protest and complaint because those taxes do not show up on bills.  They are hidden.  Individuals only feel them in an abstract way, knowing that the relative cost of living in The Bahamas is high.

He said earlier this week, when Prime Minister, Dr. the Hon. Hubert Minnis concluded the budget debate in Parliament, he spoke about these hidden taxes and how they are largely responsible for making goods so expensive in The Bahamas.

The Acting Prime Minister said the old structure that was reliant on trade taxes was also responsible for Bahamians being so resistant to the idea of direct taxation.

“As a culture, we are not used to this form of tax, and our companies are not used to the financial scrutiny and discipline that is demanded by a more robust tax system.

Acting Prime Minister Turnquest said, “The introduction of VAT at 7.5 per cent in FY2014/15 forced many companies to adapt.  It forced all Bahamians to adapt.  Notably, we did so with minimal disruption, and I am confident we will similarly survive the 4.5 per cent increase that was initiated by the new budget.”

 

By: Llonella Gilbert (BIS)

Continue Reading

Bahamas News

Mother’s Pride Headlines Bahamian Takeover at Sixers-Heat Clash in Miami

Published

on

The Bahamas, March 30, 2026 – The voice of a proud mother captured the spirit of a nation Monday night, as Bendra Rolle shared heartfelt reflections on the overwhelming Bahamian support for her son, VJ Edgecombe, during the Philadelphia 76ers matchup against the Miami Heat in Miami.

“The patriotic support and scenery at my son, VJ Edgecombe’s NBA game… was overwhelming,” Rolle said in a statement issued following the game. “The arena in Miami was lit. Bimini and the Bahamas showed up and showed out.”

Her words come amid what has already been widely described as a remarkable showing of national pride, with Bahamians traveling in large numbers to South Florida to witness the young guard’s continued rise. For Rolle, however, the moment extended far beyond basketball.

“Beyond VJ’s basketball talents, I’m so moved by his magnetic personality and personal journey to inspire and excite an entire nation—our beloved Bahamas,” she said. “I thank God for VJ’s humility and for his hunger for greatness. He never forgets how far God has brought us.”

While the Sixers did not secure the win on the night, Edgecombe delivered a solid individual performance, finishing with 13 points and five assists. He made an early impact on the game, showing confidence and poise before foul trouble disrupted his rhythm, but still managed to leave his mark in meaningful minutes.

The game itself evolved into a cultural showcase, with Bahamian flags waving throughout the arena and chants ringing out in support of Edgecombe. Much of that presence was bolstered by a coordinated travel push from Bahamasair, which helped facilitate fan travel and added to the electric atmosphere in Miami.

Rolle said the emotional weight of the moment was deeply felt by her family, as they witnessed firsthand the unity and pride of the Bahamian people.

“Thanks and love for the tears and overwhelming joy on Monday, Bahamas,” she expressed. “The Bahamian flags were love, loud, and proud. On my own behalf, VJ, and the entire family, I am ever grateful for the indescribable experience.”

Her closing words underscored what many have described as the true victory of the night—not the final score, but the powerful display of national pride and support surrounding one of The Bahamas’ rising stars.

Continue Reading

Bahamas News

Bahamasair Backs Surge as Bahamians Flood South Florida for V.J. Edgecombe Showdown  

Published

on

PHOTO BY SIXERS NATION

 

Bahamian pride is already on full display in South Florida, with fans arriving in strong numbers ahead of tonight’s highly anticipated NBA matchup featuring VJ Edgecombe and the Philadelphia 76ers.

Helping to power that movement was Bahamasair, which rolled out a strategic promotion to facilitate travel, turning the game into a full-scale national showing.

And the celebration started early.

A “Bahamas Invades Florida” pre-party over the weekend set the tone, with Bahamian fans, DJs and supporters converging in Fort Lauderdale to build momentum ahead of the game.  The event, marketed as a major cultural gathering, has spilled into Miami, where a strong Bahamian presence is expected inside the arena tonight.

This is no ordinary road game.

The Sixers enter the matchup healthy and are favoured to win, adding to the anticipation surrounding what many expect to be a standout performance by the Biminite guard.

Edgecombe, the third overall pick in the 2025 NBA Draft, has been electric in his rookie season — delivering high-scoring performances and quickly establishing himself as one of the league’s most exciting young talents.

But beyond the stats, it’s the moment that matters.

With South Florida just a short flight away, Bahamians have seized the opportunity to show up in force — flags, energy and all — transforming the game into something far bigger than basketball.

A national turnout.
A rising star.
And a night where the Bahamas is expected to be felt — from tip-off to final buzzer.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

Bahamas Warns Travellers as UN says Middle East Conflict May No Longer Be Contained

Published

on

The Bahamas, March 18, 2026 – Twenty days into the latest Middle East escalation, the United Nations is warning the conflict is spreading beyond its original battlefield, as the death toll rises and governments around the world issue urgent travel advisories — including The Bahamas.

In a March 17 statement, the UN Secretary-General’s office said the war must stop and called for all Security Council resolutions to be respected, noting with concern that countries in the Gulf continue to be targeted, raising fears of a wider regional confrontation.

The current round of fighting began February 28 with strikes involving the United States, Israel and Iranian-linked forces, followed by missile and drone attacks across Iraq, Lebanon and parts of the Gulf.

International monitors report more than 1,300 people killed in Iran alone, with additional casualties reported in Lebanon, Israel and Gulf states. U.S. officials confirm at least 13 American service members have died since the escalation began, while reports indicate additional senior Iranian military leaders were killed in recent strikes.

Despite the growing violence, several NATO countries including the United Kingdom, France and Germany have not joined offensive operations, instead calling for diplomacy to prevent the conflict from widening.

The Bahamas Ministry of Foreign Affairs has also issued a travel advisory, warning Bahamian nationals to avoid travel to Israel, Palestine, Iran and Lebanon and to reconsider travel across much of the Gulf region due to the risk of sudden escalation, flight disruptions and security threats.

Officials say Bahamians already in the region should remain vigilant and be prepared for rapidly changing conditions.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING