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Bahamas Finance Minister Rules Out New Taxes,
by Amanda Banks, Tax-News.com, London 09 December 2004
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Speaking on a local radio programme last weekend, Bahamas Minister of State for
Finance James Smith appeared to cast doubt on the possibility of any new taxes, arguing that they would be unlikely to increase the amount of revenue the government
receives.
"As more demands are placed on the government to provide additional services,
imposing more taxes will not generate the large amount of funds needed to run
the country,” Mr Smith stated.
He added that the Bahamian tax system also suffers from a compliance problem.
"We have developed a culture where a guy feels that bribing a public officer
is something he can boast about and when the officer accepts the bribe, he can
boast of a higher income," he remarked.
However, the Finance Minister then suggested that it is essential that the jurisdiction should continue to explore
measures to widen the tax base and provide more flexibility in the system, such
as a sales tax or value added tax, especially in the light of new free trade
agreements.
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