Financial Secretary John Rolle Addresses Kiwanians on VAT

Authored by: Ministry of Finance
Source: Ministry of Finance
Date: January 14, 2014

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)

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 encourages creativity and competition that will ultimately benefit customers. Additionally, it broadens the revenue source, which at present, only encompasses goods but will include 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 in the process of meeting with various groups and gathering information. 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.