Public Consultation to Continue on the Fiscal Reform Initiatives
|Authored by:||Ministry of Finance|
|Source:||Ministry of Finance|
|Date:||November 29, 2013|
Nassau, Bahamas, November 29, 2013: In furtherance of the public consultation process, the Ministry of Finance today released a first draft of the Value Added Tax (VAT) Bill and Regulations. The documents have been published on the Government’s website (www.bahamas.gov.bs/vat ) along with an explanatory guide to the draft legislation.
The VAT is part of a comprehensive reform process to reduce public debt, build a stronger economy, incentivize private sector investments and expand employment opportunities. The government is committed to keeping a tight reign on spending, strengthening collection of existing taxes and enhancing programs to protect the most vulnerable in society.
Public consultations will form the basis for the final revisions to the policy framework for VAT.