Bahamas Must Consider Income Tax, Says Former Minister

Details

Published on Wednesday, 05 September 2012 10:41

Written by Sourced Information

Hits: 930

(Caribbean News Now): NASSAU, Bahamas -- A key advisor to the Christie administration says income tax must be considered in The Bahamas to curb its rising debt levels.

James Smith, a former state minister of finance, told Guardian Business that the government should look at all options. The chairman of CFAL added that he is a strong proponent of value-added tax (VAT), although he is open to any system that corrects the course of the economy.

"This no tax issue is simply not the same discussion anymore," he explained. "Five years ago, income would have been off the table. But I suspect it will come up. The time has come to look at all options, to the extent The Bahamas has stopped promoting itself as a tax-free jurisdiction. I think we can begin to move away from that model."

Read more

• < Prev
• Next >