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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