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Bahamas Mulling Introduction Of VAT

by Amanda Banks, for LawAndTax-News.com, London

29 July 2004

Speaking on Monday at the 18th annual Caribbean Organisation of Tax Administrators' General Assembly and Technical Conference, Bahamian Finance Minister James Smith hinted at the possibility of the introduction of a value added tax (VAT).

According to the Nassau Guardian, Mr Smith told the COTA delegates that although the government was examining ways of boosting the current tax regime by centralising and improving tax administration:

"If the review process fails to produce the desired results, we will be giving serious consideration to the introduction of an alternative consumption-based tax regime such as the Value Added Tax, the VAT."

He reportedly went on to add that:

"Because of our history of low and no direct taxation and because of the changing times ushered in by the globalisation process, (the Bahamas) must follow closely regional, hemispheric and global developments in taxation."

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