Bahamian Prime Minister Perry Christie announced last week that the government will not be raising taxes for the foreseeable future, although several currently legitimate loopholes are to be closed in order to protect revenue.
Announcing the government budget in the House of Assembly last Wednesday, Christie observed that revenue streams have been maintained without the need to increase taxation.
“I am continuing with this patient strategy in this budget which contains no new revenue measures impacting directly on the Bahamian people. This strategy is possible because we are on the threshold of achieving significant improvement in yields from the existing system of revenue administration,” the PM declared.
However, he added as a caveat: “This also includes closing loopholes in the existing system which are perfectly legal but which result in a substantial loss of revenues.”
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