Bahamians should brace for higher taxes in next budget!
Nassau – Opposition Leader Philip Brave Davis has leaked the hand of the Government, citing that, considering the anemic performance of revenue in the past year, Bahamians should brace themselves for higher taxes in the upcoming Minnis Budget set to be presented to Parliament this week.
Davis made the statement on Sunday, and it has not been refuted by the Minister for Finance Peter Turnquest.
Cabinet, we can confirm, is finalizing the details of its Budget Statement, which we understand will forecast growth in a dangerous period of weak shortfalls in revenue.
Although the Bahamas has not had one tropical storm, Bahamians should now brace themselves for higher taxes that set to be imposed in the new budget year due to serious revenue shortfalls.
Bahamas Press understands the revenue shortfalls so far are dismal, and reflect the kinds of slow revenues as like during the months just following Hurricane Matthew in November 2016 when the country was shutdown. And because of rebuilding businesses could not pay taxes across the country in that 2016 period.
According to an expert deep inside the machine of the Government’s fiscal planning, “Observers of the Budget Statement tomorrow in Parliament should remember that it was the FNM Government, which shutdown the Revenue Enhancement Unit at Inland Revenue, which was bringing in millions of dollars in additional revenue from delinquent tax payers (mostly big businesses).
“We should also make note that it was this Minnis administration, which committed to the bold move to reduce business license for big businesses. This was an incredibly silly and dumb decision. Then further waved license fees for new licenses.”
And then, to further help the rich, the Minnis Administration decided to reduce duty on washing machines [for Minister D’Aguilar], parts and airplane parts [For Minister Peter Turnquest] and asphalt [for Minister Brent Symonette], all in an effort to further enrich the wealthy with tax breaks, while the poor get the shaft with higher unemployment, bills and taxes!
After the Leader of the Opposition’s revelations on the upcoming budget statement, the question was put if this is really what we can expect in the Budget Statement? The question left members of the government scrambling and one senior Minister of the Government simply suggested that someone inside the government has leaked information to Mr. Davis.
Well, in short, the Government is now in search of the leaker. Brace for higher taxes!
We report yinner decide!