“Whilst the government should be congratulated for having acted appropriately to have the Bahamas removed off the grey list, it is a momentary victory as it will not be long before the OECD comes knocking again with more demands” said Paul Moss commenting on the report that the Bahamas was removed off the OECD’s Grey List as a result of signing the required TIEAs.
“When you give them an inch they take the proverbial mile and this is why I have called for the Bahamas to change its tax structure so that we could avoid these kinds of demands. We ought to now become proactive by introducing income tax with a low flat rate so we are no longer accused of being a tax heaven which makes us at the whim of the OECD” Moss continued.
“I am tired of saying it but sometimes you must repeat until our leaders get it. Only when we become a taxed jurisdiction (income tax) would we be left lone. Now is the perfect opportunity for s to engage in this dialog and seek to sign double taxation agreement with every country in the world if necessary.
“This is serious business and we cannot afford to continue to be reactionary in this regard. I now call on the professionals in private practice and the government to sit and maturely map out a new tax regime which will also have the desired affect of bringing more money to the treasury as well as making it more equitable for the poor”.