Go online and read for yourself Bahamas – VAT has not “fixed” a single economy in the way the IMF is instructing our government to tell us it will. 15% (full fledged) VAT is NOT the only option The Bahamas can take to address its financial position – it’s the one the IMF is insisting that we take and the government should once and for all be honest about this.
KEY QUESTION – Has our government/country been “advised” (aka threatened) of certain repercussions if it does not implement 15% VAT on July 1, 2014 as the IMF wishes?
The IMF has already told the world in its own economic surveillance reports for The Bahamas that 15% VAT is the IMF’s idea and desire for us, so it’s not like this is a secret. It is the exact same desire the IMF had for other countries that have already done it, and that it has for those that haven’t done it yet, but soon will.
And for those that have already done it, the IMF is now telling them to increase the percentage, as well as to remove more products and services from their “VAT exempt” list, most notably food items. It’s about time the government stop talking political foolishness and admit to the country its sole reason for pursuing 15% VAT by July 1, 2014 as opposed to it implementing other tax models, and collecting the hundreds of millions in unpaid taxes already owed to the government via current levies that are not being enforced.
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