OUR VAT MONEY – Only $7 Million Extra Budgeted To Pay Down Our Yearly Debt Interest Payments

OURMONEY

Now we see why the Public Debt Documents (Heads 26 and 27) of the 2015/2016 Budget were stripped from the Bahamian people’s Budget. Some of that missing Debt Payment information has remarkably turned up. In 2014/2015, just over $259 MILLION was budgeted to be paid toward our public debt interest payments (formerly Head 26). IN 2015/2016, ONLY JUST OVER $266 MILLION HAS BEEN BUDGETED FOR THOSE DEBT PAYMENTS – JUST $7 MILLION MORE. Now. The government claims that between January 1 and June 30 of this year it would have already collected over $150 MILLION of our VAT dollars. For the 2015/2016 Budget, it says it expects to collect another $544 MILLION. WHY ONLY BUDGET $7 MILLION EXTRA TOWARD THESE DEBT PAYMENTS IN THE 2015/2016 BUDGET WHEN YOU CLAIM YOU WILL TAKE IN A STAGGERING $544 MILLION OF OUR MONEY IN VAT? THAT IS ONLY JUST OVER 1 (ONE) PERCENT OF OUR VAT MONEY GOING TOWARD THESE EXTRA DEBT PAYMENTS THIS BUDGET YEAR. Continue reading

SCANDAL: Public Debt Documents Stripped From 2015/2016 Budget

OURMONEYSections (Heads) 26 and 27 of the Recurrent Expenditure Bill in the National Budget that show our national debt and our debt payments are now gone from the 2015/2016 Budget. This means the Parliament and the public can no longer see what our various outstanding loans/debts are, how much money the government is paying on each of those loans/debts, and where existing or new loans/debts are from and are coming from. Head 26 is Public Debt Servicing Interest (meaning interest payments on our debts) and Head 27 is Public Debt Servicing Redemption (meaning loan repayments). Now that the government is taking millions in VAT money from us, it has stripped the nation of the ability to see whether a dollar of that money is going toward our national debt. Here is a link to what those standard Public Debt Documents of the Budget look like (documents from 2014 Budget).  Continue reading