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FINANCE CONFUSES THE PUBLIC WITH THEIR TAX ANNOUNCEMENT

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The Bahamas government through its principal spokesman on Finance Peter Turnquest announced on 3rd  January a raft of policy measures that will change the taxation structure on banking, trust companies and insurance. The announcements simply confused the public. Most people think that as a result of the announcements that banks, trust companies and insurance companies will get a free ride on taxation.  That may not quite be it but the announcement was so confusing that it was simply useless.  We need to see what the actual tax measures are going to be. Add to that though is the fact that the Government of The Bahamas under the FNM doesn’t seem to get the point that the financial services sector business is dead.  The folk who they keep trying to please have no interest in us pleasing them. They simply want the business shut down and out of the way.   So, we can change the laws all we want: they will keep moving the goal posts.  Not only that, the changes simply make life impossible for the people in this country most of whom don’t have a bank account with more than 1000 dollars.  No one is paying attention to those people and the veritable nuisance that this is causing in our banking sector.