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Government committed to tax reform

Opening Accountants' Week in Nassau today, Minister of State for Finance Michael Halkitis (pictured) said that the government was committed to fiscal recovery and reform of the financial sector. 

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TheBahamasInvestor.com
Tuesday, November 6, 2012
Tuesday, November 6, 2012

The Bahamian government is committed to fiscal recovery and reform of the financial sector, according to Minister of State for Finance Michael Halkitis, adding that tax reform and modernization of the administration of the tax system were key goals for the near future.

Officially opening Accountants’ Week in Nassau, the Minister said the government would grow the economy by attracting foreign direct investment and investing in education and training to make the workforce more competitive.


“We are committed to making it easier to do business in The Bahamas [and] to ensure the strengthening of our financial system,” he said.

Changes ahead include new legislation to establish a credit bureau and regulation to protect pensions, according to the Minister.

“We want to improve the way that we do things. All of these reforms must be understood within the context of the unique challenges of The Bahamas. We understand that we cannot afford to let things deteriorate from a fiscal standpoint.”

“We have an opportunity to effect fundamental change that, if done right, would have lasting effects. We have the opportunity to hand to the next generation a better chance to succeed on the world stage.”

Accountants’ Week is organized by the Bahamas Institute of Chartered Accountants (BICA) and runs through Friday 9 November at the Sheraton Nassau Beach Hotel. Speakers will include Minister of Financial Services Ryan Pinder, Minister of State for Investment Khaalis Rolle and chief executive officer and executive director of the Bahamas Financial Services Board Aliya Allen.

cmorris@dupuch.com

The Paradise Island bridge was renamed in honour of Sir Sidney Poitier last weekend. Watch a video of the celebrations here.

Speaking at the Foreign Account Tax Compliance Act symposium held yesterday in Nassau, Minister Ryan Pinder said that the financial services industry must be prepared to face the new US rulings. Read his full address here.

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