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PM: tax reform imminent

Speaking at the Business Outlook conference held this week in Nassau, Prime Minister Perry Christie said that the Ministry of Finance was preparing to launch a "multi-faceted programme of action to address fiscal issues" in the coming year, including tax reform. Pictured: Keynote speaker at the Bahamas Business Outlook Prime Minister Perry Christie (centre) with Minister of Tourism Obie Wilchcombe and Joan Albury, President of communications firm The Counsellors Ltd, which hosted the event. (Photo©Dupuch Publications/Harry Cutting) 

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TheBahamasInvestor.com
Friday, January 11, 2013
Friday, January 11, 2013

The coming year will be a busy one for the Ministry of Finance, according to Prime Minister Perry Christie who said yesterday that a decision on tax reform had been reached and that his government is “focused on stimulating economic growth.”


Addressing the Bahamas Business Outlook Thursday morning, the Prime Minister said that the Ministry was working on a “multi-faceted programme of action to address the fiscal issues.”

On the agenda for the coming year is tax reform, in line with the government’s pledge to overhaul the system by the end of 2014 so that it can become a full member of the World Trade Organization (WTO).

The Prime Minister confirmed that a decision had been reached and would be announced soon, saying: “No matter how creative we are, the country’s expenditure is now outrunning its ability to fund revenue from international sources to match it.”

“There has to be a turning point in this country.”

Prime Minister Christie also spoke of his wish to create a National Economic Council to devise a strategy for the country’s growth, and said that the government would focus on strengthening public expenditure management, ensuring accountability and eliminating waste.

According to figures from the International Monetary Fund (IMF), the Bahamas’ gross domestic product rose by 2.5 per cent last year. “This is somewhat what encouraging,” said the Prime Minister. “But we must strive to do much better, especially if we are to create adequate job opportunities for Bahamians.”

The Bahamas Business Outlook took place at the Wyndham Nassau Resort Thursday. Additional speakers included chief executive officer of the Bahamas Financial Services Board, Aliya Allen, chairman of the Grand Bahama Port Authority Ian Fair and president of Atlantis International Bahamas George Markantonis.

cmorris@dupuch.com

The Ministry of Tourism is investing in future growth and development through the ongoing training of staff members. Watch an interview with Pamela Parker-Moss, assistant manager of human resources at the Ministry of Tourism.

A British couple are touring the world renewing their wedding vows in each country to raise money for charity. On December 12, 2012, they had a ceremony in Exuma. Watch a video of the wedding here.

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