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Bahamas: Gov’t Not Contemplating Personal Income Tax

(Eyewitness News) NASSAU, BAHAMAS — Despite repeated calls from the International Monetary Fund (IMF) to broaden the country’s tax base with income taxation, the government is not contemplating the adoption of a personal income tax, according to Minster of State for Finance Kwasi Thompson.

Thompson, commenting on the IMF’s recent statement on the Article IV consultation, said: “We take our commitment to achieving fiscal sustainability seriously. Naturally, this includes considering a range of tax reforms to create a more broad-based, equitable system.

“The government has already committed to reviewing recommendations made by the Economic Recovery Committee (ERC) regarding the business license regime and real property tax; however, as has been stated before, the government is not contemplating the adoption of a personal income tax regime.”

Thompson added: “Beyond tax reform, our top focus is the immediate economic recovery as well as accelerating economic growth over the medium and long-term.

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