Trade and Industry Minister Leslie Miller revealed at the weekend that an International Monetary Fund team is currently advising the government on taxation reform in order to develop a system where taxes are related to individual income, the Nassau Guardian reports.
Whilst giving a radio interview, Mr Miller pointed to the inequities of the country's current taxation system, observing that the stamp tax "is really not a fair tax."
"It is not fair that the average Bahamian pays the same to run his country, even though he makes probably ten percent less than some of us, but he carries the same burden," said Mr Miller.
"I look forward to the day, very shortly and hopefully not in the too distant future, when we would come with more equitable tax so that Bahamians who can afford to pay more would pay more to enable our brothers and sisters who are less fortunate than we are to pay less. They should not carry the same burden as those of us that can afford more," argued the Trade and Industry Minister.
Miller also said that the government will fight to keep the current system of import taxes in the context of future WTO and FTAA membership, pointing out the country cannot afford to lose 15% to 20% of its tax revenues and claiming that there was a "90 percent chance we will be able to keep it."
By Amanda Banks, Tax-News.com
