This was announced by Prime Minister Perry Christie during the 2004/2005 budget communication in the House of Assembly yesterday.
However, government plans to close the legal loopholes in the existing tax system that result in a substantial loss of revenue.
Government also plans, at a later date to review a wide range of fees and charges, which in some cases have not been changed in decades.
According to the prime minister the focus of the 2004/2005 budget is to position the nation to take full advantage of the imminent surge in the prformance of the Bahamian economy.
This surge, said Mr. Christie, is ensured firstly by the recent commitment of Kerzner International to the Phase III, $1 billion Atlantis project, and the many other capital projects in progress or in the pipeline for the tourism sector in New Providence, Grand Bahama and the Family islands.
Secondly, government feels that the international economic recovery and the upsurge in investment in the Bahamas, the major anchor resort developments emerging in the Family Islands, combined with the vigorous resugence of the country’s financial services sector are transforming the outlook for the Bahamian economy, he added.
Rupert Missick, The Tribune
