Determining Value-Added Tax’s (VAT) impact on the private sector is “a complete crapshoot” until the Government provides more details, a leading businessman fearing it could push the Bahamas back into recession if mishandled.
Robert Myers, who heads companies including Caribbean Landscape and VTrade, told Tribune Business it was impossible for Bahamian businesses to assess how VAT would impact them without first seeing the accompanying legislation and revised Tariff Schedule
Emphasising that he was not speaking in his capacity as the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) vice-chairman, Mr Myers said there were “too many unknowns” – even though VAT’s supposed implementation is now less than 14 months away.
Having attended several meetings between private sector organisations and the Government, Mr Myers said “conflicting” information was being given, with two different post-VAT ‘average import tariff rates’ being given in two separate meetings.
Government officials, he added, were also failing to provide specifics in response to questions seeking details, yet were trying to convey the message: ‘Trust us’, and ‘Don’t worry, we’ve got it all under control’.
And, emphasising he was “not anti-VAT”, Mr Myers expressed particular concern about the tax’s impact on maintenance services businesses, telling Tribune Business the sector could be “whacked”.
