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VOLUME:115 No.131, MAY 31ST, 2018
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Ouch! Peter turns the screw on VAT Giveaways then Turnquest hits us with 12% rate By KHRISNA RUSSELL Deputy Chief Reporter krussell@tribunemedia.net FINANCE Minister K Peter Turnquest delivered a stunning blow to consumers and businesses yesterday with a shock increase in the rate of Value Added Tax to 12 percent. In his budget address to Parliament, Mr Turnquest had carefully laid the ground for a string of changes to the country’s tax regime which would benefit thousands of families and businesses. Then came the price for paying for these measures: VAT nearly doubling from 7.5 percent to 12 and taking effect on July 1. The government projects the VAT increase will help it reap $1,115,007,455 in revenue in the next fiscal year, a 60 percent increase compared with the forecasted VAT revenue for 2017-2018. Mr Turnquest said this was indicative of the government choosing not to wait until it is too late to shore up the economy, but opting to act now and act responsibly. The decision attracted the fury of Opposition members in the House of Assembly who shouted “shameful” from
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their seats, while others asserted the government was “trying to kill the Bahamian people”. Later during a press conference, the Progressive Liberal Party warned the move would spark a recession as it poured scorn on Mr Turnquest’s economic growth projections. Despite touting the Minnis administration’s lowering of the wage bill and the purchase of goods and services by a projected $120m - along with a $351m deficit reduction - the deputy prime minister dropped his VAT bombshell, justifying the hike by saying there was an urgent need to pay off a “mountain” of arrears and unbudgeted commitments totalling some $360m left behind by the former administration. In his address, Mr Turnquest said this fiscal irresponsibility of the Christie administration inflicted damage on the state of the economy, making the Minnis administration’s task all the more difficult. The government also moved a resolution yesterday for a loan of $187,233,623 to defray expenditure in the 2018/2019 estimates of revenue and expenditure. SEE PAGE THREE AND FOR FULL COVERAGE, SEE PAGES 4,5,6 AND BUSINESS
•WEBSHOPS AND • FOOD, BILLS, • PLP - THESE GAMBLERS HIT HOUSING, PLANES ARE FIRST STEPS WITH NEW LEVY HAVE TAX REMOVED TO RECESSION JUDGES REJECT BID TO RETRY JEAN RONY By NICO SCAVELLA Tribune Staff Reporter nscavella@tribunemedia.net
CROWN attorneys yesterday called for the Court of Appeal to dismiss a Supreme Court judge’s landmark ruling that Bahamas-born Jean Rony Jean-Charles was unlawfully expelled from The Bahamas, with the alternative being a retrial on the facts in the Supreme Court. Crown attorney Loren Klein submitted that Justice
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JEAN Rony Jean-Charles outside court previously. Gregory Hilton’s January 27 ruling was ultimately
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based on “flimsy” and “very dubious” evidence, which warranted it being set aside or alternatively reheard with “proper submissions and evidence”. However, Mr Klein’s call for a retrial was contested by Mr Jean-Charles’ attorney Fred Smith, QC, who maintained a retrial would be an “exercise in futility”, and that the Crown can neither discover nor produce any new evidence in any event. SEE PAGE TEN
DIANE PHILLIPS: A TALE OF TWO LIGHTHOUSES
SEE PAGE NINE
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