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Economy & Business - November 2021

CARIBBEAN POINTERS

*** BAHAMAS PLEDGES TO KEEP VAT AT 10%. The new Progressive Liberal Party (PLP) government in The Bahamas is to lower the value added tax (VAT) rate to 10% in January. In its election manifesto, the PLP promised to do this for 12 months, but now Minister of Economic Affairs Michael Halkitis has pledged to make the change permanent. Speaking on 28 October, he said: “We don’t expect to have to go back to 12% next year.” He added: “We see good demand, so we believe we can exist with 10% with a growing economy and improved revenue administration.” However, the government is to impose VAT on medicines, which are now exempt. He said: “We are going back to the model that is minimal exemptions, except for those things at a lower rate. When you take everything into the entire picture you will see a reduction in the cost of living.”

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