BILLS ON THE AGENDA: Govt to prioritize VAT reduction, pension increase and merchant shipping – EyeWitness News

Posted: October 24, 2021 at 10:54 am

NASSAU, BAHAMAS The government is expected to introduce three major pieces of legislation before the end of the year.

During a press briefing on Wednesday, Press Secretary Clint Watson advised that those bills currently on the legislative agenda include a bill to reduce value-added tax (VAT), a bill to increase pension and a merchant shipping bill in keeping with the governments blue economy mandate.

The purpose of the legislation is to bring much-needed relief for the Bahamian people and set the foundation for economic recovery, Watson said.

In its Speech from the Throne, the Davis administration promised to reduce VAT to 10 percent across the board and introduce a bill to enhance the countrys competitive edge in the global maritime industry.

Asked how the government intends to fund the increase in pension, given the recent hit to the countrys economy, Watson advised that the prime minister will consult with those involved to determine how to fund it.

He said Davis will speak to the rollout of these initiatives when he addresses Parliament.

The House of Assembly will meet for the first time since the Opening of Parliament and Speech from The Throne on October 27.

As for the governments plans for a reduction in VAT, Watson said the government will release any study or information that will guide its decision.

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BILLS ON THE AGENDA: Govt to prioritize VAT reduction, pension increase and merchant shipping - EyeWitness News

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