Bahamas: Time for income tax?

By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com

twitter.com/guardianbiz:



While the news was being digested that The Bahamas was now back on the the international tax white list, one well-known financier called for the government to look again at the nation's tax structure.

Paul Moss, managing director of the financial services company Dominion Management Services Ltd, welcomed the news that The Bahamas had signed the 12 Tax Information Exchange Agreements (TIEAs) he warned that it would only be a question of time before the G20 and the OECD wanted more.

He said: "While the government should be congratulated for having acted appropriately to have the Bahamas removed off the grey list, it is a momentary victory as it will not be long before the OECD coming knocking again with more demands.

"When you give them an inch they take the proverbial mile and this is why I have called for the Bahamas to change its tax structure so that we could avoid these kinds of demands. We ought to now become proactive by introducing income tax with a low flat rate so we are no longer accused of being a tax heaven which makes us at the whim of the OECD.

"I am tired of saying it but sometimes you must repeat until our leaders get it. Only when we become a taxed jurisdiction (income tax) would we be left lone.

"Now is the perfect opportunity for us to engage in this dialog and seek to sign double taxation agreement with every country in the world if necessary.

"This is serious business and we cannot afford to continue to be reactionary in this regard. I now call on the professionals in private practice and the government to sit and maturely map out a new tax regime which will also have the desired affect of bring more money to the treasury as we as making it more equitable for the poor".



Thursday March 11, 2010

thenassauguardian

Bahamas Blog International