Fiscal Corrections are Necessary!
Over the weekend a handful of persons were up and down in the streets, supported by the Oligarchs, to oppose the introduction of necessary fiscal corrections with the introduction of VAT!
The people opposing the plan will tell you the cost of living will rise and people will suffer. The good question really is who will be raising the prices? Without VAT Bahamians saw last year these same merchants raising prices to their advantage, claiming all kinds of reasons why they must stick it to the consumer.
What they know – and refuse to let you know – is that VAT is necessary to make sure they all pay their fair share of taxes, many of which they don’t presently pay.
Taxes are collected to pay for roads, bridges, government services and are used to carry the cost of maintaining government buildings. When we don’t collect taxes, and money on our country’s credit card falls short, we must borrow. And when we borrow – what happens? WE PAY HUGE INTEREST FEES!
Successive Governments have allowed that card to max out without paying attention to what would develop if we fail to meet our obligations.
For the first time the Government has decided to address the situation by tightening its expenditures and closing the areas down where losses in revenue have been allowed. VAT will now assist in addressing the urgent need to curb deficit borrowing.
Yet, despite this urgency, those who perhaps would like to see Bahamians suffer are campaigning to not allow the financial doctors the chance to do what must be done.
Wake up Bahamas – VAT IS NECESSARY!