A letter to the Editor
Some people are saying they still do not understand VAT. So I ask you for space enough to write a few lines to attempt to explain.
By definition Value Added Tax (VAT), is an indirect tax which is considered a broadly based consumption tax charged on the value added to goods and services. It applies to almost all goods and services that are imported, bought and sold for use or consumption.
That is what VAT is all about. Our government has seen the need to introduce a taxation system to generate much needed revenue for our country. This will alleviate the need to continuously borrow from world banks thus freeing up our national funds to finance much needed programs like sports training and culture.
To Bahamians I ask the question, wouldn’t you like to live in a country that no longer has to continuously borrow and has reserves to finance things of national importance? I hope so and I know that I do.
Learn all that you can about VAT. Its not as scary as some would have you to think.