Most of us blog when we have an opinion that we feel will contibute to a reader's understanding of an issue that he/she believes has to be addressed.
This is different. I was shocked when I read the headline in the business section of The Tribune yesterday where it was reported that in a speech to the Rotary Club of West Nassau, the ex-Minister of State for Finance said that Government should write off the almost $410 million (that figure is not a misprint) owed to the Government for Real Property Tax. He said that Government should "follow the private sector, which treated loans as non-performing if they were more than 90 days overdue." I am not an economist so I would like someone to explain the logic in this plan.
1. Would the Government cover this incredible write-off by charging a higher rate to those who do pay their taxes?
2. Does the private sector really write off loans that are more than 90 days overdue?
3. Are the courts no longer used to collect delinquent debts?
4. Why would an unpaid tax be considered a loan?
5. If these "loans" are written off would those who owe BEC, ZNS, BTC, etc. for more than 90 days then have a valid case for their "loans" to be written off.
I would be most grateful if someone could answer these questions.
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