Mr. Dionisio D'Aguilar the recently returned president of The Bahamas Chamber of Commerce is quoted in The Tribune Business of Friday, May 23, 2008 encouraging the government to tax Bahamas based banks and trust companies more.
The case is made that local businesses pay more taxes, in relative terms, than these organisations.
While this could be true, what other economic benefits are brought the table by having these banks do business here in The Bahamas?
In other words, we should compare wage rolls, employee benefits and the impact on tourism for example.
Simply comparing tax rates is not is not enough in my not so humble opinion.
But the larger question is, should the president of the major organisation representing business in the country seek to encourage taxation, or should he be encouraging the government to spend less so we can reduce the level of taxation on everyone?
I think you know my answer. What's your position?
