The Chairman of the Bahamas Chamber of Commerce is worried that the debate among political parties about VAT is causing angst among foreign investors and international rating agencies.
I would suggest there is an easy solution.
The Bahamas Government simply needs to be transparent with fiscal matters in general and document where VAT collections of $1 billion or more has been spent.
That would leave no room for speculation by the opposition forces nor the taxpayer.
Unfortunately the political process removes the "proof" gene (for lack of a better term) from otherwise honourable men and women, and then the Jr. Minister for Finance wonders why Bahamians prefer to believe negative things about The Bahamas than believe his utterances.
Based on the Governments last campaign, when in Opposition, it seems that many taxpayers are believing what they tried to convince us of. And the indicators they pointed to as horrible last election are now worse. Certainly they are no better. Do we simply ignore them now when we should have been concerned then? That's what they would prefer of course.
A serious problem is a the lack of consistency with the messaging when a political party is in office and when they are the opposition.
Bahamians didn't ask to be in the position successive governments have put the country in. Getting out of this predicament is now the real challenge. Sad really.
While his concern is understandable, the Chairman of the Bahamas Chamber of Commerce would not have to be worried if the Government was transparent.
