National

Economic Affairs Minister: Additional Incentives And No New Taxes

NASSAU, BAHAMAS – On Wednesday, Prime Minister Davis and his cabinet will walk into the House Of Assembly with the traditional red briefcase and present his administrations plan for the country’s finances from July 1st to June 30th, 2026.

Published

8 months ago

May 26, 2025

Joshua Williams

So what can we expect?

At the top of mind for residents, will there be additional taxes this budget cycle?

Michael Halkitis – Minister of Economic Affairs

“There’s no new taxes as a matter of fact you can look forward to continued relief for the public.”

Halkitis says residents can think of the budget as a sort of report card for government.

As for what’s on the agenda for the government?

Michael Halkitis – Minister of Economic Affairs says

“How global events global changes and police global, particularly what has been on the minds of people is the tariff policy coming out of the us how that will affect global trade how that will affect us what that means for us for our public finances and so we’ll have that discussion.”

Another big issue is revenue generation and the economic affairs minister says while more details will be revealed later.

Government has made up for the estimated $33 million lost in revenue as a result of the 5% VAT reduction on unprepared food items in April and as for what additional areas the budget will focus on?

Michael Halkitis – Minister of Economic Affairs

“During the course of the debate you’ll hear more about the energy reform and how we expect those savings that people are experiencing to continue. I know there had been some discussion of whether it’s a temporary fall , so we’ll be able to delve more into that, more into how the government intends to grow the economy continually, investments in infrastructure healthcare etc. “