National

Corporate Income Tax Cannot Be Rushed

NASSAU, BAHAMAS – As discussions on the implementation of a corporate income tax continues, economist Edison Sumner says the most viable option is to implement a standard income tax for all businesses.

Published

1 year ago

May 27, 2023

Berthony McDermott

NASSAU, BAHAMAS – As discussions on the implementation of a corporate income tax continues, economist Edison Sumner joining the conversation saying the most viable option is to implement a standard income tax for all businesses.

However, he says it appears The Bahamas is being strong-armed to comply with recommendations by the OECD.

The Bahamas is among other countries that will implement a 15% income tax by 2024, but sumner says we must take our time.

Attorney General Ryan Pinder emphasized this week that no policy position has been taken on the matter.

But sumner is stressing the need for all businesses to read the green paper and to give their honest feedback on the matter.

Sumner suggests the deadline for implementation may be too soon.