No New Tax on Health Insurance, Says Economic Affairs Minister

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NASSAU, BAHAMAS – No new taxes on health insurance, according to Economic Affairs Minister, Michael Halkitis, who made it clear, Thursday, that the government is not implementing a new tax on health insurance.

He says an audit by the Department of Inland Revenue revealed that the treatment of value added tax by one health insurer was not in accordance with legislation.

Last week, The Bahamas Insurance Association strongly opposed the decision as they said the change would lead to increased costs for those with health insurance.

But Halkitis says they’ve had several discussions with the BIA.

The economic affairs minister says they will monitor the implementation and ensure that the rights of consumers are protected.