Tuesday, October 20, 2020

Turnquest Promises No New Tax or Tax Increase

The DPM introduced the newly anticipated fiscal year budget 2020-2021

Deputy Prime Minister and Minister of Finance Peter Turnquest in the presentation of the new budget 2020-2021, said there will be tax increases or layoffs.

On Wednesday, he presented the budget called the “Resilient Bahamas: A Plan for Restoration,” in the House of Assembly.

He said, “There will be no increases in taxes. We have come to these decisions after careful consideration of many other options, including direct tax increases and draconian cuts in expenditure.

“While there may be headcount reductions due to retirements and expiring contracts for consultants and services, there will be no public sector layoffs.

“There will be no one left to fend for themselves while the economy is reeling from the worst slowdown in modern history. We will stand united in support of people and communities, businesses and consumers, who are already feeling the strain,” Turnquest said.

Turnquest added that the need to protect the Bahamian people and stabilize the economy, remain at stake.

“What is at stake is the unquestionable need to protect the Bahamian people, stabilize our economy and transform this crisis into an opportunity for our national restoration.

“To do this, we expect to run a deficit of some $1.3 billion, or 11.6 percent of GDP in the new fiscal year.

“The imperative of investing in a strategy like the Resilient Bahamas Plan, coupled with the associated revenue loss from subdued business activity will result in an unprecedented fiscal deficit,” Turnquest said.

#budget20202021 #bahamasbudget

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