Bahamas ‘too eager to be led to slaughter’
21 Dec 2017

By Neil Hartnell, Tribune 242

The Bahamas is “too eagerly being led to the slaughter” over the introduction of corporate income tax, a former finance minister blasted yesterday.

James Smith, also a former Central Bank governor, told Tribune Business that the Government was “kowtowing” to the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) without fully understanding the potential consequences.

The now-CFAL chairman warned that the Bahamas would be “shooting ourselves in the foot” by implementing a corporate income tax because this would undermine its foreign direct investment competitiveness.

He added that the EU and OECD pressure driving this nation to adopt a corporate income tax, and avoid the latter’s ‘blacklist’, was occurring at a time when most countries – including the US – were either moving away from – or reducing – this type of taxation.

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