{"id":35765,"date":"2024-08-15T23:47:03","date_gmt":"2024-08-16T04:47:03","guid":{"rendered":"https:\/\/projectcalls.com\/dev?p=35765"},"modified":"2024-08-15T20:57:46","modified_gmt":"2024-08-16T01:57:46","slug":"govt-must-be-transparent-on-spending","status":"publish","type":"post","link":"https:\/\/projectcalls.com\/dev\/govt-must-be-transparent-on-spending\/","title":{"rendered":"Govt \u2018must be transparent\u2019 on spending"},"content":{"rendered":"

Bahamas<\/p>\n

THE government must be more transparent about its spending, said Opposition leader Michael Pintard yesterday, saying that the FNM will not support any \u201cadditional revenue measure\u201d until the Davis administration fully implements the Freedom of Information Act and abides by the Public Procurement Act.<\/p>\n

\u201cFirst, this Davis-led PLP administration should not come to the Bahamian people with any proposed<\/p>\n

significant tax measure unless it is accompanied by a clear and documented plan to contain government spending and eliminate the wasteful and gratuitous spending by public officials and public entities,\u201d said Mr Pintard.<\/p>\n

\u201cSecond, the FNM will not support any discussion on additional revenue measures until this administration fully implements the Freedom of Information Act and begins to follow the provisions of the Public Procurement Act which would provide the public with the details on who are getting government contracts and in what amounts. No more blank cheques for the Davis administration. They must show the Bahamian people how they are spending their tax dollars before asking for more.\u201d<\/p>\n

On Monday, the Davis administration released its draft domestic minimum top-up tax bill for consultation revealing its plans to implement a Pillar 2 corporate tax.<\/p>\n

The 15 percent corporate tax on profits will apply to large multinational enterprises (MNEs) with at least \u20ac750m in annual turnover and is intended to ensure The Bahamas complies and fulfills its obligations as one of 140 countries that have signed on to the G-20\/ Organisation for Economic Co-Operation and Development (OECD).<\/p>\n

The consultation process will end on September 16, with the bill anticipated to be submitted for Parliament approval on October 9.<\/p>\n

Mr Pintard criticised the Davis administration for not undergoing \u201crobust public consultation and education\u201d about the corporate minimum tax since its green paper was published last year and said the FNM did not receive a \u201csubstantive\u201d response when it offered feedback on its implementation.<\/p>\n

\u201cThis Green Paper was supposed to be the start of a fulsome national conversation and dialogue on major tax and fiscal reform. As is convention, the Green Paper ought to have been followed with robust public consultation and education \u2013 after which a White Paper should have been published with a clearly articulated policy and related strategy for tax and fiscal reform that would be informed by the outcomes of the national discourse and debate \u201d said Mr Pintard.<\/p>\n

\u201cUnfortunately, after we in the opposition and other stakeholders provided written feedback on the Green Paper as requested, the government abandoned the national consultation. We never received a substantive response. No public engagement was undertaken. No White Paper was prepared.\u201d<\/p>\n

In a letter addressed to Simon Wilson, Financial Secretary on July 31, 2023, Mr Pintard said he did not oppose a corporate income tax in principle given the international pressures and The Bahamas\u2019 commitment to the G-20\/OECD 15 percent \u201cglobal minimum tax\u201d drive. However, he added that the implementation of such a tax must be accompanied by \u201cfulsome reform\u2026. that would abolish\u201d the current business licence fee regime that is levied on companies\u2019 gross turnovers as opposed to net profits.<\/p>\n

Mr Pintard added that The Bahamas has an \u201cobligation to get it right\u201d on tax reform through wide consultation, conducting the necessary empirical studies and seeking expert advice.<\/p>\n

Also calling for a system of tax credits and incentives to be created for Bahamian firms that hire more workers, or invest in expansion, under a corporate income tax, Mr Pintard argued that should such a levy be implemented it must \u201crespect\u201d Freeport\u2019s free trade zone status and not be imposed on the city\u2019s businesses.<\/p>\n

And the Opposition leader added that any tax reform, whether corporate income or otherwise, needed to align with the government\u2019s fiscal targets and objectives of eliminating the annual deficit and cutting the debt-to-GDP ratio to 50 percent by generating sufficient revenues.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

more<\/a><\/p>\n

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Image: Karolina Kaboompics (Pexels)<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bahamas THE government must be more transparent about its spending, said Opposition leader Michael Pintard yesterday, saying that the FNM will not support any \u201cadditional revenue measure\u201d until the Davis…<\/p>\n","protected":false},"author":1091,"featured_media":35812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[250],"tags":[166,71,125],"class_list":["post-35765","post","type-post","status-publish","format-standard","has-post-thumbnail","category-articles","tag-bahamas","tag-procurement","tag-public-procurement"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2024\/08\/pexels-karolina-grabowska-4386473-e1723773568962.jpg?fit=1023%2C682&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6u9Qa-9iR","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":29959,"url":"https:\/\/projectcalls.com\/dev\/enact-anti-corruption-legislation-fnm-says\/","url_meta":{"origin":35765,"position":0},"title":"Enact anti-corruption legislation, FNM Says","author":"Mayra Bonilla Lopez","date":"September 14, 2023","format":false,"excerpt":"Bahamas Free National Movement leader Michael Pintard said the Davis administration should enact a suite of anti-corruption legislation, including a Public Anti-Corruption Act, a Public Officials Code of Conduct Act and an Integrity Commissions Act. \u201cThe Integrity Commission would be an independent body fully empowered to investigate, report on, and\u2026","rel":"","context":"In "Articles"","block_context":{"text":"Articles","link":"https:\/\/projectcalls.com\/dev\/category\/articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2023\/08\/pexels-towfiqu-barbhuiya-8693379-scaled-e1691084649258.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2023\/08\/pexels-towfiqu-barbhuiya-8693379-scaled-e1691084649258.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2023\/08\/pexels-towfiqu-barbhuiya-8693379-scaled-e1691084649258.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/projectcalls.com\/dev\/wp-content\/uploads\/2023\/08\/pexels-towfiqu-barbhuiya-8693379-scaled-e1691084649258.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":24162,"url":"https:\/\/projectcalls.com\/dev\/bahamas-newsdavis-says-govt-will-bring-procurement-law-amendments-after-break\/","url_meta":{"origin":35765,"position":1},"title":"Davis says Gov\u2019t Will Bring Procurement Law Amendments After Break","author":"Michele Marius","date":"September 15, 2022","format":false,"excerpt":"Bahamas \u00a0 After parliament returns from recess, amendments to the Public Procurement Act will be brought to the House of Assembly \u2013 that is the word from Bahamas\u2019 Prime Minister, Philip Davis. 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