BAHAMAS-ECONOMY-Government announces new initiatives to reduce debt, stimulate economy

NASSAU, Bahamas, CMC - Prime Minister Perry G. Christie has outlined measures which he said is aimed at allowing his administration to lower debt and increase the prospects for economic growth in The Bahamas. In a statement outlining the 2012-13 mid-year budget, Christie told legislators that in order to achieve these initiatives, recurrent revenue will be significantly and structurally enhanced through a wide range of measures. He said the government is establishing a Central Revenue Agency to strengthen the efficiency and effectiveness of revenue collection and is also implementing a broad tax reform package that includes the introduction of a Value Added Tax (VAT) in July 2014.