BAHAMAS-ECONOMY-Government will not increase taxes

NASSAU, Bahamas, CMC – The Bahamas government says it will not increase taxes despite inheriting nearly US$100 million in unpaid bills by the previous government. Minister of State in the Ministry of Finance, Michael Halkitis, speaking during the debate on the 2012/2013 Mid-Year Budget Statement on the six months ending December 31, 2012, said the unpaid bills include more than US$63 million in unpaid cheques and US$23 million in expenses from the 52 weeks jobs programme. “We remain confident however, that the government’s prudent fiscal stewardship of the economy will lead the rebound of the economy of The Bahamas through a restructured fiscal strategy and embarking on a pro-growth economic strategy involving revitalising the tourism product through the attraction of new foreign direct investment and subsequent jobs creation.”