Constituency: Marathon
Platform Status: Online No promise selected.
No promise selected.
Promise Overview
Reduce the Value Added Tax (VAT) rate from 12% to 10% to lower the cost of living for Bahamian families and improve affordability of goods and services.
Responsible
Ministry of Finance
Announced
Sept 20, 2021
Election Cycle
2021-2026
Source
FNM Manifesto 2021
No promise selected.
Activity
65%
In Progress
Started
Jan 2022
Target Date
Dec 2026
Est. Impact
High
No promise selected.
Progress Timeline
JAN
2022
Stakeheider Consultations Initiated
Ministry of Finance began consultations with business associations economists and VAT-registered entities
JAN
2022
VAT Policy Paper Published
Policy paper released outlining rationale, fiscal impact and implementation approach.
JAN
2022
Fiscal Impact Assessment Completed
Assessment submitted to Cabinet for consideration.
JAN
2022
Stakeheider Consultations Initiated
Ministry of Finance began consultations with business associations economists and VAT-registered entities
JAN
2022
Stakeheider Consultations Initiated
Ministry of Finance began consultations with business associations economists and VAT-registered entities
JAN
2022
Stakeheider Consultations Initiated
Ministry of Finance began consultations with business associations economists and VAT-registered entities
Timeline reflects public information and is subject to change
Related Civic Issues
Related Community Issues
Current Status
Good progress has been made on legislative preparation and stakeholder consultations. Awaiting full implementation.
Next Milestone
Legislation tabled in Parliament Q3 2024
Verification
Assessment
Key Documents & Sources
FNM Manifesto 2021 (Page 24)
PDF Document
Budget Communication 2022
PDF Document
VAT Policy Paper
PDF Document
Quick Actions
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Top Commitments
MAY
5
2024
Budget 2024: VAT reform remains a priority
Minister of Finance reiterated commitment to reducing VAT to 10% within this term
Source: Budget Communicetion 2024
APR
5
2024
Committee review of VAT (Amendment) Bill underway
The Standing Committee on Finance is reviewing the draft legislation.
Source: Parliament of The Bahamas
MAR
5
2024
Public consultation summary released
Ministry publishes what was heard during national consultations.
Source: Ministry of Finance
Impact Snapshot
Estimated Annual Savings
$280M+
Households Impacted
100000 +
Inflation Impact
Moderate
Economic Impact
Positive
Impact assessments are estimates and may change.
We Still Watchin'.
Promises were made. The people are watching. Accountability continues.