Bahamas budget to focus on revenue measures

The new Bahamas government presented a US$4.7 billion budget with the focus on revenue measures.

The budget, of new Prime Minister Hubert Minnis, which was presented in Parliament by Deputy Prime Minister and Finance Minister Peter Turnquest is designed to provide prompt effect to some of the new administra­tion’s commitment to Bahamians following the May 10 general election.

The finance minister said while the government had not been able to undertake an in-depth analysis of both Recurrent and Capital Expenditures, having just come into office a few weeks ago.

Turnquest said the measures contained in the fiscal package would provide further tax relief to consumers and businesses through customs and excise duty rate reductions and enhance administration and compliance in respect of major taxes