NASSAU, Bahamas, Sept 8, CMC -Prime Minister Phillip Davis says, as a result of the Bahamian economy growing stronger, “and government finances are on a sounder footing,” the value-added tax (VAT) on several products has been reduced from September 1.
In a statement, Davis said that his administration has reduced the VAT by 50 percent on a range of essential items, including medicines, medical supplies, feminine hygiene products, and baby and adult diapers.
“Medicines will now cost less at the pharmacy. Parents are now paying less for baby supplies. Women are now paying less for feminine care products. Families caring for elderly loved ones are now paying less for adult incontinence products, such as diapers. Reducing VAT to five per cent on these essential items is about easing the pressure on households who need it most,” Prime Minister Davis said.
He said that “this relief is possible because the economy is stronger and government finances are on a sounder footing” and that “as revenues grow and debt comes down, we are making life more affordable for Bahamian families.
“This progress is the result of choices we made to rescue the country from crisis and to drive a strong recovery. But our goal has never been recovery alone. Our mission is to build a bigger, more inclusive economy where economic gains are broadly shared.”
Davis said that this is why his government is expanding opportunities on every island of the archipelago, creating more jobs, supporting entrepreneurs, investing in roads, docks, and airports, modernizing our electricity grid, and preparing Bahamians with education, training, and upskilling so they can succeed in the current economy.
“Our continued efforts and focus are to build on this progress, widening the circle of opportunity, lowering costs for families, and ensuring growth reaches every island and every community,” Davis added.
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