"Value Added Tax - does this suit a modern Bahamas?"

RCNS were gaily entertained, as participants from the Bahamas Financial Services Board Essay and Speech Competition 2013 delivered their presentations. Top three senior high students - Tia Thompson, St. Augustine's College (Winner); Ayssa Iferenta, St. Andrew's School (First Runner-up); and Lonelle Sweeting, Temple Christian High School (Second Runner-up) impressed Rotarians with their flamboyant styles. This year, BFSB focused on the topic, "Value Added Tax - does this suit a modern Bahamas? “
 
Tia Thompson encouraged Bahamians to “research, read, and understand” the concept of VAT. With much exuberance, she assents that VAT is necessary.
 
Ayssa Iferenta, while modest, she gave her audience the good and not-so-good about the implementation of VAT. She related that the short-term would prove a disadvantage, as there may be a 5% decline in our national GDP. However, she stated that in the long term, an advantage would deliver a reduced debt.

 

Temple Christian School’s contestant, Lonelle Sweeting, made the announcement most Bahamians realize is inevitable – “VAT is coming!” Tenacious and seemingly well informed – she insisted that implementation of a new taxation system is pertinent. She noted that more than one hundred thirty countries have already introduced VAT. Despite citing the aptness of lost of tourists, she concluded, “VAT will suit a modern Bahamas”.

The Rotary Club of Nassau Sunrise is and has been a proud sponsor of the BFSB Essay & Speech Competition for many years and this year the tradition continues.