Thursday, March 20, 2014

The People’s Foundation Economic Empowerment Organisation (TPFEO) alternative to Value Added Tax (VAT)

Group Suggests Exporting Natural Resources as VAT Alternative

By Jones Bahamas:

Rather than implementing Value Added Tax (VAT), the People’s Foundation Economic Empowerment Organisation (TPFEO) is a calling on the government to tax companies whom they claim gain billions of dollars from mining and exporting the country’s natural resources.

President of the TPFEO Pastor Micklyn Seymour said if the government were to tax these companies appropriately the country’s national debt could be reduced.

“It is a known fact that our nation has some of the richest deposits and best qualities of calcium, aragonite and salt found in the world,” Pastor Seymour said.

“It is also a known fact that every year, tons of these minerals are being exported to the benefit of a few persons and to the disadvantage of the many. These products are generating billions of dollars on a yearly basis for these companies that have been allowed to mine these minerals with little or no benefit to the country.”

Mr. Seymour said the country’s natural resources have been exploited for too long and it will give the government two weeks to be transparent and reveal the names of the companies he alleged are guilty of this before his organisation goes ahead and releases the information.

The organisation’s president is also calling for the government to amend laws to facilitate the nationalisation and ownership of all natural resources and minerals to Bahamians.

He added that the government should also consider creating a ministry that focuses on managing The Bahamas’ natural resources.

“Establish a Ministry of Natural Resources to manage and make policies which will have direct responsibility for all natural resources and do researches relative to the development of these areas,” Mr. Seymour said.
“Thus, hereby ensuring transparency and accountability and that the interest of the Bahamian people would be safeguarded.”

Mr. Seymour added the organisation is preparing to launch a national campaign to educate Bahamians on the country’s natural resources, which he said could be a billion dollar industry.

March 19, 2014

The Bahama Journal