----- Forwarded message from POTEAT DAY <[EMAIL PROTECTED]> -----
From: POTEAT DAY <[EMAIL PROTECTED]>
Reply-To: [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Subject: Press Release on Bahamas
Date: Mon, 21 Feb 2000 13:10:28 -0500
Message-ID: <[EMAIL PROTECTED]>
X-Mailer: Mozilla 4.51 [en]C-STAR032398 (Win98; I)
Organization: Caribbean Dateline Publications
Ryan: Here is a press release I think may interest you. I would
appreciate it if you will circulate.
Thanks, Poteat
-------------------------------------
PRESS RELEASE from BAHAMAS DATELINE
-------------------------------------------------------
February 21, 2000
P R E S S R E L E A S E
THE BAHAMAS WILL NOT
INTRODUCE AN INCOME TAX
"The Bahamas will not introduce income tax now or in the future," so
stated Sir William Allen, Minister of Finance. "An income tax would
destroy the financial center of the Bahamas," and thus destroy the
Bahamas’ economy. This statement was made in response to a misleading
quote attributed to Sir William in an article written by Michael Peel
and Richard Lapper in The Financial Times. Additional clarification of
the Bahamas’ position on income tax was made by the Bahamas’ Ambassador
for Trade and Investment, James Smith, who stated, "…an income tax is
not an option for the Bahamas." Negotiators in the Free Trade Area of
the Americas were told there would be no income tax in the Bahamas. The
Bahamas government is aware that with an agreement of the FTAA, customs
duties would eventually be removed. As customs duties are an important
source of government revenue, a new form of taxation would be required,
but it would come by way of fees, sales tax or VAT. Bahamas government
revenue will not come in the form of income taxes. The FNM government
knows that if an income tax were instituted, the only new jobs created
would be in government. Both government jobs and expenditures would
increase exponentially if the country instituted an income tax.
The FNM government knows that an income tax would cause capital flight
as foreign investors, both active and passive, would move to a different
location. Capital will move to a country that is efficient and has low
or no taxes. The Bahamas plans to take advantage of the information age
by remaining an efficient low or no tax country.
***Sir William is asking for a retraction from the writers of the
article in the Financial Times.
Poteat Day
PO Box 23276
Washington, DC 20026
e-mail: [EMAIL PROTECTED]
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