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UDP Press 20170801 PDF
UDP Press 20170801 PDF
1stAugust,2016
Take for instance the next significant legislation which will be laid before
the House, concerning the matter of taxation. After having imposed an
FNM drafted and PLP enacted Value Added Tax which stripped $764
million from the working poor and the middle class between 2014 and
2016, and which is projected to take another $2.03 billion from them
between 2016 and 2019, the PLP with the support of the FNM now wants
to enact the Grand Bahama (Port Area) Investment Incentives Bill which will
have the effect of giving foreign businesses in Freeport a tax break of at
least $2,000,000,000.00 (yes, $2 billion) over the next 20 years in return for
the Grand Bahama Port Authority and Hutchison Whampoa agreeing to do
nothing more than what they are already obligated to do under existing
agreements with the Government.
What the Government is claiming is a good deal is, in fact, nothing more
than a continuation of the same problems that have stagnated Freeport
and the rest of Grand Bahama over at least the last 20 years. The
imposition of a Real Property tax would not have any effect on businesses
owned by Americans, Europeans, Canadians and other foreign persons
from democratic countries since those nationals already pay, and will
continue to pay, taxes in their home countries for capital gains and other
earnings on Bahamian land and would receive a tax break from their home
countries for any real property taxes which they are required to pay in The
Bahamas. So a real property tax exemption will not adversely affect
businesses owned by them. Those real property tax breaks will only be a
benefit to foreign companies from non-democratic countries, such as the
ownership by the communist Chinese in the Freeport Container Port, the
Freeport Harbour Company, the Grand Bahama Airport Company, the
Grand Lucayan Resort and the Grand Bahama Development Company
(which owns the vast majority of all land in Grand Bahama) since they will
have to pay those taxes in The Bahamas even where they are not required
to pay them in their undemocratic countries.
It is, therefore, clear that the purpose of the Grand Bahama (Port Area)
Investment Incentives Bill is to give a tax break to the Chinese and to allow
the Chinese to artificially keep the price of land in Freeport beyond the
reach of most Bahamians because they would not have to pay real property
taxes on such land and, therefore, would be able to continue to hoard
Bahamian land at no cost to them.
These kinds of things need to be stopped. No doubt that Bill will be
enacted by the PLP and the FNM, whatever their excuse for doing so. But
if elected to office, the UDP will repeal that Act, along with the Value Added
Tax Act, and will enact laws to protect our country and to empower our
people.
These are sad times. But this is also a time for progress.
As Leader of the United Democratic Party, I call upon all patriotic
Bahamians who are sick and tired of the politics of corruption,
incompetence and impoverishment, and who want to see our country
advance, to come together for the good of our people. It is time for us to
honestly look within ourselves to decide the kind of Bahamas that we want
for ourselves, our children, our grandchildren and others and to have the
courage to be the change that is necessary to bring that Bahamas into
being. The time for excuses is past. The time for fear and inaction is past.
The time for blind politics is past. It is time for progress, not politics, and for
each of us to be a part of that progress for the good of our beloved
Commonwealth. By Gods grace, and with the confidence that He will not
leave us or forsake us, join us as we change this country for the better. Your
country needs you.
END