The Budget provides a snapshot of the Government's estimated financial position by evaluating how much money it plans to collect through taxes against how much money it plans to spend on operations, services and special projects.
What's in the Budget for You?
It is two years in, and against some extraordinary odds we have delivered stable and steady governance instead of irresponsible and unplanned fiscal management. We secured positive economic growth at 1.6 percent last year, following the persistent economic stagnation that had characterized The Bahamas during the term of the former administration. We delivered a framework for good governance—not with superficial platitudes, but with the power of legally binding mandates."
The Government's central approach to revenue is about increasing compliance and collections from existing taxes. Structural and legislative reforms are planned to make the Government's tax administration more efficient, productive, transparent and fair.
Read MoreThe Budget continues to reflect the Government's cost containment strategy. It sets aside money to address several fiscal pressures, including the buildup of unpaid bills, other contractual obligations and the rising interest payments on government debt.
Read MoreA number of tax relief measures are included in the Budget to provide assistance to citizens and encourage economic activity. These include duty reductions on frequently imported items, such as school supplies, worth $28 million in government revenue.
Read MoreThe Government plans to spend taxpayer money on a number of special projects that will deliver benefits to the Bahamian people: 21st Century Infrastructure, Digital Transformation, Inclusive Education, Jobs and Economic Growth, and the Green Revolution.
Read MoreThe Government tabled legislation to seek authorisation to borrow a total of $72.4M this budget year, in addition to drawing down $64.5M from existing loans. Together this financing will cover the Government's estimated deficit of $137M.
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