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Bahamas: Govt plans to “scale back” expenditure by $200 million

NASSAU, BAHAMAS — The government is seeking to “scale back” capital and recurrent expenditure by a collective $200 million between now and June, it was revealed yesterday, as it also aims to implement a long-planned gaming tax on winnings on January 1, 2021 to help counter significant revenue losses.

The tax was introduced via the Gaming House Operator Amendment Regulations passed in the House of Assembly in 2019.

Senator Kwasi Thompson, minister of state for finance, while addressing the Senate yesterday on the Fiscal Strategy Report noted that for the first quarter of the 2020/2021 fiscal year, there was a contraction in government revenues of some 18.4 percent or $68 million beyond the already lower budgeted revenue.

Prime Minister Dr Hubert Minnis tabled the Fiscal Strategy Report in Parliament yesterday.

“When compared to the 2018/2019 fiscal outcome, the revenue inflow is currently trending at 68.5 percent of pre-Dorian levels,” said Thompson.

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