July 28 th , 2024
The Opposition finds it astounding that while the Ministry of Finance can publicize tax
collections for the Fiscal Year ending this past June, the government deliberately delays the
May 2024 monthly budget report despite being two months past the due date.
Given that the Financial Secretary recently told the Rotary of West Nassau the sums of
revenue collected for the full year for Customs, we can assume that the Ministry now has
the full-year financial reporting. What excuse will they give us this time for not publishing
their budgetary reports on time? Don’t spin us a yarn about the state of our finances;
Produce and publish the number as the law requires.
Although the Prime Minister as Minister of Finance will likely continue to delay the budget
reports as long as he can, he will eventually have to report on what will almost certainly be
a much bigger budget deficit than he had projected for the fiscal year just ended
(FY2023/2024).
Worse, because this government based the revenue projections for the current fiscal year
on pure fantasy, and because this is a government that will continue to engage in
extravagant and wasteful spending, the Davis administration will also bust the budget
deficit targets for this fiscal year, driving the country into deeper and deeper debt.
Under their leadership, the country is trending towards a low growth/no growth economic
trajectory. Now we hear talks of corporate income tax that will do nothing more than give
this Davis administration more public funds to waste.
I have said it before: the only way our economic fortunes will turn is if the government
presents a clear economic and fiscal plan. That plan must include:
– Opening the books to Bahamian taxpayers by fully implementing the Freedom of
Information Act.
– Implementing mechanisms so that all budgetary and financial reports are published on
time.
– Following the Procurement Act and publishing the details of ALL contracts awarded by
central government and public corporations.
– Enacting robust anti-corruption legislation to deal with those who abuse the public purse
for personal gain.
We’re not holding our breath that the Prime Minister will show any interest in
accountability, transparency, fairness, or equity in public affairs, so come 2026 or before,
the incoming FNM administration will do these things.
Additionally, we will treat small and medium-sized businesses cordially, promptly, and
professionally as valued partners rather than adversaries. Unlike the current PLP
administration, a Pintard-led FNM government recognizes the critical role that Bahamian
businesses play in driving our economy forward.
We will remove the yoke that government agencies—particularly the Department of Inland
Revenue—continue to place around the necks of Bahamian businesses.
We will unleash the potential of our entrepreneurs, ensuring they are supported, not
hindered, by government policies.
It is time for a government that works for the people, not against them.
Michael C. Pintard
Leader, Free National Movement