Chief Executive Officer of Fidelity Bank, Gowon Bowe commented on the mid-year budget communication delivered by Prime Minister, the Hon. Philip Davis. In the presentation Davis revealed the government’s intention to introduce income tax for large multinational entity.
Bowe expressed that he is in favor of personal income tax. “I’m in favor of a tax system that taxes you on your ability to pay not on what you consume which is our current system. So I certainly am in favor of the first step which is looking at large international companies that may not have been contributing anywhere near their fair share relative to the profits they earn by being based in the country. I believe that the existing business license fee structure is actually regressive and more detrimental to businesses than an income tax.”
The Prime Minister said the new 15% income tax regime will affect multinational entities generating 750 million euros in turnover.
