The Member of Parliament for East Grand Bahama demonstrated support for the implementation of corporate income tax in the House of Assembly while making his contribution on the International Business Companies and the Exempted Liability Partnerships amendment bills.
The Hon. Kwasi Thompson said, “if we don’t collect it, we lose it. That if we don’t collect it, it is going to be collected in the multinational’s home country. So it only makes sense that you put in place the infrastructure to collect this minimum corporate tax. But this only applies to those multinational companies that have a turnover of over seven hundred and fifty million euros. There are not very many companies or Bahamian companies that fit in this category. And that was another issue that allowed us to make that determination.”