edwards

have been challenging.

The reality is that revenue is projected at $3.3bn for 2023-2024, increasing steadily to 2026-2027, where it will hit $4bn and drive a fiscal surplus. The current fiscal year is anticipated to generate $2.9bn in revenue, with a projected deficit of $520m.

Despite the Prime Minister stating that there are no new taxes in the Budget, it is evident that there has been increases in a number of areas. The administration has found ways to stretch the current tax base to meet its objectives. It is my view that the Davis administration should be commended for seeing the need, acknowledging the challenges and taking the bold steps to secure the revenue needed. One cannot, however, get past the fact that the 2022-2023 performance which was reported is only for the first nine months, and the language used in predicting the full year outturn by the Prime Minister is extremely conservative and hedging in some regards.

That said, should these numbers hold true, it would represent a major and important accomplishment. It remains no secret that The Bahamas can ill afford another credit rating downgrade in light of the current struggles with its debt circumstances. It is imperative that the final quarter of 2022-2023 perform as projected or closely thereto. The implications of it being otherwise have adverse implications.

When Simon Wilson, the financial secretary, recently said the Government has launched “the most coordinated tax collection and enforcement effort ever”, and that “the country must realise its targets for 20222023”, and that “a lot of fiscal pressure is alleviated

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