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News Article: Chamber lauds budget but raises concerns on borrowing, spending

Written by Chester Robards The Nassau Guardian May 28th, 2021

The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) in a statement released yesterday lauded the government’s move to further support and grow small businesses, but raised concerns that additional spending could lead to increased taxes, eventually negatively affecting businesses in the country.

The BCCEC stated it is looking forward to the results of the public expenditure review being conducted by the government and the Inter-American Development Bank, to see what recommendations are given to shore up the government’s fiscal position.

“We continue to see additional spending on supporting small businesses through the SBDC (Small Business Development Centre),” the statement noted.

“However, the increase in spending to fund the initiatives and to continue COVID-19-related support is leading to an increase in borrowing.

“The business community is concerned that it is inevitable this level of spending will lead to an increase in taxation, which will affect the private sector either directly or indirectly.”

The Chamber stated its initial impression of the government’s 2021/2022 annual budget plan is that it contains some items which could have a positive impact on the business community, however these items require further details.

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