On the heels of another recommendation by the International Monetary Fund (IMF) for The Bahamas to reform its tax structure, a former minister of state for finance is warning that following some general prescription by the IMF could put the country in a worse off position.

In its Article IV Consultation on The Bahamas, released on Monday, the IMF said current global trends in taxation present The Bahamas with an opportunity to reform its tax system. The document highlighted that The Bahamas does not levy taxes on income, capital gains or inheritance.

However James Smith, who was also a central bank governor, said deep analysis of the actual efficiency of these types of taxes in the Bahamian economic environment is imperative before any decision can be taken.

Click here to read more at The Nassau Guardian