DEPUTY Prime Minister Peter Turnquest has refuted what he called “misinformation” about value added tax increasing to 15 percent in January 2020. Mr Turnquest, who is also Minister of Finance, said despite social media speculation the government has no plans to increase VAT in the near future. “I have said publicly and privately that the government has no intentions to raise VAT in the foreseeable future,” Mr Turnquest said. “The hurricane dealt us a significant setback however, it will not derail us from the path we have been on to bring long-term sustainable relief to the Bahamian people and improve our fiscal rating.” His comments came a day after Progressive Liberal Party Leader Philip “Brave” Davis said he believes the country is heading toward a financial crisis and could possibly have a credit downgrade. However, Mr Turnquest is resolute there will be economic activity in 2020 that will give the country a boost. “With reconstruction activity and new investments, we expect growth to accelerate next year and for us to achieve the desired deficit and debt to GDP goal by 2024,” said the finance minister.

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