Ladies and gentlemen, distinguished guests, leaders of industry, representatives of the private sector, senior officials of the Department of Inland Revenue, The Bahamas Customs and Excise Department, the National Insurance Board, the Bahamas Institute of Chartered Accountants, and the Bahamas Chamber of Commerce, and of course, our valued large taxpayer community—
Good morning and thank you for the warm welcome. It is an honour to join you today for this important gathering, one that brings together the individuals and organizations that play a central role in the economic life of our nation.
I also wish to acknowledge the wonderful opening by the Royal Bahamas Defense Force Band. It is always a moving way to start any event, and I am feeling especially inspired today.
Let me begin by expressing my sincere appreciation for your presence here.
I know that each of you carries significant responsibilities—leading major institutions, employing thousands of Bahamians, and driving the strategic decisions that shape the direction of our economy.
Your willingness to participate in this symposium is a clear sign of your commitment to the long-term health, stability, and prosperity of The Bahamas.
Today, we are not just here to talk about tax administration or compliance frameworks.
We are here because we share a common interest in building a stronger, more resilient country – one where public and private sectors work hand in hand to meet national challenges and seize national opportunities.
This symposium is, therefore, a strategic moment; a moment for partnership, collaboration, and renewed understanding.
The Importance of Large Taxpayers
Large taxpayers – represented by the businesses, institutions, and entities in this room – contribute the majority of our national tax revenue.
Consider that through the first eight months of 2025, a total of $478 million of VAT revenue was collected by 7,517 VAT registrants.
Now break that down to our largest taxpayers. The 157 enterprises, which are administered by the Large Taxpayer Unit, collected $246 million of that total, which is more than half.
Let me then state the obvious – to say that you are important to the nation’s financial well-being would be a vast understatement.
You provide essential jobs, produce goods and services critical to our economy, and anchor key industries such as tourism, financial services, telecommunications, energy, and logistics.
The Bahamian economy cannot grow without you.
Our government cannot deliver essential services without your partnership.
And our people cannot thrive without the stability that your contributions help secure.
Every road we pave, every school we support, every hospital we modernize, every service we improve – each one is strengthened by the contributions you make through taxes, investments, and leadership.
And so today, on behalf of the Government and the Bahamian people, I offer my heartfelt appreciation: thank you for your continued contribution to national development.
A Changing Economic Landscape
We are meeting at a time when our fiscal environment is undergoing fundamental transformation.
Around the world, governments are reassessing how they collect revenue, how they maintain fairness, and how they respond to global developments like digitalization, international tax reforms, climate vulnerability, and evolving business models.
The Bahamas is not exempt from these changes.
In fact, we stand at the intersection of many global forces – some challenging, some full of promise.
As a small island nation, we must be both agile and strategic. We must strengthen our institutions, modernize our systems, and adopt practices that support long-term sustainability.
This is precisely why the work of the Large Taxpayer Unit is so important. It is why your engagement today matters.
The Role of the Large Taxpayer Unit
The establishment of the Large Taxpayer Unit in 2023 was a major step in aligning The Bahamas with international best practice.
Around the world, LTUs are recognized as essential to improving compliance, enhancing service delivery, and protecting the tax base.
Today, the LTU is moving into a new stage of maturity – guided by a strategic plan that emphasizes fairness, efficiency, transparency, and high-quality service.
This strategic plan commits the LTU to:
- increasing the predictability and stability of government revenue;
- strengthening compliance in a way that is risk-based,data-driven, and service-focused;
- keeping taxpayers informed of emerging issues and legislative changes;
- collaborating with industry bodies, financial institutions, and professional associations; and
- building internal capacity to ensure the LTU becomes a model of best practice.
This is not only a plan for the Department of Inland Revenue. It is a plan for our nation’s fiscal future. And it is a plan that requires your partnership.
Why Partnership Matters
Modern revenue systems do not succeed through enforcement alone. They succeed through cooperation, communication, and shared responsibility.
Compliance increases when taxpayers understand the rules, trust the system, and experience service that is predictable and fair.
Revenue increases when the government engages early, listens carefully, and designs policies that reflect the realities of doing business.
Confidence increases when both sides recognize that they are working toward the same goal: a strong and stable economy.
That is why events like this symposium are so important.
They create a space for honest dialogue.
A space to share concerns.
A space to identify solutions.
A space where government and industry work together – not as opponents, but as partners.
Our government is committed to helping all businesses succeed because your success is our mutual success.
Navigating Global Tax Developments
Over the coming years, the world will continue to introduce new standards and requirements – from the OECD’s Base Erosion and Profit Shifting framework to the emerging Domestic Minimum Top-Up Tax.
These changes require careful planning, accurate reporting, and collaboration between government and industry.
The Bahamas must be ready: ready to comply, ready to maintain our competitiveness, to protect our reputation, and to ensure that our tax system reflects global expectations.
Your expertise and feedback will be crucial as we take these steps.
We are committed to working with you to ensure that any new requirements are implemented smoothly, responsibly, and with full consideration for the unique structure of our economy.
The Importance of Predictable and Sustainable Revenue
As a country, we have set ambitious goals:
to improve our infrastructure,
to strengthen our social systems,
to invest in climate resilience,
and to chart a long-term path of economic transformation.
To achieve these goals, we need a revenue system that is predictable, stable, and sustainable.
The LTU’s strategic objective of ensuring that large taxpayer revenue can be reliably booked by the 14th of every month is not just an administrative milestone – it is a pillar of responsible fiscal planning.
Predictable revenue gives the government the ability to plan investments with confidence.
It strengthens our credibility with lenders, credit rating agencies, and global partners.
It positions us to respond quickly in times of crisis.
And it reinforces the message that The Bahamas is committed to sound, modern, and responsible financial management.
Building a Culture of Service and Trust
Our administration is deeply committed to building a revenue system where service and professionalism are at the forefront. Where taxpayers feel respected, supported, and understood.
This is not only good for business but essential for strengthening trust between government and the private sector.
A Vision for the Future
As we look ahead, my vision for The Bahamas is clear:
A nation where economic growth and fiscal stability move hand in hand.
A nation where our largest taxpayers are not only contributors, but partners in national progress.
A nation where innovation, compliance, and service excellence support a stronger and more equitable society.
Achieving this vision will require effort from all of us – government, industry, and civil society. But I am confident that with the talent, expertise, and commitment represented in this room, we can accomplish it.
Closing
As I close, let me again express my appreciation to each of you.
Your businesses employ thousands.
Your investments strengthen our economy.
Your tax contributions support the services, infrastructure, and systems that sustain our way of life.
You are essential to the future of The Bahamas.
The government values your role, respects your contribution, and looks forward to deepening our partnership in the years ahead.
I trust that today’s symposium will lead to constructive dialogue, strengthened relationships, and practical steps that benefit both our economy and our society.
Thank you for your time, your presence, and your continued commitment to national development.
God has blessed us. As we move forward, I pray God’s special blessings upon each of you.
Thank you.