Opposition Senator?Kerrie Symmonds is blaming Government for the exodus of international businesses, especially Canadian companies which were previously flocking here because of the low taxes.
Speaking during debate in the Senate today on the International Financial Services (Amendment) Bill and the International Business Companies (Amendment) Bill, Symmonds charged that Government had acted too slowly in providing the incentives and policies that would have encouraged the businesses to stay and others to come.
The amendments would adjust the tax schedules for IBCs operating here.
Stating that international businesses were complaining that it had become too costly, too cumbersome and unattractive to do business here, Symmonds pointed out that those companies were now going to other countries such as Bermuda, The Bahamas and the United States Virgin Islands which were not only zero tax jurisdictions but also had faster response times.
Full story in tomorrow’s DAILY NATION
