Despite the unfortunate headlines and misleading commentary in respect
to my statement circulated to the media yesterday, it is important that I
provide absolute clarity on the matter.

The Government of The
Bahamas made no undertaking to reduce any tax rate for any individual or
any group with the announced decision to revert to the previous
definition of owner-occupied properties.  

For real property
tax, the government undertook to increase the top end rate for
undeveloped land owned by foreigners. This is what was announced in the
budget communication. This is what will remain…