Can someone please speak to the realities of doing business in the Bahamas? Almost everything we sell in this country is imported. You must be living under a rock if you do not know that prices are increasing the world over. Add in the fact that the government is the largest shareholder in the food business. 20% duty, 10% VAT, 1.25% business license fees plus numerous inspection, application, renewal fees, road tax, etc. The government takes about 35% of every dollar you spend in the grocery store, the owners make 5% in a very good year. Shipping rates are one of the highest in the Caribbean, same with utilities, same with stealing. The high cost of living is driven by the high cost of doing business. And if the 1st cost of goods is increasing, isn't the government actually making more in consumption taxes as there % add on is now on a higher base?
242realdeal says...
Can someone please speak to the realities of doing business in the Bahamas? Almost everything we sell in this country is imported. You must be living under a rock if you do not know that prices are increasing the world over. Add in the fact that the government is the largest shareholder in the food business. 20% duty, 10% VAT, 1.25% business license fees plus numerous inspection, application, renewal fees, road tax, etc. The government takes about 35% of every dollar you spend in the grocery store, the owners make 5% in a very good year. Shipping rates are one of the highest in the Caribbean, same with utilities, same with stealing. The high cost of living is driven by the high cost of doing business. And if the 1st cost of goods is increasing, isn't the government actually making more in consumption taxes as there % add on is now on a higher base?
On HOW FAIR ARE PRICES WE’RE HAVING TO PAY? As inflation rises, stores facing question of how much margin they make
Posted 16 February 2022, 12:59 p.m. Suggest removal