113 companies need an audit due to this (and this doesn't include others that need audits). At an average of 4-5 audits per audit that would be 450-565 auditors required. I wonder if there is enough auditors to do this and if not is the Government going to allow a couple hundred expats to come in to do this? I tried to find the number of accountants and got to around 800 per BICA, however a large number of them will be working in the firms that need to be audited so they won't be able to help.
The letter writer seems to not understand the issues on this. The business community already has to have their revenue agreed by a licensed accountant. An audit will find nothing different then what was found before. It will however mean that every line item on a financial statement has to be agreed. None of those line items affect the revenue figure and what Government will make. This will not increase government revenue, all it will do is make businesses pay auditors more and also make the ease of doing business worse. Of course those bills the business has to pay the auditors will need to be raised from somewhere, so expect the continual increase in the cost of living to occur (I am not sure if the letter writer has worked out that the more it costs a business to provide an item, the more ty will charge for that item),
This sums up Governments view and total misunderstanding of how a business runs. They see the air freight couriers charging $20 and assume that is full profit. with no idea that is used to pay staff, rent, BPL , Taxes etc. Therefore they see nothing wrong with government adding on a bit more, as you the consumer are already paying a larger amount. And when consumers complain Government will say we are only taking a little bit, its the merchant that is causing the cost to be so high (whilst conveniently forgetting all the extra costs Government has made the merchant pay from BPLs high bills, to more stringent requirements for business license). And unfortunately there are a sizeable number who will believe this.
If they tied the funds so they only went to countries that actually tried to protect their environment we would get $0. From the many vehicles that spout their fumes, to the destruction of wetlands and mangroves all over the Bahamas, we don't actually care about the environment, only the potential money we may make from it
Most people do not trust the government here to protect their IP, as such doing it overseas makes more sense, and until we have more trust in Government that will not change no matter what laws are put in place (as we also don't think they will be enforced against select people, like the disclosure laws for the MPs).
Can Mr. Bastain now stop complaining about the mark up the gas retailers are allowed, as i am sure they don't need a mark up increase if paying for an audit is of no worry to him. Wonder if this is the proverbial singing for your supper move by Mr. Bastain. Also if a business person is highly involved in their business they know exactly where they are and do not need an audit to show that. Audits are beneficial for people to confirm what the business executives say is true.
So the PS admits the need for audited FS has nothing to do with the business license fee needs, but rather to give Government more ideas on what additional taxes it can levy. No doubt next week he will be saying how much easier it is becoming to do business over here. It is very scary to think that one of the most powerful financial persons in the country has no idea what goes into an audit and thinks that this country can magically audit hundreds of companies that have never had an audit in 4-6 months. Don't know why each year i expect any better over here, all the Government keeps doing is increasing costs and make it more time consuming to do business.
Why do we keep this idea that if there was no bail the murder rate would be almost non existent. People should have bail if the nation can not have them tried in a reasonable time. The idea should not be to get rid of bail but to have the court cases in a much quicker time frame. Its only been just over a year and SBF has already been tried and convicted. If that was over here we still wouldn't have had the first day of court yet.
Dawes says...
113 companies need an audit due to this (and this doesn't include others that need audits). At an average of 4-5 audits per audit that would be 450-565 auditors required. I wonder if there is enough auditors to do this and if not is the Government going to allow a couple hundred expats to come in to do this? I tried to find the number of accountants and got to around 800 per BICA, however a large number of them will be working in the firms that need to be audited so they won't be able to help.
On Business Licence audits to impact ‘less than 1%’
Posted 15 December 2023, 8:52 a.m. Suggest removal
Dawes says...
The letter writer seems to not understand the issues on this. The business community already has to have their revenue agreed by a licensed accountant. An audit will find nothing different then what was found before. It will however mean that every line item on a financial statement has to be agreed. None of those line items affect the revenue figure and what Government will make. This will not increase government revenue, all it will do is make businesses pay auditors more and also make the ease of doing business worse. Of course those bills the business has to pay the auditors will need to be raised from somewhere, so expect the continual increase in the cost of living to occur (I am not sure if the letter writer has worked out that the more it costs a business to provide an item, the more ty will charge for that item),
On Rich need to pay like the rest of us
Posted 15 December 2023, 8:47 a.m. Suggest removal
Dawes says...
This sums up Governments view and total misunderstanding of how a business runs. They see the air freight couriers charging $20 and assume that is full profit. with no idea that is used to pay staff, rent, BPL , Taxes etc. Therefore they see nothing wrong with government adding on a bit more, as you the consumer are already paying a larger amount. And when consumers complain Government will say we are only taking a little bit, its the merchant that is causing the cost to be so high (whilst conveniently forgetting all the extra costs Government has made the merchant pay from BPLs high bills, to more stringent requirements for business license). And unfortunately there are a sizeable number who will believe this.
On Air freight terminal ‘disgrace’ set for $25m transformation
Posted 15 December 2023, 8:42 a.m. Suggest removal
Dawes says...
There are no laws here, you can do what you want, so nothing will change for the better
On Boy Scouts; please lower the volume
Posted 14 December 2023, 1:24 p.m. Suggest removal
Dawes says...
If they tied the funds so they only went to countries that actually tried to protect their environment we would get $0. From the many vehicles that spout their fumes, to the destruction of wetlands and mangroves all over the Bahamas, we don't actually care about the environment, only the potential money we may make from it
On PM: Pledge on climate fight by wealthy countries not enough
Posted 13 December 2023, 10:42 a.m. Suggest removal
Dawes says...
Most people do not trust the government here to protect their IP, as such doing it overseas makes more sense, and until we have more trust in Government that will not change no matter what laws are put in place (as we also don't think they will be enforced against select people, like the disclosure laws for the MPs).
On Bahamas suffers 3,000 gap over trademark applications
Posted 12 December 2023, 4:34 p.m. Suggest removal
Dawes says...
So the PLP under Christie twice and Davis now can't put back in place the removable property act?
On Ruled by slackness and mediocrity
Posted 12 December 2023, 4:33 p.m. Suggest removal
Dawes says...
Can Mr. Bastain now stop complaining about the mark up the gas retailers are allowed, as i am sure they don't need a mark up increase if paying for an audit is of no worry to him. Wonder if this is the proverbial singing for your supper move by Mr. Bastain. Also if a business person is highly involved in their business they know exactly where they are and do not need an audit to show that. Audits are beneficial for people to confirm what the business executives say is true.
On Only fear Business Licence audit if ‘something to hide’
Posted 12 December 2023, 8:56 a.m. Suggest removal
Dawes says...
So the PS admits the need for audited FS has nothing to do with the business license fee needs, but rather to give Government more ideas on what additional taxes it can levy. No doubt next week he will be saying how much easier it is becoming to do business over here. It is very scary to think that one of the most powerful financial persons in the country has no idea what goes into an audit and thinks that this country can magically audit hundreds of companies that have never had an audit in 4-6 months. Don't know why each year i expect any better over here, all the Government keeps doing is increasing costs and make it more time consuming to do business.
On ‘Happy medium’ within sight on Business Licence anxiety
Posted 6 December 2023, 8:58 a.m. Suggest removal
Dawes says...
Why do we keep this idea that if there was no bail the murder rate would be almost non existent. People should have bail if the nation can not have them tried in a reasonable time. The idea should not be to get rid of bail but to have the court cases in a much quicker time frame. Its only been just over a year and SBF has already been tried and convicted. If that was over here we still wouldn't have had the first day of court yet.
On ‘42 percent of murder victims were out on bail’
Posted 29 November 2023, 9:10 a.m. Suggest removal