This is simply not true Birdie, these shares were not given to any families. These shares were filled from the bottom up (smallest orders filled first to ensure the largest shareholder base possible) and distributed to the over 3000 Bahamian shareholders who want and got their deserved share of the wealth creation of this beautiful country. Please stop spreading falsehoods and speak the truth.
Maybe you have a problem with reading comprehension? Nothing to do with hotels or supermarkets. I simply said one branch in an underserved community for each bank in the entire country. Certainly that is not unreasonable, particularly for some banks which are earning a $100m plus net income from the Bahamian people.
The answer to this vexing situation is not that hard, just a terrible lack of vision and regulatory oversight. The central bank should identify the 8 most needy, underserved family island banking communities and mandate as a requirement to hold a business license in the Bahamas that each of the 8 commercial banks have a physical presence in one of them. Just one branch for each bank. First Caribbean Bahamas just reported a net income of $60mill in the first two quarters, do we think for one moment they would jeopardize their business license and not comply?
While vital within the context of the Government’s fiscal strategy, a revenue to GDP revenue ratio of 25 per cent is not unreasonable in and of itself or when viewed internationally. Within the advanced G7 nations, the revenue ratio amounts to some 36 per cent; in the Euro area it averages roughly 46 per cent. Latin American and Caribbean countries post an average ratio of 27 per cent with regional rates of 30-31 per cent in Jamaica, Barbados and Belize.
I always say we want and expect first world services but only want and expect to pay third world taxes. Reality is that we are under taxed. The % of government revenue as a % of GDP is low even compared to other Caribbean economies much less first world economies. With all the corruption and inefficiencies in the public sector, govt revenue is woefully inadequate to provide the level of services we desire, hence our never ending budget deficits. We need an increase in govt revenues (taxes) that fall more on the rich ( very hard to do) and of a less regressive nature than we currently have. At the same time we need to downsize the public sector, get rid of or reduce subsidies to public corporations and then demand increased productivity from our reduced civil service, along with a zero tolerance of corruption.
I agree, this is very good and will lead to a fairer tax regime. Some companies now ( like grocery stores and gas stations) that have high turnover but low profit margins pay a huge percentage of their profits in business license fees. In some instances they pay more in business license fees than the company earns in net income.
DonAnthony says...
This is simply not true Birdie, these shares were not given to any families. These shares were filled from the bottom up (smallest orders filled first to ensure the largest shareholder base possible) and distributed to the over 3000 Bahamian shareholders who want and got their deserved share of the wealth creation of this beautiful country. Please stop spreading falsehoods and speak the truth.
On ‘Worst deal in history’ to give Gov’t $78m in 2023
Posted 15 June 2023, 12:29 p.m. Suggest removal
DonAnthony says...
Maybe you have a problem with reading comprehension? Nothing to do with hotels or supermarkets. I simply said one branch in an underserved community for each bank in the entire country. Certainly that is not unreasonable, particularly for some banks which are earning a $100m plus net income from the Bahamian people.
On Protest pressure builds on North Andros banking woe
Posted 14 June 2023, 9:48 a.m. Suggest removal
DonAnthony says...
The answer to this vexing situation is not that hard, just a terrible lack of vision and regulatory oversight. The central bank should identify the 8 most needy, underserved family island banking communities and mandate as a requirement to hold a business license in the Bahamas that each of the 8 commercial banks have a physical presence in one of them. Just one branch for each bank. First Caribbean Bahamas just reported a net income of $60mill in the first two quarters, do we think for one moment they would jeopardize their business license and not comply?
On Protest pressure builds on North Andros banking woe
Posted 13 June 2023, 2:49 p.m. Suggest removal
DonAnthony says...
As a Bahamian, I care. This project will be 49% owned by Bahamians of which I intend to be a one happy shareholder.
On Cruise giant slashes PI buildings by 24k sq ft
Posted 9 June 2023, 5:32 p.m. Suggest removal
DonAnthony says...
Where is Adrian Gibson?
On Pintard says budget fails to address significant issues, including NIB
Posted 1 June 2023, 1:47 p.m. Suggest removal
DonAnthony says...
Not theoretical, it’s fact, reality.
On 'We’re 20 years late on corporate income tax, so we’re catching up' says expert
Posted 21 May 2023, 5:34 p.m. Suggest removal
DonAnthony says...
In 2021/2021 Bahamas govt revenue as % of GDP was just 20.2%!
On 'We’re 20 years late on corporate income tax, so we’re catching up' says expert
Posted 21 May 2023, 2:29 p.m. Suggest removal
DonAnthony says...
We are unquestionably undertaxed. Read Bahamas!
https://www.bahamasbudget.gov.bs/media/…
While vital within the context of the Government’s fiscal strategy, a revenue to GDP revenue ratio of 25 per cent is not unreasonable in and of itself or when viewed internationally. Within the advanced G7 nations, the revenue ratio amounts to some 36 per cent; in the Euro area it averages roughly 46 per cent. Latin American and Caribbean countries post an average ratio of 27 per cent with regional rates of 30-31 per cent in Jamaica, Barbados and Belize.
On 'We’re 20 years late on corporate income tax, so we’re catching up' says expert
Posted 21 May 2023, 2:25 p.m. Suggest removal
DonAnthony says...
I always say we want and expect first world services but only want and expect to pay third world taxes. Reality is that we are under taxed. The % of government revenue as a % of GDP is low even compared to other Caribbean economies much less first world economies. With all the corruption and inefficiencies in the public sector, govt revenue is woefully inadequate to provide the level of services we desire, hence our never ending budget deficits. We need an increase in govt revenues (taxes) that fall more on the rich ( very hard to do) and of a less regressive nature than we currently have. At the same time we need to downsize the public sector, get rid of or reduce subsidies to public corporations and then demand increased productivity from our reduced civil service, along with a zero tolerance of corruption.
On 'We’re 20 years late on corporate income tax, so we’re catching up' says expert
Posted 21 May 2023, 11:46 a.m. Suggest removal
DonAnthony says...
I agree, this is very good and will lead to a fairer tax regime. Some companies now ( like grocery stores and gas stations) that have high turnover but low profit margins pay a huge percentage of their profits in business license fees. In some instances they pay more in business license fees than the company earns in net income.
On CORPORATE TAX PLAN REVEALED: Govt favours proposal of 10-12 percent rate for most businesses
Posted 19 May 2023, 9:54 a.m. Suggest removal