Proudloudandfnm...not sure where you are getting your facts from, but outside of the Tourism sector..Freeport is thriving. Those in the industrial and maritime industry have seen significant growth in the past two years. The VAT department could confirm this easily...because they see the numbers coming in. The last two years have seen significant growth in the sector. But the tourism side of freeport has not.
A vexing situation. We've had employees go to NIB for claims and initially think our company wasn't making any contributions. Only to find out that we were, but the contributions weren't being processed because of the system issue.
With all respect to you, I trust that your opinion pales in comparison to fact. Legislation should address current issues, but also be implemented with a resolve for lasting change. This is new legislation being pushed through which could be on the books for decades. None of us know the potential natural resources that this country could offer in 20 to 30 years. This legislation currently doesn't plant enough seeds to ensure we are prepared for that. My personal view on this is not about 'protecting Bahamians'...it's more about developing the Bahamas with Bahamians in control of the direction.
You make reference to a small off-shore wealth management company coming here (that's very specific). Agreed that they probably won't be in a capacity to latch on to a Bahamian and train them probably because of their size. But this legislation lists more than just that type of industry, it includes: computer programming, software design & writing, maritime trade, boutique health facilities, call centres, international arbitrage, and a few others. I know of Bahamians abroad now studying in these fields already. Furthermore, based on this legislation, other enterprises can be added 'by Order of the Minister'. <-- that leaves the door wide open for anything else with minimal checks.
At minimum...there should have been more opportunity for discussion on this. Both sides of valid points.
I am young, educated, and took the time to read this bill (it's a mere 8 pages and available here: http://www.bahamas.gov.bs/wps/wcm/conne…). i see both benefits and areas of objection. However, the biggest flag I noted when going through is how short-sighted it is. In order to know where you are going, we really ought to have an appreciation for how we got to this predicament. There should be stronger stipulations to address that issue.
We do in fact have an issue with the expertise and diversity of our current workforce. There are industries where we could pursue more developing commercial enterprises that would probably be beneficial to the Bahamas (and have not been pursued before). However what this Bill doesn't seem to address is the reason for HOW we got in this situation.
There is a saying "You Don't Know What You Don't Know"...so if we get in a situation where we do attract the people that 'Know What we Don't" shouldn't we put stringent procedures in place to ensure that we learn and grow in order to substantiate this knowledge and success on our own as a country? I see a very short reference in Section (5), paragraph (2) stating: ***"...inclusive of number of work permits which may be required, and such training and capacity-building opportunities as may be agreed to be afforded to Bahamians in respect of positions staffed by work permit holders"***. **<that ain't enough!**. In this current workforce now many foreigners come in on the claims that no one in the country has the expertise to meet their specific commercial needs. I am aware that there previously has been some stipulation to ensure proper training and mentoring to teach these unavailable skills. However there has been a lack of follow up by the government to validate that this is taking place. For this Commercial Enterprises initiative to have true impact (beyond a few years), there needs to be a strong stance and stringent stipulations on ensuring these businesses develop Bahamians (at all levels) so that they have the capacity to one day take on the Executive Roles and other jobs the permits were initially issued for. Specific points could be: [1] identification of Bahamians for role-training and growth must take place in year 1 on the enterprise; and [2] reporting on the status of training program and development must be included as a stipulation for renewal or extension. Some may argue that Bahamians don't stay long enough (fine...if that happens then make some provision that the enterprise still shows proof of training and search for replacement).There has to be some emphasis on this to ensure 50 years later we are not a country with a workforce 90% non-Bahamian.
If one of the arguments is that we don't have the capacity, expertise, or workforce to come up with these enterprises all on our own...then shouldn't we put a strong emphasis to ensure that some day we WILL?
Respectfully...I think you are confusing the purpose of E&Y's report. It was a forensic audit...not a criminal investigation. Forensic audit is for the purpose of the board of directors (and in this case the general public as stakeholders) to determine the nature & extent of a perceived deficiency. E&Y's report met that. Now...a forensic audit CAN lead to a criminal investigation...with local law enforcement using the reports of experts (here comes E&Y's report) as a part of the prosecution's evidence of illegal activity.
Freeport is in such a state because there is simply not a good enough reason for someone to want to visit. There seems to be a constant focus on getting hotel rooms available, winter homes ready, and condos in order....but that pales in comparison to the fact that there is no real reason to visit the island. Perhaps we should be focusing more on attractions. A hotel is not an attraction...it is an accommodation. A hotel becomes an attraction when there is something special linked to it (Atlantis has a theme park; Sandals promotes couples & Romance; Breeze's promotes all-inclusive and fun).
QuickBooks is not suitable for the vast transactions of a Sovereign Government. It's capabilities are designed for mostly small and medium sized businesses. Most companies that grow from medium to large actually have to transition out of QuickBooks due to greater issues/problems occurring as the transactions grow in size. If anyone in MOF suggested switching to QuickBooks for our nation's financial transactions...I would question their fitness for office.
Ridiculous is an understatement....Total Wines on US1 in North Miami sells Kalik and Kalik Gold for the same price....a price significantly lower than buying directly from Commonwealth Brewery. can someone please explain!?!?! a six pack was for $5 and some change.
Millennial242 says...
Proudloudandfnm...not sure where you are getting your facts from, but outside of the Tourism sector..Freeport is thriving. Those in the industrial and maritime industry have seen significant growth in the past two years. The VAT department could confirm this easily...because they see the numbers coming in. The last two years have seen significant growth in the sector. But the tourism side of freeport has not.
On Bahamas' GDP increased 2.7 percent in 2017
Posted 29 April 2018, 10:47 a.m. Suggest removal
Millennial242 says...
A vexing situation. We've had employees go to NIB for claims and initially think our company wasn't making any contributions. Only to find out that we were, but the contributions weren't being processed because of the system issue.
On More than 130,000 NIB contributions not processed
Posted 13 March 2018, 8:48 p.m. Suggest removal
Millennial242 says...
With all respect to you, I trust that your opinion pales in comparison to fact. Legislation should address current issues, but also be implemented with a resolve for lasting change. This is new legislation being pushed through which could be on the books for decades. None of us know the potential natural resources that this country could offer in 20 to 30 years. This legislation currently doesn't plant enough seeds to ensure we are prepared for that. My personal view on this is not about 'protecting Bahamians'...it's more about developing the Bahamas with Bahamians in control of the direction.
You make reference to a small off-shore wealth management company coming here (that's very specific). Agreed that they probably won't be in a capacity to latch on to a Bahamian and train them probably because of their size. But this legislation lists more than just that type of industry, it includes: computer programming, software design & writing, maritime trade, boutique health facilities, call centres, international arbitrage, and a few others. I know of Bahamians abroad now studying in these fields already. Furthermore, based on this legislation, other enterprises can be added 'by Order of the Minister'. <-- that leaves the door wide open for anything else with minimal checks.
At minimum...there should have been more opportunity for discussion on this. Both sides of valid points.
On ‘We have to open up the economy’
Posted 24 November 2017, 1:16 p.m. Suggest removal
Millennial242 says...
I am young, educated, and took the time to read this bill (it's a mere 8 pages and available here: http://www.bahamas.gov.bs/wps/wcm/conne…). i see both benefits and areas of objection. However, the biggest flag I noted when going through is how short-sighted it is. In order to know where you are going, we really ought to have an appreciation for how we got to this predicament. There should be stronger stipulations to address that issue.
We do in fact have an issue with the expertise and diversity of our current workforce. There are industries where we could pursue more developing commercial enterprises that would probably be beneficial to the Bahamas (and have not been pursued before). However what this Bill doesn't seem to address is the reason for HOW we got in this situation.
There is a saying "You Don't Know What You Don't Know"...so if we get in a situation where we do attract the people that 'Know What we Don't" shouldn't we put stringent procedures in place to ensure that we learn and grow in order to substantiate this knowledge and success on our own as a country? I see a very short reference in Section (5), paragraph (2) stating: ***"...inclusive of number of work permits which may be required, and such training and capacity-building opportunities as may be agreed to be afforded to Bahamians in respect of positions staffed by work permit holders"***. **<that ain't enough!**. In this current workforce now many foreigners come in on the claims that no one in the country has the expertise to meet their specific commercial needs. I am aware that there previously has been some stipulation to ensure proper training and mentoring to teach these unavailable skills. However there has been a lack of follow up by the government to validate that this is taking place. For this Commercial Enterprises initiative to have true impact (beyond a few years), there needs to be a strong stance and stringent stipulations on ensuring these businesses develop Bahamians (at all levels) so that they have the capacity to one day take on the Executive Roles and other jobs the permits were initially issued for. Specific points could be: [1] identification of Bahamians for role-training and growth must take place in year 1 on the enterprise; and [2] reporting on the status of training program and development must be included as a stipulation for renewal or extension. Some may argue that Bahamians don't stay long enough (fine...if that happens then make some provision that the enterprise still shows proof of training and search for replacement).There has to be some emphasis on this to ensure 50 years later we are not a country with a workforce 90% non-Bahamian.
If one of the arguments is that we don't have the capacity, expertise, or workforce to come up with these enterprises all on our own...then shouldn't we put a strong emphasis to ensure that some day we WILL?
On ‘We have to open up the economy’
Posted 23 November 2017, 4:46 p.m. Suggest removal
Millennial242 says...
Respectfully...I think you are confusing the purpose of E&Y's report. It was a forensic audit...not a criminal investigation. Forensic audit is for the purpose of the board of directors (and in this case the general public as stakeholders) to determine the nature & extent of a perceived deficiency. E&Y's report met that. Now...a forensic audit CAN lead to a criminal investigation...with local law enforcement using the reports of experts (here comes E&Y's report) as a part of the prosecution's evidence of illegal activity.
On BPL finance chief targeted by Board for fighting waste
Posted 10 November 2017, 10:22 a.m. Suggest removal
Millennial242 says...
Yeah...the same Tampico the vendors use to make 'Daquiris' on Cabbage Beach to sell to Tourists. I couldn't make this up if I tried!
On Juice drink producers: 'Impossible to compete'
Posted 9 November 2017, 3:10 p.m. Suggest removal
Millennial242 says...
Sigh...why would i want to visit freeport?
Freeport is in such a state because there is simply not a good enough reason for someone to want to visit. There seems to be a constant focus on getting hotel rooms available, winter homes ready, and condos in order....but that pales in comparison to the fact that there is no real reason to visit the island. Perhaps we should be focusing more on attractions. A hotel is not an attraction...it is an accommodation. A hotel becomes an attraction when there is something special linked to it (Atlantis has a theme park; Sandals promotes couples & Romance; Breeze's promotes all-inclusive and fun).
On Attorney urges 30% residency threshold slash for Freeport
Posted 12 October 2017, 1:37 p.m. Suggest removal
Millennial242 says...
QuickBooks is not suitable for the vast transactions of a Sovereign Government. It's capabilities are designed for mostly small and medium sized businesses. Most companies that grow from medium to large actually have to transition out of QuickBooks due to greater issues/problems occurring as the transactions grow in size. If anyone in MOF suggested switching to QuickBooks for our nation's financial transactions...I would question their fitness for office.
On Turnquest: Real deficit $695m
Posted 7 October 2017, 6:09 a.m. Suggest removal
Millennial242 says...
Ridiculous is an understatement....Total Wines on US1 in North Miami sells Kalik and Kalik Gold for the same price....a price significantly lower than buying directly from Commonwealth Brewery. can someone please explain!?!?! a six pack was for $5 and some change.
On Bahamas avoids Moody's downgrade
Posted 28 August 2017, 8:24 a.m. Suggest removal
Millennial242 says...
I guess Gardiner was still 'tired'. Should have rested longer.
On Shaunae wins Diamond League title, Gardiner slips at start
Posted 24 August 2017, 6:06 p.m. Suggest removal