To obtain permanent residency without the right to work, an outsider needs to invest $1m minimum and pay $10,000.
But if your parents were criminals and came here illegally, if you schooled yourself at the expense of the Bahamian taxpayer and generally sponged off this state all your life, you get it for free and we throw in the right to work.
Yeah, because anyone normal wants to walk around in 90 degree heat to buy a straw hat made in China and get hustled by a bunch of street vendors offering similar crap.
I am surprised they even dock in Nassau. I avoid going anywhere near the place.
No, I am not saying it shouldn't be done. I am saying it CAN'T be done. Not with the human resources available to the Ministry of Finance.
I would not be surprised if there were more IBCs alone than the adult population of the Bahamas. Anyone can pass a few laws, set up a system and then...? Then what? Who is going to police it and enforce it? Our MoF? Our police? Our Courts? It is never going to happen.
To all the people who think introducing a corporation tax is "beneficial".....yes, it would be beneficial in terms of revenue but it would be almost impossible to introduce in practice.
That is because a corporation tax requires audited accounts. Auditing costs money. Take a small business in the Bahamas...a fish fry. The owner would need to start keeping accounts, saving all invoices and paying an annual audit fee to his accountant. Can we see this happening? Do we think the average Bahamian business is ready for this?
Even if we got over this first step, someone (presumably the Ministry of Finance) would need to keep track of and audit the audited accounts. Otherwise everyone will just cheat like hell and report no income or use 1000 different ways to minimize liabilities. Are we saying that we have the human resources to do that? To me, knowing our system & resources, that is all science fiction.
Maybe that is the answer...introduce it and not police it. I don't think we could even if we wanted to.
You are confusing residence (physical presence) and tax residence and individuals and corporations.
For individuals it varies. If US citizen, it matters not where you are, you still pay your taxes in US. Therefore a US person living here saves nothing or very little. If European he becomes tax resident here and pays all the same taxes as you and I. He pays nothing in EU but then he owes them nothing as he does not live there and does not use health, roads, etc...He might well be making a considerable, legitimate tax saving. But that does not bother the EU. They have no issue with that. They have an issue with corporations. a company operating in EU (but ultimately owned by a Bahamian IBC) could be earning profits in EU and through transfer pricing or other means syphoning those profits here and minimizing the tax burden in EU. That is what the EU has a problem with. To solve it, we have to adopt a corporation tax. But that would be a problem, because then all accounts would need to be audited, or everyone would just declare zero profit. So, the government would have to go from the current system of business licence, where it collects no matter how much profit you declare, to one based purely on profit. So, take your average Bahamian businessman with 3 years of schooling running a liquor shop or a fish fry. He would now have to keep receipts, do his books at least monthly and finally have them audited and pay $$$ for the audit. Well, he is more likely to go down to Parliament Square, burn it to the ground and hang Minnis from the nearest lamppost. Therein lies the rub.
What effect does the blacklisting have? Only one: any banking transaction from the EU to the Bahamas will be subject to extra checks. That is all. Nothing else.
Now, all we need to do is pass a law that we absolutely will not reveal anything to any EU tax or law enforcement body, forge business partnerships with someone not on the blacklist (say, GC), channel funds through there via our nominee accounts and offer all EU citizens a 100% guarantee that this is the best place for them to evade taxes. They want to screw with us? Lets go full pirate.
OldFort2012 says...
This is the craziest thing I ever heard.
To obtain permanent residency without the right to work, an outsider needs to invest $1m minimum and pay $10,000.
But if your parents were criminals and came here illegally, if you schooled yourself at the expense of the Bahamian taxpayer and generally sponged off this state all your life, you get it for free and we throw in the right to work.
This Minister is a cretin.
On GAME CHANGER: Miss age deadline and you’ll be permanent resident NOT citizen
Posted 20 March 2018, 10:06 a.m. Suggest removal
OldFort2012 says...
Further thought: legalize marijuana.
Sell Rum Cakes laced with pot.
everyone will get off the boat for that.
On Minister’s ‘close eye’ on cruise line islands
Posted 20 March 2018, 7:44 a.m. Suggest removal
OldFort2012 says...
Yeah, because anyone normal wants to walk around in 90 degree heat to buy a straw hat made in China and get hustled by a bunch of street vendors offering similar crap.
I am surprised they even dock in Nassau. I avoid going anywhere near the place.
On Minister’s ‘close eye’ on cruise line islands
Posted 20 March 2018, 7:42 a.m. Suggest removal
OldFort2012 says...
...and now you have it. It's all about legal aid. Give them legal aid...which means give ME some money. What a buffoon.
On QC Smith in thumbs-up for ‘flying’ magistrate
Posted 16 March 2018, 2:01 p.m. Suggest removal
OldFort2012 says...
No, I am not saying it shouldn't be done. I am saying it CAN'T be done. Not with the human resources available to the Ministry of Finance.
I would not be surprised if there were more IBCs alone than the adult population of the Bahamas. Anyone can pass a few laws, set up a system and then...? Then what? Who is going to police it and enforce it? Our MoF? Our police? Our Courts?
It is never going to happen.
On DPM: We must review taxation after ‘blacklist’
Posted 16 March 2018, 1:57 p.m. Suggest removal
OldFort2012 says...
To all the people who think introducing a corporation tax is "beneficial".....yes, it would be beneficial in terms of revenue but it would be almost impossible to introduce in practice.
That is because a corporation tax requires audited accounts. Auditing costs money.
Take a small business in the Bahamas...a fish fry. The owner would need to start keeping accounts, saving all invoices and paying an annual audit fee to his accountant. Can we see this happening? Do we think the average Bahamian business is ready for this?
Even if we got over this first step, someone (presumably the Ministry of Finance) would need to keep track of and audit the audited accounts. Otherwise everyone will just cheat like hell and report no income or use 1000 different ways to minimize liabilities. Are we saying that we have the human resources to do that? To me, knowing our system & resources, that is all science fiction.
Maybe that is the answer...introduce it and not police it. I don't think we could even if we wanted to.
On DPM: We must review taxation after ‘blacklist’
Posted 16 March 2018, 6:39 a.m. Suggest removal
OldFort2012 says...
You are confusing residence (physical presence) and tax residence and individuals and corporations.
For individuals it varies. If US citizen, it matters not where you are, you still pay your taxes in US. Therefore a US person living here saves nothing or very little.
If European he becomes tax resident here and pays all the same taxes as you and I. He pays nothing in EU but then he owes them nothing as he does not live there and does not use health, roads, etc...He might well be making a considerable, legitimate tax saving. But that does not bother the EU. They have no issue with that.
They have an issue with corporations. a company operating in EU (but ultimately owned by a Bahamian IBC) could be earning profits in EU and through transfer pricing or other means syphoning those profits here and minimizing the tax burden in EU. That is what the EU has a problem with. To solve it, we have to adopt a corporation tax. But that would be a problem, because then all accounts would need to be audited, or everyone would just declare zero profit. So, the government would have to go from the current system of business licence, where it collects no matter how much profit you declare, to one based purely on profit. So, take your average Bahamian businessman with 3 years of schooling running a liquor shop or a fish fry. He would now have to keep receipts, do his books at least monthly and finally have them audited and pay $$$ for the audit. Well, he is more likely to go down to Parliament Square, burn it to the ground and hang Minnis from the nearest lamppost. Therein lies the rub.
On EU warning to Bahamas: Tax system ‘harmful’
Posted 15 March 2018, 1:51 p.m. Suggest removal
OldFort2012 says...
Feels odd when something which should be as standard as remembering to breathe deserves so much praise.
What has government been doing since '73?
On Fast track justice sends illegals home
Posted 15 March 2018, 1:21 p.m. Suggest removal
OldFort2012 says...
Been doing it for 30 years. Still going strong.
On Don’t panic - EU’s ban won’t last long
Posted 14 March 2018, 2:27 p.m. Suggest removal
OldFort2012 says...
It just is not so.
What effect does the blacklisting have? Only one: any banking transaction from the EU to the Bahamas will be subject to extra checks. That is all. Nothing else.
Now, all we need to do is pass a law that we absolutely will not reveal anything to any EU tax or law enforcement body, forge business partnerships with someone not on the blacklist (say, GC), channel funds through there via our nominee accounts and offer all EU citizens a 100% guarantee that this is the best place for them to evade taxes. They want to screw with us? Lets go full pirate.
On Don’t panic - EU’s ban won’t last long
Posted 14 March 2018, 1:02 p.m. Suggest removal