What will they demand next? That our PM runs naked down Bay Street?
Any simple google search will reveal that the Netherlands has been used as the place of choice for multinationals to avoid taxes and that their banks have been used for some massive money laundering. Here is a sample of the headlines:
EU opens in-depth probe of Nike's tax deals in the Netherlands
How the Netherlands Built One of the World’s Worst Tax Havens
Bermuda? Guess again. Turns out Holland is the tax haven of choice for US companies
ABN Amro hit by Dutch money laundering investigation
Dutch bank ING fined $900 million for failing to spot money laundering
You can’t have one without the other. If there is no income tax, every owner of a company will pay himself a bonus equivalent to what would have been the profit of the company to avoid the corporate tax.
But yes government will love it, more revenues and more civil servants. And they will say don’t worry we will have a low income tax rate like VAT, and we all know how that will end.
In any case there will be a huge cost to collect corporate and income taxes. Just to cover that you need a 10% rate. So at a minimum we are looking at 20% rate for both. That will be the minimum too for any double tax treaty. But these pro income and corporate tax people will not tell you that.
And you can also say good bye to Lyford Cay, Albany, Old Fort Bay tax exiles etc.
VAT is the most efficient form of taxation for this nation. The financial burden is on the private sector and compliance is very high. Basic goods and services can be exempt, which is what the government has done.
What is inefficient is any tax collected by the government such as real estate tax or import duties with very low compliance and corruption.
There were two pillars of this financial center. Secrecy and zero taxation. The first pillar is gone and if we cut the second pillar this will be the end of it. People who think that France will sign a double tax treaty with the Bahamas because we implement a 5% corporate tax are dreaming!
This has nothing to do with Minnis or the FNM. It is the result of a loss of competitivity with the exchange of information imposed on this nation by Obama and the Europeans, whilst the US did nothing of the sort.
Another factor is the overregulation of the financial sector, which is making it almost impossible for banks to continue operating in this jurisdiction. The typical example is the ease to open an account in the US vs the Bahamas.
Yesterday it was also announced that Syz Bank would cease operations in the Bahamas. So that’s two Swiss banks pulling out in one day!
This has nothing to do with Minnis or the FNM. It is the result of a loss of competitivity of the Bahamas with the exchange of information imposed on this nation by Obama and the Europeans, whilst the US did nothing of the sort.
Another factor is the overregulation of the financial sector, which is making it almost impossible for banks to continue operating in this jurisdiction. The typical example is the ease to open an account in the US vs the Bahamas.
Yesterday it was also announced that Syz Bank would cease operations in the Bahamas. So that’s two Swiss banks pulling out in one day, and the Tribune mentions a potential 3rd one!
This happens anywhere in the world if the operator does not have all the proper licenses and insurances or if the investigation has shown that there is a building or maintenance defect. Here is just one example:
The 6% real estate commission and 2.5% attorney fees are already very high, especially compared to other countries. Why not lower these fees, if according to the real estate agent lower transaction costs lead to more sales?
Proguing says...
I will never drink again an Heineken. Sands is much better anyway
On Dutch demand 9% corporate taxation to escape blacklist
Posted 21 February 2020, 5:21 p.m. Suggest removal
Proguing says...
What will they demand next? That our PM runs naked down Bay Street?
Any simple google search will reveal that the Netherlands has been used as the place of choice for multinationals to avoid taxes and that their banks have been used for some massive money laundering. Here is a sample of the headlines:
EU opens in-depth probe of Nike's tax deals in the Netherlands
How the Netherlands Built One of the World’s Worst Tax Havens
Bermuda? Guess again. Turns out Holland is the tax haven of choice for US companies
ABN Amro hit by Dutch money laundering investigation
Dutch bank ING fined $900 million for failing to spot money laundering
Criminals launder €13bn a year in the Netherlands
etc.
On Dutch demand 9% corporate taxation to escape blacklist
Posted 21 February 2020, 5:13 p.m. Suggest removal
Proguing says...
You can’t have one without the other. If there is no income tax, every owner of a company will pay himself a bonus equivalent to what would have been the profit of the company to avoid the corporate tax.
But yes government will love it, more revenues and more civil servants. And they will say don’t worry we will have a low income tax rate like VAT, and we all know how that will end.
In any case there will be a huge cost to collect corporate and income taxes. Just to cover that you need a 10% rate. So at a minimum we are looking at 20% rate for both. That will be the minimum too for any double tax treaty. But these pro income and corporate tax people will not tell you that.
And you can also say good bye to Lyford Cay, Albany, Old Fort Bay tax exiles etc.
On Beat OECD/EU to income tax
Posted 14 February 2020, 5:39 p.m. Suggest removal
Proguing says...
VAT is the most efficient form of taxation for this nation. The financial burden is on the private sector and compliance is very high. Basic goods and services can be exempt, which is what the government has done.
What is inefficient is any tax collected by the government such as real estate tax or import duties with very low compliance and corruption.
There were two pillars of this financial center. Secrecy and zero taxation. The first pillar is gone and if we cut the second pillar this will be the end of it. People who think that France will sign a double tax treaty with the Bahamas because we implement a 5% corporate tax are dreaming!
On Beat OECD/EU to income tax
Posted 14 February 2020, 5:23 p.m. Suggest removal
Proguing says...
This has nothing to do with Minnis or the FNM. It is the result of a loss of competitivity with the exchange of information imposed on this nation by Obama and the Europeans, whilst the US did nothing of the sort.
Another factor is the overregulation of the financial sector, which is making it almost impossible for banks to continue operating in this jurisdiction. The typical example is the ease to open an account in the US vs the Bahamas.
Yesterday it was also announced that Syz Bank would cease operations in the Bahamas. So that’s two Swiss banks pulling out in one day!
On 30 jobs lost as Julius Baer closes
Posted 4 February 2020, 11:56 a.m. Suggest removal
Proguing says...
This has nothing to do with Minnis or the FNM. It is the result of a loss of competitivity of the Bahamas with the exchange of information imposed on this nation by Obama and the Europeans, whilst the US did nothing of the sort.
Another factor is the overregulation of the financial sector, which is making it almost impossible for banks to continue operating in this jurisdiction. The typical example is the ease to open an account in the US vs the Bahamas.
Yesterday it was also announced that Syz Bank would cease operations in the Bahamas. So that’s two Swiss banks pulling out in one day, and the Tribune mentions a potential 3rd one!
On 30 jobs lost as Julius Baer closes
Posted 4 February 2020, 10:37 a.m. Suggest removal
Proguing says...
Maybe IX Capital Group should have verified that the introducing broker GS3 was properly licensed to manage accounts?
On Bahamian broker 'in perfect storm'
Posted 23 January 2020, 10:17 a.m. Suggest removal
Proguing says...
How about government collecting unpaid property taxes? Ever thought about that?
On High-end real estate market in 'shock, panic'
Posted 23 July 2018, 4:45 p.m. Suggest removal
Proguing says...
This happens anywhere in the world if the operator does not have all the proper licenses and insurances or if the investigation has shown that there is a building or maintenance defect. Here is just one example:
http://aviationknowledge.wikidot.com/av…
On 4C’s boat seized by port officials
Posted 18 July 2018, 5:50 p.m. Suggest removal
Proguing says...
The 6% real estate commission and 2.5% attorney fees are already very high, especially compared to other countries. Why not lower these fees, if according to the real estate agent lower transaction costs lead to more sales?
On Realtor fears Budget's dampening impacts
Posted 16 July 2018, 2:39 p.m. Suggest removal