The ultimate tax any consumer will (should) pay is 7.5% on retail. (or wholesale) the Government collects it in portions of that along the way from each entity in the supply chain, as each entity "adds value". (markup) A simple 7.5% sales tax would collect it only at the end retail sale. VAT represents a first world tax system with first world accountability at each stage, and is self enforcing. The exception to this is the cash economy, which will grow as it has in other jurisdictions.
Hat in hand, begging. Shameful. Looks like the Chinese got an official residence for the chief in the Bahamas before Perry. This will not end well for the Bahamas.
I would have to agree with Mr.Rolle ( but not Mr. E.J Bowe or his methods) it would appear that Mr. Mortimer or other Ownership/Management at Galleria either does not understand VAT, or are being disingenuous. Statements have been made that cannot go unchallenged. If costs have increased so be it, but it is incredibly foolhardy to choose the same date of VAT implementation to hike prices! When digging a hole for oneself, it is best to stop digging! Having said that, I'm sure there are many small businesses and maybe some not so small businesses that do not understand VAT. The Ministry of Finance aught to be out there helping, and being genuine in taking the time to educate those who do not understand VAT. I realize this is not the typical Government approach but it is essential given the state of business competency that is prevalent.
Higher taxation with limits on margins = fewer businesses, = more florida shopping = smaller Bahamian economy, = shrinkage of the tax base, = higher taxes on those left, higher prices, repeat process endlessly. seems we have to get to the dead end for the politicians to see the end.
If that txt to win is at the same cost as a regular txt, it could be considered a promotion, annoying as it is. I am led to believe it costs $0.50 so it is absolutely gambling! people are taking a chance and spending money to do so. Is there an accounting to the gaming board of how much money is received from these "promotions"? Is the payout a portion of revenue received? if so, what is the %? Is Cable Bahamas going to start doing this also? What a bunch of crap. If it is allowed, there should be a free opt out!
Vat is not going anywhere, and will soon enough be @ 18%. The national debt isn't going anywhere but up either. Hopefully the Government will stop wasting money and apply increased revenue to the National debt. Doubtful but if VAT does not work in raising revenue, income tax will. They need the insight into margins and profits to see how to configure income tax so even if failing in the revenue objective they get the data they need to move on to implement that. The IMF is driving this bus, has been for a few years, the pressure is on. Politicians when pressured do not pop like pimples, they burrow in deeper. It is a particular blindness they possess and embrace as they try to hold onto power, their singular objective.
A Spark of Speculation? With a few exceptions they are all political appointments! Always have been! Just like every other appointment every Prime Minister has made since independence! It is a farce,especially given the shoddy state of the Judicial system in the country. by the way, we did not adopt this system, we inherited it.
But I am confused, the Political class has taught the youth every trick in the dirty book, they have led by example, cultivated them in their own image, Are we not happy with this? Blame Elliston ? No, you may throw him under the bus, but the problem will still be stuck to you. It is your Legacy.
The_Oracle says...
The ultimate tax any consumer will (should) pay is 7.5% on retail. (or wholesale)
the Government collects it in portions of that along the way from each entity in the supply chain, as each entity "adds value". (markup)
A simple 7.5% sales tax would collect it only at the end retail sale.
VAT represents a first world tax system with first world accountability at each stage, and is self enforcing.
The exception to this is the cash economy, which will grow as it has in other jurisdictions.
On Gov’t agencies at odds on VAT
Posted 10 January 2015, 4:47 p.m. Suggest removal
The_Oracle says...
Not the first nor second time time they've tried this, although previous attempts failed.
Stupid is as Stupid does.
On Gov’t agencies at odds on VAT
Posted 9 January 2015, 2:18 p.m. Suggest removal
The_Oracle says...
Hat in hand, begging.
Shameful.
Looks like the Chinese got an official residence for the chief in the Bahamas before Perry.
This will not end well for the Bahamas.
On PM plans to ask China for funds
Posted 9 January 2015, 2:13 p.m. Suggest removal
The_Oracle says...
I would have to agree with Mr.Rolle ( but not Mr. E.J Bowe or his methods) it would appear that Mr. Mortimer or other Ownership/Management at Galleria either does not understand VAT, or are being disingenuous.
Statements have been made that cannot go unchallenged.
If costs have increased so be it, but it is incredibly foolhardy to choose the same date of VAT implementation to hike prices!
When digging a hole for oneself, it is best to stop digging!
Having said that, I'm sure there are many small businesses and maybe some not so small businesses that do not understand VAT.
The Ministry of Finance aught to be out there helping, and being genuine in taking the time to educate those who do not understand VAT.
I realize this is not the typical Government approach but it is essential given the state of business competency that is prevalent.
On Top official challenges Galleria’s ‘distortion’
Posted 8 January 2015, 9:25 p.m. Suggest removal
The_Oracle says...
Higher taxation with limits on margins = fewer businesses, = more florida shopping = smaller Bahamian economy, = shrinkage of the tax base, = higher taxes on those left, higher prices, repeat process endlessly.
seems we have to get to the dead end for the politicians to see the end.
On Auto dealers seek up to 15% pt margin rise
Posted 8 January 2015, 6:08 p.m. Suggest removal
The_Oracle says...
If that txt to win is at the same cost as a regular txt, it could be considered a promotion, annoying as it is.
I am led to believe it costs $0.50 so it is absolutely gambling!
people are taking a chance and spending money to do so.
Is there an accounting to the gaming board of how much money is received from these "promotions"?
Is the payout a portion of revenue received? if so, what is the %?
Is Cable Bahamas going to start doing this also?
What a bunch of crap.
If it is allowed, there should be a free opt out!
On BTC rejects leader's claim that text promotion is gambling
Posted 8 January 2015, 5:52 p.m. Suggest removal
The_Oracle says...
Vat is not going anywhere, and will soon enough be @ 18%.
The national debt isn't going anywhere but up either.
Hopefully the Government will stop wasting money and apply increased revenue to the National debt.
Doubtful but if VAT does not work in raising revenue, income tax will.
They need the insight into margins and profits to see how to configure income tax so even if failing in the revenue objective they get the data they need to move on to implement that.
The IMF is driving this bus, has been for a few years, the pressure is on.
Politicians when pressured do not pop like pimples, they burrow in deeper.
It is a particular blindness they possess and embrace as they try to hold onto power, their singular objective.
On Price Control ‘demonisers’ threaten to undermine VAT
Posted 8 January 2015, 5:14 p.m. Suggest removal
The_Oracle says...
Wrong approach:
Instead think of the 350 odd thousand reasons to demit office NOW!
On PM: I need a compelling reason to stay on to lead party
Posted 8 January 2015, 2:52 p.m. Suggest removal
The_Oracle says...
A Spark of Speculation?
With a few exceptions they are all political appointments!
Always have been!
Just like every other appointment every Prime Minister has made since independence!
It is a farce,especially given the shoddy state of the Judicial system in the country.
by the way, we did not adopt this system, we inherited it.
On Bar Association concerned over Cabinet members chosen as QCs
Posted 8 January 2015, 11:10 a.m. Suggest removal
The_Oracle says...
But I am confused, the Political class has taught the youth every trick in the dirty book,
they have led by example, cultivated them in their own image,
Are we not happy with this?
Blame Elliston ?
No, you may throw him under the bus, but the problem will still be stuck to you.
It is your Legacy.
On PM: Unwise to blame FNM for crime
Posted 8 January 2015, 8:33 a.m. Suggest removal