VAT is generally targeted at manufacturing where different segments of the market take an input and transform it to make it more valuable. What the govt did here as we have no large scale manufacturing sector was basically a money grab.
Wait, I just really read what you said, I hope you're being sarcastic when you say "*customs duty adds value to the product*".
When a "Value Added Tax" references *value*, it is **not** talking about the dollar "*cost*" of the item.
It is saying, when this thing left your hands it left **with more intrinsic value** to the customer than when it entered your hands. *Delivering* a product or inspecting a product adds nothing to the *value* of the product. But adding a finish to a natural wood table adds value to the table.
Crime in GB has been on the rise for some time now. More shootings, more drug related incidents, more human smuggling incidents. We should not conflate "good job" from the Commissioner on that island with "low" numbers when those numbers are clearly on the rise. We should be ringing the alarm bell and asking what is changing and how do we stop GB from becoming Nassau in 20 years... or less.
The pattern I see is that we allow things to happen as they happen then take credit for the great job we've done if the happenings are good (tourism numbers being a great example solely due to our proximity to the US. We cant even be bothered to clean up the mess of Arawak cay, potters cay and junkanoo beach, then we describe chaos and shantyization as expressions of "bahamian" culture).
If on the other hand the happenings are bad, then "everybody" needs to take responsibility. Look at every aspect of the economy, social life, physical infrastructure.... Nassau just "happens", nobody in charge
It's not bs as much as it's just not the right product at this time. When the universe limits in person interaction again, it'll be perfect... but then again, we have debit and credit cards...
The rate is meaningless without a comparison of what the rate is being charged against. We pay VAT on everything but the lowest valued food items and we pay VAT on customs duties, VAT on VAT and with JDL, we pay a further tax of 20cents per pound on every single air freight item.
They forgot the first rule in of marketing, "*understand your market*".
I said to someone ~5 years ago, "*cashless*" was wrongheaded. But every single "large" business was dashing to the finish line to announce, "*we're cashless!*". The central bank and govt were going as far as eliminating cheques and having all govt services x-Cash. Then they hit the roadblock. "*People*".
We are not Asia. If this were done there it would be a hit overnight... well have to account for the existing competition. Perhaps in 10-30 years this will be perfect... i.e., essentially another market.
As one lady in the know told the govt's digital transformation project manager at the IDB digital conference in 2019(?), ~"*we're going digital but people can't read. We're going to need to train first*". The project manager was **ticked off**, but... she was right.
A huge sign should have been the dropoff in adoption post covid. covid was the perfect opportunity to show everyone how much better this method was. Persons on NIB assistance, in the thousands, were forced to accept digital payments.
I find govt senior executives "*listen with their eyes*", heard that another conference, from another woman in tech.
ThisIsOurs says...
They forgot to mention that it was his fellow police officers who fell on him.
On Officer injured during House mace throwing incident still recovering
Posted 20 January 2025, 10:26 a.m. Suggest removal
ThisIsOurs says...
VAT is generally targeted at manufacturing where different segments of the market take an input and transform it to make it more valuable. What the govt did here as we have no large scale manufacturing sector was basically a money grab.
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 20 January 2025, 9:38 a.m. Suggest removal
ThisIsOurs says...
Wait, I just really read what you said, I hope you're being sarcastic when you say "*customs duty adds value to the product*".
When a "Value Added Tax" references *value*, it is **not** talking about the dollar "*cost*" of the item.
It is saying, when this thing left your hands it left **with more intrinsic value** to the customer than when it entered your hands. *Delivering* a product or inspecting a product adds nothing to the *value* of the product. But adding a finish to a natural wood table adds value to the table.
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 20 January 2025, 8:36 a.m. Suggest removal
ThisIsOurs says...
-
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 20 January 2025, 8:35 a.m. Suggest removal
ThisIsOurs says...
Crime in GB has been on the rise for some time now. More shootings, more drug related incidents, more human smuggling incidents. We should not conflate "good job" from the Commissioner on that island with "low" numbers when those numbers are clearly on the rise. We should be ringing the alarm bell and asking what is changing and how do we stop GB from becoming Nassau in 20 years... or less.
The pattern I see is that we allow things to happen as they happen then take credit for the great job we've done if the happenings are good (tourism numbers being a great example solely due to our proximity to the US. We cant even be bothered to clean up the mess of Arawak cay, potters cay and junkanoo beach, then we describe chaos and shantyization as expressions of "bahamian" culture).
If on the other hand the happenings are bad, then "everybody" needs to take responsibility. Look at every aspect of the economy, social life, physical infrastructure.... Nassau just "happens", nobody in charge
On Carlos Reid calls for collective responsibility in crime fight
Posted 20 January 2025, 6:47 a.m. Suggest removal
ThisIsOurs says...
My point is saying the "rate" is lower gives no information. It's what the rate is applied against that's critical
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 19 January 2025, 4:27 p.m. Suggest removal
ThisIsOurs says...
It's not bs as much as it's just not the right product at this time. When the universe limits in person interaction again, it'll be perfect... but then again, we have debit and credit cards...
On Bahamas ‘going in reverse’ through 20% cash increase
Posted 19 January 2025, 6:49 a.m. Suggest removal
ThisIsOurs says...
"*A higher rate of VAT*"
The rate is meaningless without a comparison of what the rate is being charged against. We pay VAT on everything but the lowest valued food items and we pay VAT on customs duties, VAT on VAT and with JDL, we pay a further tax of 20cents per pound on every single air freight item.
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 19 January 2025, 6:45 a.m. Suggest removal
ThisIsOurs says...
"*despite a taxation system that has “the lowest rates in the Caribbean”*
The "***rate***" is lower but do we really pay less?
Do other caribbean countries compound VAT by charging VAT on VAT and customs duties?
Do other Caribbean countries pay VAT on high valued items like fuel, education, insurance, financial services, property?
Those are the comparisons to be made, not the "*rate*". 17% of 700 and 10% of 7000 are two drastically different fees.
On Gov’t ‘wipes away hundreds of millions in property tax arrears’
Posted 19 January 2025, 6:38 a.m. Suggest removal
ThisIsOurs says...
They forgot the first rule in of marketing, "*understand your market*".
I said to someone ~5 years ago, "*cashless*" was wrongheaded. But every single "large" business was dashing to the finish line to announce, "*we're cashless!*". The central bank and govt were going as far as eliminating cheques and having all govt services x-Cash. Then they hit the roadblock. "*People*".
We are not Asia. If this were done there it would be a hit overnight... well have to account for the existing competition. Perhaps in 10-30 years this will be perfect... i.e., essentially another market.
As one lady in the know told the govt's digital transformation project manager at the IDB digital conference in 2019(?), ~"*we're going digital but people can't read. We're going to need to train first*". The project manager was **ticked off**, but... she was right.
A huge sign should have been the dropoff in adoption post covid. covid was the perfect opportunity to show everyone how much better this method was. Persons on NIB assistance, in the thousands, were forced to accept digital payments.
I find govt senior executives "*listen with their eyes*", heard that another conference, from another woman in tech.
On Bahamas ‘going in reverse’ through 20% cash increase
Posted 18 January 2025, 1:22 p.m. Suggest removal