If it wasn't for the second-home vacation rental market the tourism economies of Eleuthera and SW would have collapsed years ago. There's no viable hotel properties on Eleuthera and hasn't been for years! Most of those homeowners make a small profit after expenses on their vacation rentals each year that allow them to recoup the expense of building or buying. There are a few that do make some very large profits annually but most not. Granted the rental income doesn't come directly into the country but eventually alot of it does through the homeowner paying utilities,maids,caretakers,plumbers,gardeners,electricians etc., as well as paying property tax. And don't forget the renters do spend money in the country by renting cars, groceries in local food stores,liquor in local liquor stores, going to clubs,bars,restuarants.
This isn't really an AirBnb issue...this whole vacation rental home thing has been brewing for at least 15 years, long before Airbnb existed. The first time I heard about the issue was from a small-hotel owner on a family island back in 2002. AirBnb is being involved now because its low-hanging fruit and AirBnb has experience dealing with this kind of tax-issue from other jurisdictions in Europe and North America. One has to assume that once the government has tthe AirBnb tax in place that they will then go after the VRBO/Homeaway crowd and then the self-promoters who just do direct bookings.
Getting away with what exactly? Your comment implies they have been doing something wrong or illegal or avoiding something. Lets be clear, the only thing that saved the tourism product on Eleuthera these past 20 years was the vacation home rental market. If it hadn't been for that the economy in Eleuthera would have crashed years ago. Should the second home owners who are renting their homes out in the vacation rental market pay some sort of VAT or a type of room-tax? Definately..they are running a business. But claiming they have been "getting away with something" is out of order, inaccurate and dis-honest.
Eliminate Duty,Stamp Tax and Vat on fresh, frozen fruit and vegetables, dried pulses,rice, milk,cheese, beef and medical supplies. Increase Vat to 10% on everything else but get rid of all customs duties,stamp taxes and environmental levies on all imports.
Exactly Dillytree...nobody is complaining about having to buy a license...they just need to make it as simple as possible. As you said...the biggest threat to the bonefishing industry is Bahamians netting bonefish....notice Prescott Smith never addresses that issue.
becks says...
Right..like electronic banking is so problem free and our Bahamian internet services are so reliable. SMT!
On Armed trio hunted after safe snatch
Posted 30 August 2017, 8:33 a.m. Suggest removal
becks says...
If it wasn't for the second-home vacation rental market the tourism economies of Eleuthera and SW would have collapsed years ago. There's no viable hotel properties on Eleuthera and hasn't been for years! Most of those homeowners make a small profit after expenses on their vacation rentals each year that allow them to recoup the expense of building or buying. There are a few that do make some very large profits annually but most not. Granted the rental income doesn't come directly into the country but eventually alot of it does through the homeowner paying utilities,maids,caretakers,plumbers,gardeners,electricians etc., as well as paying property tax. And don't forget the renters do spend money in the country by renting cars, groceries in local food stores,liquor in local liquor stores, going to clubs,bars,restuarants.
On Vacation rentals ‘explosion’ threat to hotel business
Posted 22 August 2017, 11:12 p.m. Suggest removal
becks says...
Have these people never heard of condoms? The pill? IUDs?
On Sacked BAIC staff: We thought our roles were permanent
Posted 17 August 2017, 3:32 p.m. Suggest removal
becks says...
This isn't really an AirBnb issue...this whole vacation rental home thing has been brewing for at least 15 years, long before Airbnb existed. The first time I heard about the issue was from a small-hotel owner on a family island back in 2002. AirBnb is being involved now because its low-hanging fruit and AirBnb has experience dealing with this kind of tax-issue from other jurisdictions in Europe and North America. One has to assume that once the government has tthe AirBnb tax in place that they will then go after the VRBO/Homeaway crowd and then the self-promoters who just do direct bookings.
On Taxation to hit vacation home rental sector
Posted 12 August 2017, 12:38 p.m. Suggest removal
becks says...
Getting away with what exactly? Your comment implies they have been doing something wrong or illegal or avoiding something. Lets be clear, the only thing that saved the tourism product on Eleuthera these past 20 years was the vacation home rental market. If it hadn't been for that the economy in Eleuthera would have crashed years ago. Should the second home owners who are renting their homes out in the vacation rental market pay some sort of VAT or a type of room-tax? Definately..they are running a business. But claiming they have been "getting away with something" is out of order, inaccurate and dis-honest.
On Taxation to hit vacation home rental sector
Posted 11 August 2017, 11:04 a.m. Suggest removal
becks says...
Eliminate Duty,Stamp Tax and Vat on fresh, frozen fruit and vegetables, dried pulses,rice, milk,cheese, beef and medical supplies. Increase Vat to 10% on everything else but get rid of all customs duties,stamp taxes and environmental levies on all imports.
On Plans to reduce, not repeal VAT on common goods
Posted 26 May 2017, 10:35 a.m. Suggest removal
becks says...
Does that really matter?
On Peter Nygard guilty of contempt and fined $50,000 in illegal dredging case
Posted 7 March 2017, 3:01 p.m. Suggest removal
becks says...
Sheeprunner12......The aircraft is owned by a Delaware corporation called
"Strong Tower Services LLC Trustee"
On Drugs and money found on plane in Abaco
Posted 27 February 2017, 9:48 a.m. Suggest removal
becks says...
Exactly Dillytree...nobody is complaining about having to buy a license...they just need to make it as simple as possible. As you said...the biggest threat to the bonefishing industry is Bahamians netting bonefish....notice Prescott Smith never addresses that issue.
On Fly fishing chief slams ‘absolute foolishness’
Posted 17 January 2017, 11:01 a.m. Suggest removal
becks says...
Observer2.....Please explain. Your comment makes no sense at all.
On Developer urges: Don’t ‘destabilise’ residency market via $1m mark
Posted 19 December 2016, 3:37 p.m. Suggest removal