John, that's not quite how VAT works. For example, the cars that were already on the lot that you are referring to paid no VAT at the port, while the new ones that come in will have VAT paid at customs. The VAT of the final sale will deduct the amount paid at the customs, but in the end will result in the same amount having been paid.
$30,000 at customs x 7.5% = $2250 $40,000 final sale x 7.5% = $3000
With inventory from before VAT at customs, the dealer pays $3000 in VAT.
With new inventory, the dealer pays $2250 in VAT to bring in the car, and then ($3000-$2250=$750) $750 is paid on the sale once they do their deductions. $3000 of VAT was still paid for that car, just in two separate payments. The same amount overall as the already imported inventory.
VAT is a pass through tax, so taking credits on it just means that it has already been paid. It doesn't mean that the credit money just disappears.
This is somewhat simplified, as their are other deductions and so on, but in the end it adds up to the same amount.
We need to start educating that youth about sex. They need to know about birth control options and they need to be informed about consequences of unprotected sex. This should be done in schools and at home.
The ignorance and bigotry that you and others profess here is so sad. For someone who holds the Bible in such high regard, perhaps you should read the sections on acceptance, on loving thy neighbor, on not judging lest ye be judged, on not casting the first stone, on forgiveness.
John, you are so far off one most of what you said.
Dead, junk cars do in fact have a value. Go to any scrap yard in the US and they will pay you good money for your non working car. They do this because there are lots of recyclable items in cars that add up to quite a bit of money.
Cars do not have a 15-25 year lifespan. They generally last for about 200,00 miles, but that is in a nice warm climate with mild winters and no salt air. Cars here corrode way before 25 years. As well as the fact that maintenance costs rise as a car gets older.
There is no such definition as a 'wreck' in the US. If a car is in a accident, the insurance company decides whether it will cost more money to fix or to buy out the car from the person. They then chose the option that will cost the least. It doesn't matter how bad an accident is, if the car is repaired and meets the current safety standards, then it can get a licence and be driven.
It is not expensive to dispose of cars. In fact they are worth a lot of money. A totally junk car that is still intact will get about $200-$300 from a scrap yard in Canada or the US. The scrap yard then breaks it down into the different metals and sell them to refineries for a profit.
No one on any of our islands seems to be doing that. They just let them rust away instead. Someone should be making money on this.
Unions are not the problem. The problem is that workers do not posses the skills to do the jobs they are hired for or the jobs that are currently open. The unions certainly don't help, but they are working with an underskilled membership.
The public education system has failed and this failure has resulted in the majority of social problems that exist in the Bahamas today.
Revelations 21:8 doesn't actually mention anything about homosexuality. It says the sexually immoral. It's biggotry that associates that statement with homosexuality.
Carnival is not African culture. It's a Christian based celebration leading into Lent (although we chose to have it well after). It was developed in Europe and spread from there.
newcitizen says...
John, that's not quite how VAT works. For example, the cars that were already on the lot that you are referring to paid no VAT at the port, while the new ones that come in will have VAT paid at customs. The VAT of the final sale will deduct the amount paid at the customs, but in the end will result in the same amount having been paid.
$30,000 at customs x 7.5% = $2250
$40,000 final sale x 7.5% = $3000
With inventory from before VAT at customs, the dealer pays $3000 in VAT.
With new inventory, the dealer pays $2250 in VAT to bring in the car, and then ($3000-$2250=$750) $750 is paid on the sale once they do their deductions. $3000 of VAT was still paid for that car, just in two separate payments. The same amount overall as the already imported inventory.
VAT is a pass through tax, so taking credits on it just means that it has already been paid. It doesn't mean that the credit money just disappears.
This is somewhat simplified, as their are other deductions and so on, but in the end it adds up to the same amount.
On $2 billion Gov’t spend ‘doesn’t bode well’
Posted 4 June 2015, 11:36 a.m. Suggest removal
newcitizen says...
The funny part is that there is little to no piece of information in this country that would qualify as a matter of national security.
On Freedom of Information Bill does not fix flaws, says expert
Posted 2 June 2015, 3:44 p.m. Suggest removal
newcitizen says...
If that happened this place would be much better off. Leaving these corrupt politicians to run this place has nearly ruined it.
On Freedom of Information Bill does not fix flaws, says expert
Posted 2 June 2015, 3:42 p.m. Suggest removal
newcitizen says...
We need to start educating that youth about sex. They need to know about birth control options and they need to be informed about consequences of unprotected sex. This should be done in schools and at home.
On Turnquest: Budget will not help average Bahamians
Posted 2 June 2015, 11:38 a.m. Suggest removal
newcitizen says...
The ignorance and bigotry that you and others profess here is so sad. For someone who holds the Bible in such high regard, perhaps you should read the sections on acceptance, on loving thy neighbor, on not judging lest ye be judged, on not casting the first stone, on forgiveness.
On Ministry of Education says 'Don't play Charlie Charlie'
Posted 1 June 2015, 10:11 a.m. Suggest removal
newcitizen says...
John, you are so far off one most of what you said.
Dead, junk cars do in fact have a value. Go to any scrap yard in the US and they will pay you good money for your non working car. They do this because there are lots of recyclable items in cars that add up to quite a bit of money.
Cars do not have a 15-25 year lifespan. They generally last for about 200,00 miles, but that is in a nice warm climate with mild winters and no salt air. Cars here corrode way before 25 years. As well as the fact that maintenance costs rise as a car gets older.
There is no such definition as a 'wreck' in the US. If a car is in a accident, the insurance company decides whether it will cost more money to fix or to buy out the car from the person. They then chose the option that will cost the least. It doesn't matter how bad an accident is, if the car is repaired and meets the current safety standards, then it can get a licence and be driven.
On Duty rate on cars cut, but ban on vehicles over ten years old
Posted 29 May 2015, 11:32 a.m. Suggest removal
newcitizen says...
It is not expensive to dispose of cars. In fact they are worth a lot of money. A totally junk car that is still intact will get about $200-$300 from a scrap yard in Canada or the US. The scrap yard then breaks it down into the different metals and sell them to refineries for a profit.
No one on any of our islands seems to be doing that. They just let them rust away instead. Someone should be making money on this.
On Duty rate on cars cut, but ban on vehicles over ten years old
Posted 29 May 2015, 11:17 a.m. Suggest removal
newcitizen says...
Unions are not the problem. The problem is that workers do not posses the skills to do the jobs they are hired for or the jobs that are currently open. The unions certainly don't help, but they are working with an underskilled membership.
The public education system has failed and this failure has resulted in the majority of social problems that exist in the Bahamas today.
On Union leader calls for Productivity Council
Posted 22 May 2015, 3:17 p.m. Suggest removal
newcitizen says...
Revelations 21:8 doesn't actually mention anything about homosexuality. It says the sexually immoral. It's biggotry that associates that statement with homosexuality.
On Why does sexuality matter?
Posted 21 May 2015, 4:16 p.m. Suggest removal
newcitizen says...
Carnival is not African culture. It's a Christian based celebration leading into Lent (although we chose to have it well after). It was developed in Europe and spread from there.
On NICOLETTE BETHEL: Carnival was a success but we must build our culture
Posted 15 May 2015, 4:52 p.m. Suggest removal