What is the company you sell infant formula for??... i say that becasue they had an issue in latin america about ten years ago where the cheap baby formula was killing infants!
for what ever reason, but i hope that your company is up to standard.." i know you ga say yes"...

but anyways, the Basin initiative is a good reason why we can depend on tourism, becasue americans get tax free exemptions hence they can travel...but in the case of importation of goods the Basin initiative will work better if it maintains is multilateral avenues, meaning that it affords the same but variated differences to member countries..THAT helps trade alot better than free trade and markets!

but again ANYWAYS, income tax alleviates the pressure off of import duties placed by govt to a small extent, but coupled with diversifying our GDP we can considerably reduce import taxes...for all the right reasons.
Income tax stimulates enconomies, becasue govt has a set amount of money to play with so to speak that is varitably fixed based on the amount of the working and higher class individuals....and i say that becasue people can stop traveling if they have no money, and then where would we be?
If bahamians stopped travelling to Miami, we would see a considerable drop in our economy because people depend on travel moreoften than not!

We can secure ourselves, by diversifying National Insurance to compliment income taxes brackets,begin to reduce tarriffs becasue of the new public subsidie and begin other movements that help keep money in the pockets of Bahamian people and help put items into small entrepenuerial ventures, to sell at cheaper prices that helps to regulate the spending habits of our people..along with producing jobs for smaller income people!

my philosophy is...A little bit now...saves us a lot later!!!
:)
btw...we have not taken full advantage of the Rum and liquor aspect of the Basin initiative that more than readily is an available avenue to make some real money!

mikki, people are saying there needs to be tax reform. yes we know shipping and all that other business add ins is expensive. but if the tax system was reformed and then import taxes went down then items would cost less even if nonvalue add ins stayed the same. the gov really wants bahamians to believe thats not the reason for high prices but it is. all i know is there is and are better ways of dealing with this issue and the bahamain government can help out bahamian consumers. unfortunatly the gov doesnt see an issue. also i would like to add becuase of the high prices the gov black balls bahamian business becuase people go to the statws for cheaper prices, leaving bahamian business especially small business out in the cold.

And there are countries that have those taxes and more. I feel that if we changed out tax structure here we would, in time, have all kinds of taxes.


Why not? If we are talking about gas. Besides, a rich person pays more. A Rolls Royce uses more gas that a Nissan!


The reason they are behind gates is to keep the "poor Bahamians" from stealing everything that is not nailed down. :)


truth seeker, cg is correct. really in terms of income tax lets say everyone had to pay 10% on their earnings; a rich person will always pay more than a poor person even though they are paying the same percentage rate. i dont think it would be fair to say people making over this much must pay 2% while people over this much must pay 15%. in terms of the gated communities do you really believe rich, important, and VIP people move there for any other reason than to be protected from hoodlums and to keep the undesirables from moving next door? sure there are other reasons on the list but that is the main reason.

You're right. The Government can put more money into social programs.

*Sighs*

I can't help thinking its still "robbing Peter to pay Paul". That's judging from how the Bahamas government has mishandled sources of income before. The Bahamian government has borrowed lots of money for social development and have gotten nowhere, only leaving the country in debt. So we're putting more money in their hands to make things even worse. I'm sorry, I don't have that kind of faith in Bahamian politicians. And it doesn't seem to change anything, subsidizing small businesses to sell cheaper also means that they will pay their employees less also meaning that employees bring home less pay to pay for things that are still high priced. Maybe I'm just not getting it and I'm a CPA.

Business tax, now that is another story. Taxes on transactions over a certain amount, that makes sense to me.

My company:

We're a convenience store chain, we resell prepackaged items.

Did you ever regret it? I have a friend who lives there that I have been trying to get to move to the U.S. for several years now. He says he could never make it in the U.S. but in Nassau, he's working two jobs, getting paid once a month and supporting 2 young children. When I send the children clothes, he can't believe how little I pay for such nice things. I guess I understand that the way he lives is the only way he knows, but there are better opportunities out there.


i know many bahamians like this. well all i can say is people should do what they feel comfortable with. also as you said it is the only life they know ie work hard, fly to the states, buy up a bunch of stuff, and drag it back with you. i looked at that lifestyle and said to myself: "i dont wanna live like that" but if it works for others, more power to them. i never regreted moving to the states, even though i really didnt have a choice in the matter becuase it happened when i was young, but i am glad it happened. also i would like to point out it isnt so easy to just say hey i movin to the states, at least legally. i have tried to get into the mind of several bahamians who think like this and i think the reason they are not more aggresive in trying to get a better life for them and their kids is:

-things are not so bad in the bahamas
-they enjoy access to the US and its low prices only few foriegn citizens
enjoy ie. canada
-they will feel as though they are running away from the bahamas
-they dont wanna deal with INS and becoming a immigrant
-the bahamas is their home and despite its little pitfalls thats where they are most comfortable.

whatever the reason at the end of the day if they are happy, who am i to say: "hey come over this way."

I regret moving to the US. I hate it. I grew up in Turks & Caicos Islands with my grandmother on the beach. She farmed.

Living in the US, I've become too materialistic. Because of the fast paced lifestyle I have no vacation, I can't spend time with my kids, can't keep a relationship, and I can't stay healthy. Americans don't seem to celebrate life, they indulge but they don't celebrate. They fulfill their cravings instead of seeking happiness. So I can't take it. My plan right now is to basically work for another 4-5 years then retire before 36. That way I can move back to the Bahamas and become a fisherman or farmer or something less stressing. And I'll still have retirement money so I can live comfortably and I can give my children a decent future.

I'm already looking at houses on the beach in Exuma that I can buy now and then rent out to tourists, that way the generated income will pay for the house but I'll still build up equity.

You're right. The Government can put more money into social programs.

*Sighs*

I can't help thinking its still "robbing Peter to pay Paul". That's judging from how the Bahamas government has mishandled sources of income before. The Bahamian government has borrowed lots of money for social development and have gotten nowhere, only leaving the country in debt. So we're putting more money in their hands to make things even worse. I'm sorry, I don't have that kind of faith in Bahamian politicians. And it doesn't seem to change anything, subsidizing small businesses to sell cheaper also means that they will pay their employees less also meaning that employees bring home less pay to pay for things that are still high priced. Maybe I'm just not getting it and I'm a CPA.

Business tax, now that is another story. Taxes on transactions over a certain amount, that makes sense to me.

My company:

We're a convenience store chain, we resell prepackaged items.



well i dont have faith in the typical politician of which ever nationality, one who makes promises they cant or dont intend to keep. dont get me started on social programmes. i think the bahmain gov has to do a better job in that department, especially college education and food prorgrames. social programs can be a double edge sword, many are abused, but i think if things were run right and there were strict rules that were followed alot of the scammers could be left out in the cold. i think your under the impression that reforming the tax situation will give the gov more money, thats just it, they will probably get a little more(little means millions more). even if it did give the gov an exubriant amount of money to abuse, i dont think it would matter at least it would be easier on the bahamian consumer to pay them and i dont think they would notice eg:

a person buys a car from miami for 15,000.00 when that car gets to nassau that person has to come up with between 30-50 percent of the cars retail value, why? becuase there is no property tax on the car after it leaves the dock. even though vehicle property tax is based on the value of the car, hypotheticaly if the system was reformed to where that person had to pay say 50.00 anually for the car, then the import charge could be as low as 10% hence allivating alot of stress on the consumers pockets; it is easier to pay 50 a year versus up to $7,000.00 at one time and when the person sells the car they will have to pay tax on the amount they sold it for. i know your saying well 50.00 a year dont sound like much but when you total the amount of boats, cars, trucks, buses, motorcycles, and jet skies registered in the bahamas thats a lot of money a year especially if the tax will be based off of the vehicles value. also dont forget about the milllion dollar yachts and cruise ships registered in the bahamas as well.

the same can be said for retail stores, they collect the tax from the consumers and give it to the gov. even if the reform cuased business to pay less guess what things should cost less any way. right now i dont know how people making 175.00 a week make it in the bahamas with a gallon of O.J costing almost 5 dollars, gas almost 4 dollars a gallon. have yall ever went in to a video game store in nassau? one video game can cost between 90.00 to 115.00 dollars. when i was last there i went to the juke box and one original DVD movie cost 40.00 dollars, i seriously almost passed out, so i dont blame people for buying bootleg. anyway something needs to be done about that, if only to get the price of food down. video games and DVD are not important but good food should not be almost un affordable to poor people.

I regret moving to the US. I hate it. I grew up in Turks & Caicos Islands with my grandmother on the beach. She farmed.

Living in the US, I've become too materialistic. Because of the fast paced lifestyle I have no vacation, I can't spend time with my kids, can't keep a relationship, and I can't stay healthy. Americans don't seem to celebrate life, they indulge but they don't celebrate. They fulfill their cravings instead of seeking happiness. So I can't take it. My plan right now is to basically work for another 4-5 years then retire before 36. That way I can move back to the Bahamas and become a fisherman or farmer or something less stressing. And I'll still have retirement money so I can live comfortably and I can give my children a decent future.

I'm already looking at houses on the beach in Exuma that I can buy now and then rent out to tourists, that way the generated income will pay for the house but I'll still build up equity.


very smart idea. i was just thinking the other day do we really need all this stuff we bend over backwards trying to get. flashy tv's, cars, satellite, leather couches etc. unfortunatly that american materlistic mentality you talked about doesnt only exist there it is in every developed society and in the bahamas, especially Nassau. people pretty much kill themselves to be seen in the lateset this and that, people have been killed just to have their latest this and that taken away. i think life is just what you make it regardless of where you made it.

p.s- i hope you do get to move to exuma. i cant wait to visit one of those islands man. there is a place called February Point in the Exumas me and my friends dream of going to someday. nassau is becoming more and more a city everytime i go, i am looking for that golf cart cruising island lifestyle. only for a weekend though, cuase i am a city boy.

You're right. The Government can put more money into social programs.

*Sighs*
The Bahamian peopl have to put more emphasis on social programs..and get more involved in civic activity. Its one thing to put money into that kind of system, but if no one is there to spend the money, then what good would it do!
stimulating interest has very little to do with money, and more to do with creating an enviornment that people get active in social programs..money plays a small part, but, getting all participants involved is a bettermore effective way.

I can't help thinking its still "robbing Peter to pay Paul". That's judging from how the Bahamas government has mishandled sources of income before. The Bahamian government has borrowed lots of money for social development and have gotten nowhere, only leaving the country in debt.
Becasue the Bahamian public has not "collectively" cared what happnes in their social enviornment (we are so consumed with Bay Street Politics), and in most thrid world countries what people care about the bottom line..and quite frankly, we arent that poor where the bottom line is all we need to be concerned about, putting food on the table in the Bahamas is not the same as the average worker in Latin America or Asia putting food on the table..Bahamians need to occupy their time with things that create civic responsibility..and creating that interest has to come from the leadership!

So we're putting more money in their hands to make things even worse. I'm sorry, I don't have that kind of faith in Bahamian politicians.
Sorry to hear that "Turks Islander"....i happen to have faith in our people and our system.

And it doesn't seem to change anything, subsidizing small businesses to sell cheaper also means that they will pay their employees less also meaning that employees bring home less pay to pay for things that are still high priced. Maybe I'm just not getting it and I'm a CPA.
We arent subsidizing small businesses..where did that come from....
putting money back into the pockets or keeping money into the pockets of Bahamians in the sense i mean has nothing to do with subsidies!!
Creating a safe atmosphere for Bahamians to sell cheaper by lowering trade taxes, and by taking the pressure off of import taxes by implementing a "kitty" of Bahamian resources by Bahamian people to fund civic and other aspects of our country. Small Business owners can grow more effectively, they can bring more in, and they can diversify their business, sell cheaper and doesnt take that extra dollar out of the Bahamian persons pocket that in turn goes to Miami or The states for a lower volume of goods.

Business tax, now that is another story. Taxes on transactions over a certain amount, that makes sense to me.
There is a tax of that nature in terms of realty...i am not sure of any other, but we have bussiness taxes in form of licensing and IMPORT TAXES!!! :sparky: ..If we change the tax to put more bussinessmen in the hole...PRICES WILL SKY ROCKET!!! :mad:
Give a Bahamian Businessman a reason to raise prices, and he will..give him reason to lower his prices and he will lower if only to compete!

My company:
We're a convenience store chain, we resell prepackaged items.

i thought it was baby formula??
anyways....how is business?? Local and International!

The bottom line is..."The best economy, is the economy where the people have more of their own money to spend."

BahmaBoy:

Okay. Not to be nitpicky, but the example you gave simply sounds like deferred property taxes. Not implementing income tax. Deferred taxation always makes sense.

well mikki, i was just giving an example of one of the ways how things can be made more afordable to bahamians consumers. i am all for all the forms of taxes. property, income, royalty etc you name it. becuase the more money the gov can raise off of these taxes the less they will depend on the import taxes and since over 90% of everything is imported, consumer life will definatly improve. i wont pretend to know the right answer or formula to this but i know one thing the way it is now it is not right. poor people have to eat cup a noodles, mac and cheese etc. basicly everyday (which is some of the cheapest stuff in the stores but i find them still expensive compared to USA prices) becuase they cant afford to cook a good healthy meal. a nation can not survive on a bunch of weak and hungry people. so if it is one thing i would like to see changed is the price of food.

With that, there is a tax free system in place for electronic equipment!
Which reminds me, that the last time i came in to nassau a lady was being charged for her computer items by a knowingly or un-knowingly by a customs officer.
so unless the rule has changed, you can import electronics into the Bahamas free od tarriff from the U.S..

We have to look into these types of things...
Uh Only computers are duty free,BUT if you have to buy a part for it,say a motherboard etc. it is still 35% customs duty.Which to me is totally foolish & the same thing goes for a printer. :dgi:

forget the PC we need food duty free

Amen to that.

I just found this thread, and it's much more interesting than I expected. Kudos to all.

Uh Only computers are duty free,BUT if you have to buy a part for it,say a motherboard etc. it is still 35% customs duty.Which to me is totally foolish & the same thing goes for a printer. :dgi:


As i know..."lookingnow at a tarriff book", any cpu equipment is duty free!
Electronics like t.v. and stereo you have to pay the 35%, but the rule hasnt changed either!
Any CPU related equipment is duty free, printer included! :cheers:

if someone tells you other wise, take it to the highest of the area....cause if they change rules like that, it has to be documented and it has to be placed in newspapers and in the terminal!