FML Group of Companies CEO Craig Flowers said yesterday his long-time dream for the regulation of the web shop industry is drawing closer and commended the government for moving ahead with the plan.
Flowers was contacted for comment after Tourism Minister Obie Wilchcombe, who has responsibility for gaming, revealed on Monday that the amended Gaming Bill would be tabled in the House of Assembly next Wednesday.
While Flowers did not want to comment specifically on the matter, as he did not want to pre-empt the bill or the web shop regulations, he said he welcomes the news.
"It is something I have fought for from the day I walked in the door and today I see it growing nearer to reality," he said.
"A good part of my dreams in the industry is coming to fruition."
Flowers said while he has personal feelings on the time it has taken to get to this point, he commends the government for its fortitude.
"I have a great deal of appreciation for Minister Obie Wilchcombe and [Attorney General] Allyson Maynard-Gibson who are now doing the final cleaning up of the matter," he said.
"I think those two need to be recognized and commended because [web shops] have been here among us for decades and we've turned a blind eye to it (the sector)."
Wilchcombe recently began his public push for the industry to be regularized.
During his mid-year budget statement in the House of Assembly in March, he said,"We're not going to kick this down the road any [farther]".
"We had the referendum and we accepted the referendum and the opinion being given by the Bahamian people," Wilchcombe said.
"But truth be told, Mr. Speaker, that we have an issue that we have to deal with. We have an issue that has been out there a bit too long. The time for that is now over."
Wilchcombe said on Monday the government is making the final decisions on the web shop regulations.
The government is considering the rate of taxation for web shops, the number of web shop licenses that will be approved and whether there will be a period of closure for web shops.
Wilchcombe said he recommended that web shops be made to close before the regularization period begins. However, he said he has faced some opposition to that.
"The web shop consultants are suggesting that it's not necessary," he said. "We're weighing it right now."
It is projected that the government will take in about $12 million in web shop taxes.

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