A leading accountant has stressed the proposed economic benefits of regularizing the country's web shop industry, arguing that it will "grow the economy immensely".
During an interview with NB12, HLB Galanis & Co. Managing Partner Philip Galanis welcomed the opportunities for investment and employment following the passage of the 2014 Gaming Bill, which will regulate and tax the country's web shops, stating that it would finally address a part of the country's informal economy.
"This is a very significant part of our economy. It's been a part of the informal economy for too long. A lot of people have been disenfranchised, and by passage of this legislation, what we now have is an opportunity for those persons to come into the formal economy.
"Nearly 4,000 persons who are employed no longer have to worry...whether they'll be allowed to put their money into the banking system, and they'll be part of the real Bahamas. I'm very pleased," stated Galanis.
He also addressed compliance concerns facing the industry and argued that the country's major web shop operators are, "fully cognizant" of the fact that they have to comply with the law," which will require an influx of compliance officials and other regulatory personnel.
"This is not a cosmetic thing; this is truly an industry that needs to be regulated, that needs to employ professionals who will ensure that they are compliant with the law.
"One of the things that I think we're likely to see coming out of this...is that they're going to need to employ accountants, attorneys, compliance officers, [and] human resources personnel.
"This is really going to, I think, grow the economy immensely and provide a lot of job opportunities," stated Galanis, adding that the possibility of making web shop shares available to public investors through initial public offerings (IPO) represented another opportunity for Bahamian entrepreneurs.
Galanis applauded the government's decision to pass the bill despite the results of the 2013 referendum, stating that there was "no question that the common good had been served".
"They took a very tough decision...in contravention of the referendum. Sometimes you have to differentiate between general will and the common good...and there's no question that the common good has been served in this," said Galanis.
Galanis' remarks echoed those made by Island Luck CEO Sebas Bastian and Minister of Financial Services Ryan Pinder, who both believed that the successful passage of the bill would lead to a surge in employment opportunities across the industry.
In addition to legalizing web shop gaming, the Gaming Bill retains a heavily criticized provision that prohibits Bahamians from gambling in casinos and foreigners from gambling in web shops. However, government officials have stressed that the bill also contains a provision that will allow the minister with responsibility for gaming to override that stipulation.

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