Search results for : web shop
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Tourism Minister Obie Wilchcombe yesterday projected that the government could collect up to $40 million in web shop revenue in the first year of regularization and up to $25 million in the ensuing years.
During the budget process, the government projected it would generate approximately $12 million in web shop taxes. But Wilchcombe said when the taxes are added to other fees, "We will get more th...
RBC (Bahamas) is the latest local bank to go on record as not being permitted to do business with web shops, whether they are regulated or unregulated, claiming that these establishments' entire business model ensures they fall into a "high risk" category regardless of legal regulatory status.
Signaling yet further issues for the government's plans to regularize and tax the web shops, a position p...
THE government has extended the web shop industry's transition period until an unspecified date, Tourism Minister Obie Wilchcombe confirmed yesterday.
Chief Justice Sir Michael Barnette just lifted the order stopping police from arresting persons in web shops. The injunction that prevented law enforcement officers taking action against web shop gaming operators, was enforced shortly after the Bahamas voted against legalalising and taxing the industry.
With the debate intensifying on the introduction of value-added tax (VAT), Raymond Winder, managing partner at Deloitte and Touche, doesn't believe that form of taxation is "appropriate" for web shops.
"You have to remember that VAT ultimately goes to the consumer, so if you tax the web shops VAT, what they would do is pass it on to the players. That's not what you want," he said yesterday.
The Sir Lynden Pindling Foundation yesterday defended a decision to accept a luxury car from Island Luck web shop to raffle as part of its Legacy Ball, which will honor the memory of the late former Prime Minister Sir Lynden Pindling.
The Legacy Ball is a featured event listed on the 41st independence anniversary celebrations calender.
On Monday, Minister of Tourism Obie Wilchcombe, who has respon...
Attorney General Allyson Maynard-Gibson said yesterday she will update her Cabinet colleagues today about her recent meeting with representatives of the Financial Action Task Force (FATF).
Maynard-Gibson traveled to Paris on Sunday, June 29 at the request of the prime minister to discuss the government's plans to regularize the web shop industry.
She returned to The Bahamas on Sunday night.
Minister of Tourism Obie Wilchcombe maintained yesterday that web shops would be closed temporarily if the January 28 referendum passes, despite comments from 'Vote Yes' campaign spokeswoman Theresa Moxey-Ingraham to the contrary.
However, Wilchcombe said the government would work to make the period of closure as short as possible to minimize losses and interruption in business.
In December, Wilch...