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Deloitte & Touche
Business & Corporate Consultants,Accountants- 2nd Terr West Centreville
- Nassau
- Nassau / Paradise Island, Bahamas
Deloitte & Touche
Business & Corporate Consultants,Accountants- East Sunrise Highway and Beach Drive
- Freeport
- Grand Bahama, Bahamas
Deloitte: Little internal impact from FATCA
The Foreign Account Tax Compliance Act (FATCA) could have a minimal impact on internal operations at leading financial institutions, according a leading accounting firm. Lawrence Lewis, a partner at Deloitte & Touche, noted that FATCA would have "very little direct impact on our internal operations".
Sports Notices
Bowling
Tyrone Knowles of the Fidelity Bulldogs led all scorers in the City Bowling League Wednesday night with a 214 high game and 576 high set. Lavardo Butler also of the Fidelity Bulldogs had a strong performance as well, with a 567 three game set. Sammy Symonette of the Coca-Cola Strike Force team toppled the pins for the second high game of the night, scoring 212. The ladies were led by 'red hot' Uchena Delva of Deloitte & Touche who destroyed the pins for a 213 high game and a 559 three game set that also registered as the ladies second high set of the season. Patrina Cartwright was the runner-up player of the evening with a 485 set while Monique Miller of Coca-Cola toppled the pins for a 212 second high game.
Team Scores:
Coca-Cola Strike Force 2, BAF Financial 1
Fidelity Bulldogs 2, Sunshine Insurance Shockers 1
Leno Corporate Services 2, Deloitte & Touche 1
Forsythe Communications 2, Budweiser Strikers 1
Baseball
The Bahamas Baseball Federation (BBF) continues the celebration of its 10th anniversary with the highlighting of a decade of successful accomplishments. The BBF Patron for 2012 is the legendary Ed Armbrister - a member of the two-time World Series Champions - the Cincinnati Reds. Armbrister has been the guest of the BBF at the first three membership league openings in January. The 2012 baseball season openings will continue this weekend with the opening of the Grand Bahama Little League. The opening ceremony for the Legacy Baseball League, in Grand Bahama, will be held on February 4, the grand opening for the All Abaco Baseball League will be held on February 11, and the opening ceremony for the Eleuthera Baseball League will be held on February 18.
Boxing
Bahamian Super Featherweight Champion now knows who his opponent will be for the first segment of a 'King of the Ring' series being staged by Major Promotions and Entertainment. Major will step into the ring on February 4 at the Kendal G.L. Isaacs National Gymnasium against Haitian boxer Jean Petite Homme. Major said that he is ready for the challenge and is looking forward to representing the Bahamian people well. "I'm just thankful to the Almighty God for giving me this opportunity, and to everyone who has supported me over the years," he said. The official weigh-in for the fight will be held Friday February 3, at Mario's Bowling and Family Entertainment Palace.
Major 'mindset' change coming for local firms
Bahamian businessmen will have to undergo a fundamental "mindset" change when this nation accedes to full World Trade Organisation (WTO) membership, this nation's chief negotiator believes, investigating new opportunities and learning the rules themselves rather than relying on the Government to do it for them.
Such a 'culture shock' will be many of the major adjustments for the Bahamian private sector, Raymond Winder, the Deloitte & Touche (Bahamas) managing partner, told Tribune Business, pointing out that by joining the WTO and signing on to other trade agreements, such as the Economic Partnership Agreement (EPA), this natio ...
WIDER FATCA NET TO HAVE 'GREATER IMPACT'
By NEIL HARTNELL
Tribune Business Editor
NO SINGLE foreign law is likely to impact the Bahamian financial services industry more than the US Foreign Account Tax Compliance Act (FATCA), a well-known accountant telling Tribune Business yesterday its effects would be "the same or greater" than previous international efforts.
Lawrence Lewis, a partner at Deloitte & Touche (Bahamas), said that while the likes of the US Qualified Intermediary (QI) initiative, and OECD/FATF efforts, had tended to focus on one particular aspect of the financial services industry, Washington's FATCA initiative would touch multiple areas simultaneously.
"In order of magnitude, I would say it is t ...
US act to 'flip the model' for Bahamas
By NEIL HARTNELL
Tribune Business Editor
THE impending US Foreign Account Tax Compliance Act (FATCA) will create a level playing field that might "flip the model" for many Bahamian financial institutions' attitudes towards US clients, a well-known accountant told Tribune Business in a recent interview.
Lawrence Lewis, a partner at Deloitte & Touche (Bahamas), said FATCA's full implementation from 2014 onwards would likely require compliance from financial institutions throughout the world, placing the Bahamas on a level footing with other countries in terms of being able to pitch for tax-compliant US clients again.
Mr Lewis explained that many Bahamas-based financials s ...
Winder calls for universal accounting
A top accountant is questioning why small businesses with less than $50,000 in gross sales should be exempt from proper record keeping, arguing it stunts the growth of business and promotes bad practices.
Raymond Winder, the managing partner at Deloitte & Touche (Bahamas), said the exemption is being seen with a measure of "concern".
For starters, he told Guardian Business that the exemption itself makes it difficult for the government to even know if a firm did not exceed the $50,000 mark.
"In my view, any organization that is licensed by the government should keep some books on record. By doing that, it serves as a basis to understand what they are doing to further improve their business," he argued.
"And if you're not tracking your business, how do you move from a small business to a big one?"
The question is timely, as the government pushes forward on a revised Business License Act that enforces better record keeping.
According to Ryan Pinder, the minister of financial services, the purpose of the new legislation is to come more in line with the Organization of Economic Cooperation and Development (OECD) to ensure compliance.
Pinder, who is also the minister for manufacturing and trade, said he actually agrees with Winder.
"I think he is right. However, the culture we are at, especially with small companies in the economy that are cash based, the culture is they don't keep proper records," he explained. "We didn't want it to be a barrier to certain businesses so in the companies act, we modeled it after the Business License Act threshold. But that is not to say we don't encourage best practices."
The minister said the legislation is really not intended for these small businesses.
"The ambition is always for them to grow to medium or big businesses," he added. "If you are seeking capital you'll need to present these types of records."
In The Bahamas, businesses with under $50,000 in turnover are only required to pay a nominal fee for their license. For his part, Winder told Guardian Business that the lack of standards for smaller businesses only prevents growth and fails to encourage them to take positive steps.
There are also other instances where record keeping becomes useful, such as the recent Road Works Relief Plan debacle.
Following the disastrous project in New Providence, whereby hundreds of businesses lost money or shut down entirely, entrepreneurs have been unable to prove their losses.
"Records are always important," he said. "One of the fundamental infrastructures to be in place as we move towards taxation is record keeping. Poor record keeping leads to poor decisions on how to tax and who not to tax. Poor record keeping also leads to the inability to truly make people accountable."
BROKER CLIENTS WANT RIGHT TO SUE FOR 25M
By NEIL HARTNELL
Tribune Business Editor
CLIENTS of a failed Bahamian broker/dealer are seeking a Supreme Court order that would assign them the right to sue those deemed responsible for their collective $24.5 million loss, fearing they may lose forever any prospect of recovering this sum.
Two separate clients have filed documents before the court requesting that Caledonia Corporate Management's court-supervised liquidator, Deloitte & Touche (Bahamas) partner Anthony Kikivarakis, assign to them the rights to pursue legal action against the broker/dealer's Canadian correspondent, Jitney, plus the four persons deemed responsible for the $24.5 million loss.
Mr Kikivarakis is curre ...
Fears of no economic recovery until 2012
By NEIL HARTNELL
Tribune Business Editor
Bahamian economic recovery will not happen until 2012 unless foreign direct investment (FDI) rapidly rebounds to levels seen two to three years ago, a senior accountant told Tribune Business yesterday, as fears intensified that a rebound - and reduced unemployment - may not occur next year.
Describing foreign direct investment as "the only thing that could create a real stimulus today" for the Bahamian economy, Raymond Winder, managing partner at Deloitte & Touche (Bahamas), said: "When you look at the performance of the US economy, and the performance of our economy, if those numbers do not begin to turn around - spending, income, mor ...
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