The Association of Bahamas Marinas (ABM) is carrying out an impact analysis of the boating, yachting and marina industry in order to provide data that will help the public and private sectors improve policy and planning, ABM Executive Director Basil Smith said in a statement yesterday.
Smith lauded the government's move to create a revenue task force for the industry, and insisted that many opportunities exist for the government to extract more revenue from the sector.
"The Association of Bahamas Marinas extends congratulations to the prime minister and his government on the development of the much-needed maritime revenue task force," Smith said.
"The association is willing to cooperate with this initiative through communication, data sharing, and strategic partnerships.
"There are many opportunities in the maritime space for government revenue increase, Bahamian employment, and entrepreneurship."
According to Smith, there was some confusion over proposed amendments to the Boat Registration Act and the Harbour Dues Act, after they were were shared on social media.
He said the documents caused "panic, confusion, and deep concern in the boating/yachting and marina industry".
"The immediate reaction from stakeholders highlights some sharp contrasts in the vision for the maritime industry," Smith said.
"While the opinions of individual members may be expressed in a public forum, they do not represent the position of the Association of Bahamas Marinas (ABM) as a collective.
"The association acknowledges the need for these acts to be amended, a process in which consultation with the private sector is vital."
It is understood that the amendments preceded the government's announcement that it would eliminate duty and value-added tax on boat registrations and replace them with a schedule of fees for registration, in an effort to get more pleasure vessels flying the Bahamian flag.
Chief of Bay Street Marina Peter Maury told Guardian Business last week that the government's changes to vessel registration could have the knock-on effect of allowing Bahamians to get into the yacht chartering business, become charter brokers and increase the amount of Bahamians becoming mates on ships.
Maury said this change is a good one for the yachting industry and could mean The Bahamas becomes more of a competitor with jurisdictions such as the Cayman Islands, Bermuda and Jamaica.
According to Smith, ABM continues to offer its reserve of expertise on the maritime industry to help its growth.
"ABM is made up of 41 marina members, representing 98 percent of the marinas in the country, and 60 allied members," he said.
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