Ryan Pinder
By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
FINANCIAL Services Minister Ryan Pinder is suggesting that a reasonable alternative to the government’s proposed VAT implementation would be regulating, defining and taxing webshops.
Mr Pinder told Parliamentarians yesterday that the government should look into converting the numbers industry to domestic electronic casinos which would be owned by Bahamians and placed where they can legally gamble on pre-approved electronic games.
He said such a move would allow the government to better handle the problem of money laundering and unregulated banking activities in addition to keeping millions of dollars generated from web shops inside the country.
Mr Pinder said: “The taxation of these institutions and the winnings could well result in reduced taxes and reduced cost of living for all Bahamians. Generally speaking, I support more choices for Bahamians rather than fewer choices.
“Given what I have detailed, I think the creation of a domestic electronic gaming industry, owned by Bahamians where Bahamians would be permitted to gamble on games approved by the regulator, the Gaming Board, is worthy of consideration.
“I agree with the observations of the Governor of the Central Bank; the current activities require regulation to ensure compliance with anti money laundering requirements and to ensure there is not unregulated banking activities that are operating, both in the form of accepting deposits and advancing credit.
“This is a significant regulatory concern. Because of these concerns, the current operations are unable to bank their assets in the Bahamas, thus essentially removing millions and millions of dollars from the economic activity of the Bahamas. This has a dramatic effect on the economic growth of the country.”
Mr Pinder believes the Bahamas stands to meet its revenue target with a regulated numbers industry and the proper tax reforms.
“It is projected that depending on the tax structure, the Government can realise anywhere between $20 million and $100 million per year. This is a very significant amount of Government revenues and significantly impacts the fiscal wellbeing of the Bahamas and alleviates any pressure from multilateral institutions such as the IMF and international rating agencies,” he said.
Comments
Thinker 10 years, 2 months ago
ALL VIA VOLUNTARILY PAID TAX. Yes to this! And I will even add to the "kitty", even though I don't need government to control me.
sheeprunner12 10 years, 2 months ago
IT SEEMS THAT SLOWLY BUT SURELY THE PLP MPs ARE BREAKING RANKS.........ITS ONLY A MATTER OF TIME. PERRY & MIKEY GATTA GET ON BOARD
SAY NO TO VAT!!!!!!!!!!!!!!!!!
ThisIsOurs 10 years, 2 months ago
More DECEIPT. James Smith has already said this is not the solution.
In addition these men have proven to be UNTRUSTWORTHY. Anyone who believes they will expose their entire sales book to tax by the govt is a fool. They will give a token sum which will be equivalent to swatting a fly and they will pay off govt ministers and inspectors to look the other way.
concernedcitizen 10 years, 2 months ago
I don,t know every numbers boss ,but i do know one of the largest ..He claims ,and i,ve always found his word to be good ,that he would gladly give the treasury 30% of his "real" net profit to have the remaining 70%% of his money ligitimized .....Funny they are afraid of the Church on this ,but it doesn,t seem the Church minds them being crooks or gay ,which the Church opposes , not I ,,MIGHT I SAY THE CHRISTIAN COUNCIL NEEDS GLASSES
ThisIsOurs 10 years, 2 months ago
Concerned, I don't know where their money come from...all I know is they have been operating an illegal gambling operation for years, they have recently branched out into illegal banking. I don't know what other illegal activities they conduct sight unseen. The unknown unknowns. I don't know that I trust the word of anyone who has shown how prolific they can be at the illegal....that's just the way it is...
Was that 40 million estimate a true reflection of his and the other houses current books? If not they lied to us just last year, why should I believe they've cleaned up their act now?
sheeprunner12 10 years, 2 months ago
I agree ThisisOurs........... maybe he is the numbers boys frontman to push this "alternative" plan through the backdoor........... a good ruse.
The public will be so relieved that VAT was taken off the table that they would fall for anything.........In that way the numbers boys would get their wish and "everybody wins"
TOO GOOD TO BE TRUE
hj 10 years, 2 months ago
They know they would destroy their political careers by voting yes on VAT. At the same time they are trying to find a way to legalize the web shops despite the "no" vote. I guess this is what you get when you are incompetent and arrogant
B_I_D___ 10 years, 2 months ago
One of the very first words out of PGC's mouth after the referendum failed miserably was...well...you all voted against regulating and taxing the web shops, so we have no other choice but to go down the road of VAT. This is all in the master plan of the existing government to legalize the web shops...they thought they had it in the bag with a vote yes and were caught off guard with the No...why do you think it took them so long to come out with an official comment on the outcome, they met for days trying to figure out how to move forward...it was not about taxes, it was about how they can manipulate the masses to be so terrified of the concept of VAT that they turn around begging the government not to do it and to legalize the web shops...the ONLY campaign promises the PLP are keeping are to the people who financed them in the background. They have failed and wasted money on every other front.
hj 10 years, 2 months ago
Excellent point. They know that without cold hard cash to buy ham and turkey, phone cards,and drinks there is no way they can win an election
ThisIsOurs 10 years, 2 months ago
There's always BOB
Thinker 10 years, 2 months ago
Makes no sense, really. If they wanted us to be on board with legal gaming, all they had to do was threaten VAT to begin with. So you are saying this government made up the whole IMF debt and down-rating thing? Huh, that's pretty big. What a waste of time for everyone. They are going to forcefully take our money in some way or another. Why not allow it, rather, voluntarily?
ThisIsOurs 10 years, 2 months ago
I don't think they made up the need for new taxes, the need is real. It's clear they fully expected a yes vote. The outcome of the referendum foiled their plans so now they are working hard on justifying what they intend to do anyway. They are simply conflating two separate issues. Gambling legalization is all about keeping a promise to campaign backers, it's a payback, that's it, plain and simple.
baclarke 10 years, 2 months ago
Interesting, it was already said to us that taxing the webshops would not affect the decision about VAT so his comments are a bunch of HOT AIR. Secondly, while I believe that the webshop owners are all crooks, at this point, I say go ahead and tax them like crazy. Just make sure to also make them (the webshops) pay for the rehabilitation and support of all the addicts who waste their last dime on gambling as well. We don't need them to continue living off of social services and wasting the bahamian people's money.
B_I_D___ 10 years, 1 month ago
I've known people who have spend their last dime, borrowed from friends to 'pay bills'...only to go straight to the numbers houses and eventually end up stealing or committing some other crime and ending up in Fox Hill.
Bahamianpride 10 years, 2 months ago
Problem with the webb shops other than there illegalities is what it feeds off. That's is mostly the working poor transforming them into degenerate gamblers.. Sucking the life blood out of already poor communities.. But like prohibitions and the mob the webb shop's are the result of self discriminating policies and curruption.. We allow Christian Councils to have imput on business decisions that impact the financial stability of a Nation. What's wrong with passing laws that allow Bahamian Business men and Women to take part in the Gaming industry as owners and provide employment to qualified persons. What's wrong with anyone of legal age and means being able to walk into such establishment and gamble if they choose.. Like prohibitions the quickess way to get rid of the webb shop is to legalize the gambling industry to all.. At this point you have no choice but to work with the Webb Shop Owners because they have bought politicians & to enforce the law would be suicidal for them. Legalize it, fine them, penalize them, tax them, but get them to participate in legal gambling and out of the poor communities..
birdiestrachan 10 years, 1 month ago
I voted Yes, Yes, tax the web shops. It should be done as soon as possible. I buy numbers sometimes, not to often. When I buy 045, 054 comes If I buy the winning number lunch time. it will be sure to come in the evening.
But the government can rest assured that for lack of a better word. the mom and papa number houses will not close down they will just go deeper under ground.
BahamasGamingAssociation 9 years, 9 months ago
https://www.facebook.com/pages/Bahama...">https://www.facebook.com/pages/Bahama...
WHICH ON OF THE BELOW REIGNS SUPREME IN THE BAHAMAS?
The Bahamas Lottery and Gaming Act Chapter 387 Section 50 Persons prohibited from Gaming
Or
The Constitution of the Commonwealth of the Bahamas Chapter III – Protection of Fundamental Rights and Freedom of the Individual. Section 26 Protection from Discrimination on grounds of Race, Place of Origin etc.
The Bahamas Gaming Association stands by the Ideology that all human beings who are 18 years or older should be treated equally in all sectors of the Bahamian Economy which is enshrined in the Constitution of the Commonwealth of the Bahamas.
Sign in to comment
Or login with:
OpenID