The Tribune

EDITOR, The Tribune.

The leadership of every government, to varying degrees, dislikes public disapproval and thus when confronted with difficult situations will search for the perfect answer.

While perfection might produce resounding applause, the lack of action causes the opposite.

The legislation for the controlling of webshops is needed right now despite being very late. The final product approved by Parliament may be imperfect, but Parliament has the power to correct imperfection.

The Government can use the legislation governing Casino Operations as a template for crafting legislation for the control of webshop gambling.

There are opponents to the legalisation of webshops, however, there can be no doubt that Bahamians will gamble. It is better for Bahamians to gamble in the light of day rather than under the dark clouds of illegality.

Let us take the big steps.

• For each Principal Licence issued, the annual basic tax should be five million dollars ($5,000,000).

• For each webshop unit operated under the principal licence a minimum tax of one million, five hundred thousand dollars ($1,500,000) per year should be levied.

• The maximum number of webshop units within New Providence under the Principal Licence should be limited to four (4).

With regard to Family Island webshop units, approvals to operate under the Principal Licence may be issued only for any island where the permanent resident population exceeds 20,000 persons.

• Excess Tax above the minimum Annual Tax to be levied based upon gross revenues in accordance with the following:-

• Gross revenue above twenty million dollars ($20,000,000) but less than thirty million dollars ($30,000,000) be taxed at 30 per cent.

• Gross Revenue above thirty million dollars ($30,000,000), but less than fifty million dollars ($50,000,000) be taxed at 40 per cent.

• Gross Revenue above fifty million dollars ($50,000,000) be taxed at 60 per cent.

As done with Casino Operators there must be rules, policies, administrative guidelines, production and submission of annual audited statements to the Gaming and Lotteries Board – all of which to be integrated into the approval legislation.

When defining Gross Revenue, online betting is to be included.

Let’s be clear. The Government may not get it absolutely right the first time around. However, the Parliament has the power to remedy imperfections.

Fellow Bahamians, it is time to have our money paid into the Public Treasury. Sooner rather than later.

J BARRIE FARRINGTON, CBE

Nassau,

May 5, 2014.