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MONDAY, JANUARY 7, 2019
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Top doctor warns NHI ‘working backwards’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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ATIONAL Health Insurance (NHI) is “working backwards” by setting a $1,000 annual price for its basic care package without determining critical costs, a leading doctor has warned. Dr Marcus Cooper, the Medical Association of the Bahamas (MAB) president, told Tribune Business that the government and NHI Authority should have approached their task “the other way around” by first settling the fees paid to doctors and healthcare facilities providing care under the scheme. They were now hoping that such fees/costs “fit into” the Standard Health Benefit (SHB) package’s $1,000 premium, but Dr Cooper said all private healthcare providers will be seeking “appropriate compensation” to enable them to both earn a profit and deliver the quality of care
• MAB chief: Should have been ‘other way around’ • Now trying to ‘fit’ unsettled costs into $1k pricing • Warns ‘devil in detail’ on scheme’s make-up patients deserve. While the MAB backed NHI as “a concept” for securing sustainable healthcare funding, Dr Cooper said he expected “intense discussions” between doctors, healthcare facilities and the NHI Authority during the 2019 first half to “determine if the numbers make sense”. He revealed that the MAB had only held “superficial discussions” on the scheme to-date because it was still awaiting critical information from the NHI Authority to kick-start fee negotiations, and added: “The devil is in the detail.” Conceding that “healthcare is a huge problem in The Bahamas”, Dr Cooper warned that Bahamians would have to undergo a major “change in culture” and realise that medical treatments are not free.
QC: Web shop tax hikes breach EU’s demands By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ISLAND Luck’s attorney yesterday warned that the web shop tax hikes place The Bahamas “in clear and present danger” of violating the European Union’s (EU) anti-tax evasion offensive. Alfred Sears QC, pictured, in a statement issued last night, said the Bahamian gaming industry was “a classic case of ring fencing” due to the preferential tax breaks/concessions granted to foreign-owned casinos compared to the domestic web shop industry.
Contrasting the sector’s treatment with the speed with which the Government last week moved to eliminate so-called “ring fencing” in the financial services industry, Mr Sears argued that the new and increased
SEE PAGE 4
Acknowledging that “Rome is not built in a day”, the MAB president suggested that Bahamians would be more comfortable if they saw they were getting value for their money in terms of improved services, care quality and public health sector infrastructure. And he warned the Government against “starting off big” only to find out the NHI scheme’s benefits were financially unsustainable and had to be “cut back”, as this would instantly undermine credibility and cause many Bahamians to become disillusioned. Dr Cooper, though, said NHI’s private-public partnership (PPP) model of using private physicians and healthcare facilities to provide care should improve service quality and patient outcomes provided everything is
structured correctly. “Physicians want to make sure they’re being reimbursed fairly, compensated fairly, and facilities want to make sure their compensated adequately to cover the cost of care,” he explained. “If you have a PPP, providers and facilities want to ensure they make a profit. Fees have to be adequate to cover the cost of services and provide quality care. “The compensation model for providers and facilities is very important. That determines what the total cost will be. The NHI Authority is working backwards. They’ve set the cost [of the Standard Health Benefit] at $1,000 per year, and are hoping physician and facility fees fit into that. “That should have been
SEE PAGE 6
DPM: ‘This is not the death’ of IBC sector By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE deputy prime minister has asserted that the new regulatory structure “will not be the death” of International Business Companies (IBCs), as not all will have to pay business licence fees. KP Turnquest clarified that, while all IBCs must obtain a business licence, “only those” conducting real business and revenuegenerating activity will have to pay the associated fees. These charges will not apply to those IBCs that act as passive holding vehicles for investments, real estate and other assets. “All IBCs as well as Companies Act companies engaged in commercial activity will require a business licence,” he explained in written replies to Tribune Business. “[But] only those IBCs operating with relevant activity will be subject to substance rules and be subject to the licence fees. Passives, by definition, will not.” The latter would only pay the current annual and other fees. The Government’s unveiling last week of the new financial services
and fiscal management” that embraced collaboration with all relevant stakeholders. While backing the Minnis administration’s efforts to keep The Bahamas off the European Union’s (EU) upcoming “blacklist” of countries deemed uncooperative in the fight against tax evasion, the chamber added that this nation’s competitiveness is more dependent on its productivity and “relative value” that it offers. “The best way to mitigate possible economic losses
SEE PAGE 8
BUSINESS LICENCE FEES DON’T APPLY TO ALL
KP TURNQUEST regulatory framework led several observers to quickly proclaim an end to the IBC’s status as The Bahamas’ leading product, not least because of fears that all such vehicles will now have to pay business licence fees. Mr Turnquest’s response, though, makes clear that only those IBCs with “substance”, and carrying on real business via a physical presence in this jurisdiction, will be required to pay fees - especially given plans to again alter the basis on which business licence charges are calculated. Fees will be determined from 2020 onwards by a
SEE PAGE 7
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No ‘vacuum’ over business licence By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters CHAMBER of Commerce executives have warned that business licence reforms cannot take place “in a vacuum” after it was excluded from consultation over recently-announced changes. The chamber, which represents the widest crosssection of private sector interests in The Bahamas, in a statement last night called for the Government to adopt “an holistic approach to tax policy, legislative reform
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PAGE 2, Monday, January 7, 2019
CRUISE PORT BID CLAIMS STRAW VENDOR BACKING A NASSAU cruise port bidder says its offer to take over the facility’s management has been backed by vendors at the nearby Straw Market. Global Ports Holding said executives from the Straw Business Persons Society have declared their support for its proposal, submitted under the name Nassau Cruise Port Ltd, and offer to operate Prince George Wharf that is now being examined by the Government. “We are not seeing as many tourists in the Straw
Market as we used to,” said Reverend Esther Thompson, president of the Straw Business Persons Society. “We need foot traffic. We have 500 stalls in our Bay Street market right now that have the potential to provide for 500 families. “A mega project like this one can do miracles for all 500 business owners and for our entire economy, considering that new money is injected into our economy daily through sales from these businesses. Additionally,
this is an avenue that will contribute to the stability of our foreign reserves once it’s done the right way. That’s why the Government needs to choose the best partner for the project.” Reverend Thompson added: “We believe that the Global Ports Holding plan will help address many of the challenges that our members and other downtown merchants are facing. We’re very impressed by their background and the amount of success that
THE TRIBUNE
EXECUTIVES of the Straw Business Persons Society, including Reverend Esther Thompson, president, second from right; Laverne Crawley, vice-president, far left; and Rebecca Small, vice-president of communication, far right, announce their support for Global Ports Holding while meeting with Colin Murphy, the company’s head of business development for The Americas. they have achieved worldwide. Simply making the port more efficient will not be enough. We want real change and we believe they can deliver. Our livelihoods depend on this.” Colin Murphy, Global Ports Holding’s head of business development for the Americas, said: “We’re very pleased that the Straw Business Persons Society has seen fit to support us. If we are selected as the preferred bidder, it will be in everyone’s best interest for us to collaborate with stakeholders like the Society to make this project a success. We want to understand their issues and be helpful. It’s the only way that this venture can make the kind of impact that will truly benefit Bahamians.” Global Ports Holding operates 15 cruise ports, and two commercial ports, spread across nine countries in the Mediterranean, Atlantic, and Asia-Pacific regions. It serves over eight million passengers at its cruise ports, and handles more than 300,000 TEUs (twenty-foot equivalent units) and about five million tons of total cargo at its commercial ports.
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Monday, January 7, 2019, PAGE 3
LABOUR CHIEF ACTS OVER TAXI THREATS By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Government’s top labour official has moved to head-off threatened industrial action by taxi drivers through a series of meeting designed to address their grievances. John Pinder, the director of labour, said he plans to “mediate” through several arranged meetings with relevant stakeholders and the drivers themselves. He met
JOHN PINDER with the latter on Wednesday, before seeing the Road Traffic Controller; Nassau
Airport Development Company (NAD) chief executive and Limousine Association president on Friday. “I want to get to the bottom of their concerns and see how best we can bring some sort of resolution,” Mr Pinder said. “They have some issues at the airport as it relates to the limousine drivers and tour drivers taking taxi jobs, as well as having to pay a fee for pulling in and out of the airport.” He added that taxi drivers
also have concerns at Baha Mar and the absence of a call-up system. “They are also concerned that the holding area for taxi drivers is very far,” Mr Pinder said. “I’m waiting to have some dialogue on that. There are also concerns at Atlantis and their inability to access Cabbage Beach, as well as concerns over persons working for Atlantis using their vehicles to take taxi jobs.” Mr Pinder said taxi drivers also have issues
operating out of Prince George Wharf, and confirmed: “I have a number of meetings to get to between Friday and Monday.” He noted that while taxi drivers have formed a union, they are self-employed and do not need a strike certificate. “Still, we want to try and keep industrial harmony and see how we can resolve their issues,” added Mr Pinder. The Bahamas Taxicab Union’s (BTU) president, Wesley Ferguson, recently
told Tribune Business that taxi drivers could soon opt to withdraw their services having seen no resolution to their outstanding issues. Last year, drivers urged the Government to end the two-decade old moratorium on new plates during a town hall meeting with minister of transport, Renward Wells. Taxi drivers cited the lifting of the moratorium as a key issue, with numerous complaints being raised over the leasing of taxi plates.
REALTOR TARGETS ‘PERFECT PROPERTY’ VIA DIGITAL PUSH By NATARIO MCKENZIE
have had in years past. “We are attempting to meet people where they are and that is online. Based on some of our marketing tests, we have determined that we can target people based on age, sex and income level. We are going to go after our
Tribune Business Reporter
nmckenzie@tribunemedia.net A BAHAMIAN real estate firm believes digital marketing will bring more “bang for the buck” as it launches an initiative aimed at helping 200 buyers find their “perfect property”. Matt Sweeting, the new chief brokerage officer at Darville Wong Realty, who is spearheading the firm’s marketing initiatives, told Tribune Business: “It’s called the perfect property programme. We have set up an agency-wide initiative to help 200 people find their perfect property. “What it does is allow a person to visit our website, The Perfect Property Website [www.findmypp. com]. They can put in exactly what their perfect property looks like and, within a few minutes, they get every listing in the country that meets their profile. “During the next business day one of our agents will reach out to them and have what we call a discovery conversation to talk about the property, and then we will have a team member dedicated towards helping that person find their perfect property.”
MATT SWEETING Mr Sweeting added: “We see what’s happening in the market with people looking for months, and over a year, to find the right property. It’s really because no agent has loyalty to them. They might be working with a number of agents. This programme address that but, in addition to that, as well they are going to get every listing in the country.” He said that with millennials gravitating to social media, digital marketing offers easier access to that demographic. “We’re going to be putting 85 percent of our marketing budget into digital,” Mr Sweeting confirmed. “Traditionally, a lot of money is sent off-line in real estate advertising. We know that millennials are always on their phones and so a billboard doesn’t have the same value it might
WATER CORP SUPPLIER UNVEILS NEW DIRECTOR ETHAN ADDERLEY
C O N S O L I D AT E D Water (Bahamas) has appointed Ethan Adderley, the Hotel Licensing Board’s chairman, to its board to replace Sir William Allen with effect from year-end 2018. The Water & Sewerage Corporation’s main water supplier said Sir William, the former finance minister and Central Bank governor, has resigned to pursue his retirement interests and will be replaced by Mr Adderley, a businessman. Wilmer F Pergande, Consolidated Water (Bahamas) chairman, said: “Sir William has been a very involved board member for all of his 14 years. We came to rely on his oft-times exceptional counsel and good judgment in all matters related to the progress and care of board matters, the company, its people and shareholders. “We work closely with the Water and Sewerage Corporation to develop solutions to improve the availability of potable water for residents in Nassau. And he recognised the importance of drinking water as a valuable component of nation building and furtherance for The Bahamas. “I think that’s why he made such a good and productive board member. We warmly thank him for his contributions over 14 years, and we will miss him at our meetings, but know he will answer if we call.” Consolidated Water supplies the Water & Sewerage Corporation from its
two Nassau-based reverse osmosis plants at Blue Hills and Windsor. Mr. Pergande, unveiling Mr Adderley’s appointment as a director, added: “The board warmly welcomes local Bahamian businessman, Ethan Adderley. We look forward to his contributions including his proven fresh, often innovative solution-based approach, which will greatly assist us in our goal to expand our business beyond New Providence and the island of Bimini. “We look forward to Mr Adderley adding impetus to our efforts to increase Bahamian ownership in the company. Additionally, his local connections and views on community and government relations we feel will go a long way in helping us convert our current good relationship with the Water and Sewerage Corporation (WSC) and central government personnel into an excellent one. We have a committed board team and I believe we will accomplish all matters arising on our 2019 agenda.” Mr. Adderley currently serves as chairman of the Hotel Licensing Board for New Providence and Paradise Island, is a board member at the Bahamas Agricultural and Industrial Corporation (BAIC), is a member of the Bahamas Real Estate Association (BREA) and deputy treasurer of the Free National Movement (FNM).
target market, which are people that haven’t bought property before; single families, nuclear families. We know who our buyers are and we are going to target that all over social media. We believe we can get more bang for our buck moving
towards digital.” Mr Sweeting told Tribune Business that with a number of real estate developments currently underway, 2019 is “looking up”. He added: “I think that things are looking up and that’s indicated by the
amount of development that we see going on. “Millions of dollars are being pumped into real estate in The Bahamas now. You can look at what’s happening at the Pointe for instance. There is a lot going on in commercial real estate.”
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THE TRIBUNE
PROVISIONAL LICENCES TO DRIVE FIVE-DAY START-UPS THE Ministry of Finance is aiming to cut the time required to start a new business to just five days through the roll-out of its provisional business licence. “With a provisional licence it will take just five days or less to start a new business. This will be available to all low-risk businesses. It will be valid for 90 days, which means entrepreneurs can be up and running while they work to complete
the full business licence process,” said Marlon Johnson, the financial secretary. The provisional business licence’s introduction was approved by Parliament during the 2018-2019 budget, and will be implemented by the Department of Inland Revenue during the 2019 first quarter. The fee for starting a new business has also been removed, the Ministry of Finance added,
eliminating another barrier for entrepreneurs. “Ultimately, new businesses will still need agency approvals from the National Insurance Board, Department of Environment Health, Department of Physical Planning and other relevant entities. However, while these processes are underway, the provisional licence will enable them to move forward with critical tasks to get up and running
immediately,” said Mr Johnson. The ministry said businesses will no longer need to visit every government agency separately to obtain permits required for business licence approvals as there is a consolidated agency application form on the Department of Inland Revenue website. Companies can thus apply for all agency approvals in one location, using one form.
“A lot of work is underway to reform the business licence process. We are exploring a full range of intermediate and more radical ideas, all in the interest of improving the ease of doing business,” said Mr Johnson. “Last week we announced that business licence fees starting in 2020 will be calculated differently. Instead of annual gross turnover, there will be a
value-based calculation using revenue that is subject to value-added tax.” This will be applicable to all businesses registered under the Companies Act and the International Business Companies (IBCs) Act, with the exception of financial institutions that have a separate three-tiered fee structure that includes registration fees, user fees and other regulatory fees where relevant.
QC: Web shop tax hikes breach EU’s demands FROM PAGE ONE web shop taxation will “only compound” the same issue in the gaming industry by “widening the gap” between local operators and casinos. He warned that “this contradiction in government’s tax policy” threatened to expose The Bahamas to further sanctions by the 28-member EU bloc, in addition to continued litigation by the web shop operators themselves, unless the Minnis administration reversed course and addressed the matter. Mr Sears’ warning came as he hit out at Carl Bethel QC, the attorney general, for negotiating through the media with himself and his client. Mr Bethel told Tribune Business on Friday that he had “rejected” Island Luck’s counter-proposal to resolve its taxation dispute with the government - something the web shop chain had to learn via this newspaper. However, Mr Sears argued that he and his client had never “received any substantive written response” from Mr Bethel despite submitting three settlement proposals over a two-month period - on October 26, 2018; November 13, 2018; and December 24, 2018.
The government, he added, agreed on August 31, 2018, to “stay” implementation of both the “sliding scale” structure and five percent “patron tax” imposed in the 2018-2019 budget to engage “in good faith negotiations” with the web shop industry to resolve their dispute out of court - something Mr Sears suggested was not happening. However, Mr Sears’ argument that The Bahamas is in violation of the EU’s demands to end “ring fencing” as a result of its gaming industry policies is likely to gain the most attention, especially since the EU will determine on Friday which jurisdictions to “blacklist” as non-cooperative. He contrasted the government’s eagerness to bring the financial services industry into compliance with Mr Bethel’s assertion about “going to war” to “protect the new, discriminatory gaming tax regime and put The Bahamas at further risk of being sanctioned for affording preferential treatment to foreign enterprises in the gaming sector”. With The Bahamas now “blacklisted” by The Netherlands for having a “no or low corporate tax rate below nine percent”, Mr Sears said this
nation was exposed to similar action by other individual EU countries on the same basis via the bloc’s Anti-Tax Avoidance Directive. He added that, just like the banks, insurance companies and securities players accommodated by the Government last week, the entire gaming industry - casinos and web shops - were also treated as financial institutions for the purposes of anti-money laundering legislation. “While certain financial institutions, such as banks, insurance, trust and international business companies, are afforded the opportunity to engage in broad consultation with the government, guided by global standards, mutual respect and the principle of a levelled playing field, Bahamian gaming house operators have not been given the same consideration,” Mr Sears argued. “The Government, through its current proposals to increase the tax rate on gaming house operators up to 400 percent, will deepen preferential treatment of and the ring-fencing around - casinos owned by foreign companies, some of whose shareholders are citizens in OECD member countries, and will likely increase channelisation of patrons into the
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unregulated gaming market, thus increasing the risk of international sanctions against The Bahamas.” He added: “Recklessly, the Government proposes to increase the tax rate on gaming house operators by a sliding scale from 20 percent up to 50 percent, plus a five percent stamp tax on patrons’ deposits. However, the rate of tax on casinos will remain the same. “This preferential low tax treatment of foreign-owned casinos relative to the excessively high tax treatment of Bahamian-owned gaming house operators is an unfair, inequitable and indefensible tax treatment of entities in the same sector. “This disparate tax treatment is a classic case of ring-fencing, defined by the European Union’s Anti-Tax Avoidance Directive as lowtax jurisdiction for foreign operators in the same sector with a statutory tax rate of seven percent or less or jurisdictions that have been listed by the EU as a non-cooperative jurisdiction.” As a result, Mr Sears said the Governments efforts to eliminate “ring fencing” in financial services “should apply equally to the ringfencing that exists in the gaming sector, which represents a clear and present danger for The Bahamas. “Why should we wait for another negative listing by the EU, its member
countries or other multilateral bodies before we address this discriminatory, unfair, inequitable and indefensible disparate tax treatment of entities within the same gaming sector?,” he added. “By aggressively pursuing the exorbitant ‘sliding scale’ taxation structure on the domestic gaming industry while widening the gap between domestic and foreign gaming operators, the attorney general is only compounding the ring fencing in the gaming sector that the Minister of Finance is seeking to eliminate between foreign-owned financial institutions, such as banks, trust companies and IBCs. This contradiction in government’s tax policy will expose The Bahamas to continuing punitive sanctions as a lowtax jurisdiction and litigation by Bahamian gaming house operators.” Speaking to Tribune Business, Mr Sears said hotel-based casinos at Atlantis and Baha Mar also received significant taxpayer subsidies - unlike their web shop counterparts - given that they were seen as critical tourist attractions and foreign exchange earners. “How could you logically say preferential treatment of banks and IBCs, which are financial institutions, have to be removed and create a level plying field, but not appreciate casinos and gaming houses are financial
institutions?” he queried. “The same arguments are that casinos, owned by by taxpayers resident in their member countries, are being lured by low tax jurisdictions as a result of preferential, ring fenced tax regimes which the locals do not have access to. Is this not the same argument being applied to IBCs, banks, trust and insurance companies? I must be missing something in this whole scenario.” The web shops’ case is based on what they allege is the lack of due process afforded to the industry over its introduction, and they view its new and increased rates as arbitrary, punitive and discriminatory. Under this structure, web shops pay on each portion of their revenue: • Up to $20m in revenue, a rate of 20 percent. • Between $20m and $40m, a rate of 25 percent. • Between $40m and $60m, a rate of 30 percent. • Between $60m and $80m, a rate of 35 percent. • Between $80m and $100m, a rate of 40 percent. • Over $100m, a rate of 50 percent. Five out of seven web shop operators fell solely in the lowest 20 percent category, while for a sixth, only a small portion of its revenue fell into the 25 percent category. Only Island Luck, the
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THE TRIBUNE
Monday, January 7, 2019, PAGE 5
Inland Revenue customer centre to open Saturdays By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Department of Inland Revenue is opening its client services centre on Saturdays for the month of January to support businesses applying for business licence renewals. All business licences expired at the end of 2018, and renewal applications must be submitted online using the Online Tax Administration System (OTAS) by January 31, 2019, for companies to comply with the law. Although this process can be completed independently, even using a mobile phone, the Client
Services Centre will make computers and client representatives available to assist firms during this month. The additional opening hours are part of the Government’s commitment to improve the ease of doing business through modernising, and incorporating technology, into its service delivery. The Ministry of Finance has also simplified the business license renewal process and promised a turnaround time of less than five days for renewals. “Our motto for ease of doing business is faster, easier and better. We are committed to delivering on this. First, we are delivering renewals in five days
or less, once applications are complete. Second, we have significantly cut down the number of supporting documents needed during the renewal process. Third, we eliminated the fees for micro and small businesses earning less than $100,000 annually,” said Marlon Johnson, the Ministry of Finance’s financial secretary. “We heard the cries from the business community and found ways to simplify and speed up the process, like eliminating the need for financial audits and compliance letters from the National Insurance Board (NIB). These changes are now in effect.” While businesses are
QC: Web shop tax hikes breach EU’s demands FROM PAGE FOUR market leader, whose revenues will attract all tax rates. The web shop industry and its consultants have also argued that The Bahamas is unique in levying a tax directly on patrons as opposed to the gaming house operators. However, the government believes this is necessary to tackle the social ills caused by excessive gambling and help deter the industry’s growth. Mr Sears, responding to Mr Bethel, said it was “curious” that the attorney general was both negotiating through the media and not disclosing that he had been asked not to make “intemperate statements” about their talks. “Playtech [Island Luck’s parent] has sought to engage the attorney general in good faith settlement negotiations,” Mr Sears added. “We have sent a number of written settlement proposals to the attorney general, supported by opinions of leading international gaming experts, on December 24, 2018; November 13, 2018;
October 26, 2018. “We have not received any substantive written response from, serious consideration of or engagement by the attorney general on our clients’ settlement proposals. Rather than negotiating in good faith with gaming house operators, consistent with the undertaking that he gave to the Supreme Court, the attorney general seems committed to deepening this unfair, inequitable and preferential tax treatment of entities in the same sector. “There are grave interests at stake in this matter, with profound implications for the public revenue, the sustainability of Bahamian-owned
gaming enterprises and the security of over 3,000 full-time jobs of Bahamian citizens which require our careful and fair conduct.” Mr Sears told Tribune Business that Island Luck had hired multiple international gaming experts, all of whom had made written submissions, but the web shop had “not gotten one written response addressing anything we have put forward”. He added: “We got an expert who said this was the only jurisdiction where you have a tax on customer deposits before any consumption. When you have a patron tax it’s usually on the winnings after the consumption.”
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still required to be in good standing with all other relevant government agencies, including NIB and the Department of Environmental Health Services (DEHS), the simplified renewal process will be managed separately. If the Department of Inland Revenue (DIR) is notified by any other government agency that a business is in breach of their requirements, this will result in the immediate suspension of a business license. Companies will
have an opportunity to comply before a license is revoked. “The process is going to be a lot easier, but I can assure you our enforcement efforts will be a lot more stringent,” said Mr Johnson. “Tax compliance is not negotiable, and businesses must ensure their declarations are true and correct to the best of their knowledge, and are in compliance with all of the stipulated requirements to operate their businesses.” Micro and small
businesses with an annual turnover of less than $100,000 must file an online application declaring their annual gross revenue. They will not be required to provide supporting documents, and will not be charged any fees. Companies with an annual turnover in excess of $100,000 must provide the same online application, along with a letter from a licensed accountant verifying that their submission is correct. Fee payments are due by March 31, 2019.
PAGE 6, Monday, January 7, 2019
THE TRIBUNE
Top doctor warns NHI ‘working backwards’ FROM PAGE ONE the other way around,” Dr Cooper continued. “Negotiate with physicians and facilities to determine the fee, and find out the cost from that. It’s going to take some research and collaboration with the insurance companies to determine. It’s a little backwards.” The MAB chief’s comments echo concerns previously expressed by both the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Bahamas Insurance Association (BIA), which also questioned how the NHI Authority could determine the $1,000 premium pricing for the Standard Health Benefit (SHB) - the minimum
care package - without knowing all the costs. Doctors’ fees and those charged by facilities are critical in determining the SHB’s pricing, but these have yet to be set via negotiation between the NHI Authority and private sector. As a result. there are real concerns that the SHB’s $1,000 premium could under-estimate the true costs of providing all its benefits, requiring the package to either be scaled back or more money from the private sector and their employees. The NHI Authority’s consultation paper calls for all working Bahamians to contribute two percent of their salary or 50 percent of the premium - whichever is lower - to purchase the
scheme’s Standard Health Benefit (SHB) or minimum level of coverage. Unveiling a similar payroll tax-type funding mechanism to NIB contributions, the paper says the balance of SHB costs will be met by the employer, meaning the latter “will be responsible for at least 50 percent of the premium cost”. The SHB package’s initial “regulated premium cost” is expected to be $1,000 per year, or $83 per month, meaning that employee contributions will be effectively “capped” at $500 per year ($42 per month). The tax structure is progressive in the sense that workers with lower incomes contribute less to their premium than those with higher
salaries, but this results in their employer having to pay more. For example, Bahamians earning $25,000 per annum or more will split contributions 50/50 with their employer, each paying $42 per month. However, while workers earning $10,000 and $15,000 will have to pay $17 and $25 per month, respectively, their employers must pay the $67 and $58 balances, respectively. Dr Cooper, meanwhile, said it appeared as if the NHI Authority had used data from Medicare in the US, the National Health Service in the UK, Canada and other Caribbean countries, then applied it to The Bahamas to come up with the its figures even though these other nations may not be the best fit. “Compensation is a discussion that has to be had,” he told Tribune Business. “People have to cover their expenses and feel they are being compensated adequately. The devil is in the details. “I expect this year, in the first half, there will be intense discussions with providers and facilities to see if the numbers make sense. It has to be sustainable. Once negotiations take place we will have the insurers
is
involved, and they will want to make a profit margin. Everyone wants to cover their expenses and see a benefit as well.” Dr Cooper said the NHI compensation structure would also set the reimbursement rate for care provided outside NHI, involving treatments and services not covered by the scheme, which only increased the importance associated with getting the fee structure right. Still, the MAB chief said the NHI concept was “good”, with many Association members “interested in being involved” once the terms were “fleshed out” and correct. He added that the primary care phase launched in April 2017 appeared to be working based on patient feedback, and backed the benefits package’s expansion to include secondary services such as cancer and cardiovascular treatments. “Expanding NHI’s services to include some of those conditions that cause significant out-of-pocket expenses to the patient is worth it,” he told Tribune Business. “If they have breast cancer or dialysis that’s a huge expense. “Expanding the scope of services is a good thing. We think we can do it sustainably and keep the patient and
hiring a
GRAPHIC ARTIST
quality care at the centre. But it would not be sensible to start off with something unsustainable, where you’re proposing to cover a lot of services, and then scale back. “It’s important to expand services in a way to ensure they’re not a burden on the population and the Government,” Dr Cooper continued. “As you find ways to improve participation, you can expand services. I think we should go about it that way. “You’ve got to have the money, and people will want to see logistical improvements in services, especially in the public system. If you’re seeing a deduction from your salary, you’re going to want those services to be better. “It might be wise to improve the services first so that people will see what they’re getting for their money. Show better infrastructure, more physicians, more efficiency, waiting times are less and improved outcomes, and people will be more receptive to contributions as they can see where that money is going.” Dr Cooper said Bahamians also needed to “get used to the concept of contributing to the cost of healthcare”, with too many having got accustomed to enjoying services at Princess Margaret Hospital (PMH) and the public health clinics for free. “Healthcare is a huge problem in The Bahamas,” he said. “It’s not just about financing. It’s improving efficiency, changing the culture; we need to make an investment in that. People have to get used to making a contribution. Healthcare is not free. “There are a lot of complications. Some of it is critical funding, but there’s inefficiency and wastage. People need to get accountable and people need to get used to contributing to their healthcare. It’s going to take some time. Rome wasn’t built in a day. “Any country with Universal Health Coverage (UHC) pays for it. You see it in your taxes. If you value your health you won’t mind paying for it. But it can’t be that we start off big and find out we can’t afford this, and have to cut back services. We have to make sure it’s sustainable, a quality product and the patient benefits. That’s the most important thing; keeping the patient at the centre of the discussion.”
THE TRIBUNE
Monday, January 7, 2019, PAGE 7
DPM: ‘This is not the death’ of IBC sector FROM PAGE ONE “value-based calculation using revenue that is subject to value-added tax”, instead of the current annual gross turnover definition, in a move that further excludes “passive” IBCs - those typically found in the private wealth management structures that form the core of The Bahamas’ financial services business. IBCs are widely regarded as the international financial services industry’s “vehicle of choice”, given their flexibility and beneficial tax advantages/preferences. As a result, they are widely used in both private wealth management and corporate structures for a variety of purposes. However, compliance with the European Union’s (EU) anti-tax evasion demands means The Bahamas has effectively had to strip IBCs of these benefits. The Government has “equalised the tax treatment” of IBCs and domestic companies incorporated under the Companies Act, meaning the former will lose much - if not all - of their competitive advantages by end-2021. This is when The Bahamas must eliminate all preferential tax breaks, such as the 20-year stamp duty exemption, afforded to IBCs so that it complies with the recently-passed Removal of Preferential Exemptions Act 2018 - the law that meets a key EU demand by eliminating the advantages previously enjoyed by non-resident entities and their foreign investor owners. Many observers immediately saw the introduction of business licence fees as heaping extra costs on to IBCs, further undermining their already-impaired competitiveness. But Mr Turnquest argued to Tribune Business that predictions of the Bahamian IBCs demise are greatly exaggerated. “This will not be the death of IBCs operating legitimate business, and it provides an opportunity for expansion of local involvement in the financial services industry and service providers,” he told Tribune Business. “We expect our book of compliant business to remain stable and to grow as the evolving standards settle.” Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, backed Mr Turnquest’s position that only “substance” IBCs will end up
GOWON BOWE
PAUL MOSS paying business licence fees. While “none would be exempt” from having to obtain business licences, he agreed that “passive” IBCs would not attract fees since they will not be participating in revenue-generating activity subject to VAT. “Any IBC on the active register will be expected to apply for a business licence but will not pay a fee because they will not have any positive VAT-rated revenue,” Mr Bowe explained to Tribune Business. “This is an initiative to ensure the commercial substance and removal of preferential treatment legislation is backed by an actual revenue-based regime.” He added that the EU itself had not determined how to treat the activities of passive investment holding companies not doing real business, especially since investments typically enjoy preferential tax treatment because of the economic and employment activity they generate. “Where investment income from passive holding companies is concerned, the jury is out globally on how they should be taxed and treated,” Mr Bowe said. “That is one where we’re saying: ‘We’re not trying to address it before the rest of the world addresses it’.” The BICA chief said one potential advantage of the reforms was that IBCs, which typically conduct business outside The Bahamas, could now use the business licence regime to pay tax here and claim this nation as their primary domicile. But, to do so, they would have to demonstrate
revenue-generating activities are conducted from here to justify this treatment. The IBC-related business licence reforms are part of a wider financial services regulatory shake-up of historical significance for The Bahamas as it moves to implement reforms that comply with the 28-nation EU’s anti-tax evasion offensive. For the Government also broke down the longstanding divide between Bahamian domestic and international financial institutions in a bid to “make the playing field level” and allow them to offer services to both domestic and international clients once the necessary regulatory approvals are in place. This, again, is designed to eliminate the “preferential” tax treatment institutions operating in the international sector received compared to their domestic counterparts. While it ends the decades-long separation of the two market segments, and radically alters The Bahamas’ financial services business model in theory, Mr Turnquest said there was unlikely to be a major change in practice. “The change in framework will not result in a significant shift in the way the sector operates,” the deputy prime minister told Tribune Business. “The elimination of preferences and eligibility for ‘offshore’ banks to enter the local market may result in an expansion of activity although this is not expected to be significant at the moment.” Others, though, took a more pessimistic view. Paul Moss, Dominion Management Services’ president, said the reforms had “closed the door” on many IBCs, with the product itself “losing a lot of lustre”. He also branded the tearing down of the domestic/international financial services divide as “a huge change; a 99 percent change” that will alter how The Bahamas has conducted financial services business for decades. “Unfortunately, it means this is a door closing for many IBCs,” he told Tribune Business. “To the extent that there are companies that still want to do business here, it means they will have to pay these fees and incorporate them into their business.
SEE PAGE 11
PAGE 8, Monday, January 7, 2019
No ‘vacuum’ over business licence FROM PAGE ONE
emanating from EU and OECD-influenced reforms is to improve efficiency and lower the cost of doing business in The Bahamas for Bahamians,” the chamber asserted, arguing that this nation always retained the right to act in the best economic interests of its citizens. The chamber’s statement came after Tribune Business sources suggested it was not involved in consultations over the Christmas period on the new financial services regulatory regime, which was unveiled last week by the Government to bring The Bahamas’ into compliance with EU demands to end preferential tax benefits for non-resident entities and foreign investors. The reforms included a change in the way business licence fees will be calculated from 2020 onwards, altering the definition from gross annual turnover to those revenues that VAT is levied on. Given that all businesses paying business licence fees will be impacted, it appears surprising that the chamber was not involved. Tribune Business
understands that Michael Maura, the chamber’s chairman, met Prime Minister Dr Hubert Minnis on the matter prior to yesterday’s statement, as other chamber executives reiterated calls for a “holistic” approach. Christel Sands-Feaste, head of the chamber’s ease of doing business committee, and a member of the Government’s ease of doing business committee, told Tribune Business: “I think that, from the chamber’s perspective, the view is that any reform to the business license tax regime certainly needs to be considered holistically as opposed to one specific tax in a vacuum. “Business licence is just one of the taxes that businesses in The Bahamas would be subject to. Any discussion regarding reform has to involve a holistic consideration of the entire tax exposure to a business in The Bahamas. “ Mrs Sands-Feaste added: “While the chamber welcomes The Bahamas’ proactive response to the international obligations of The Bahamas, I think at the same time those have to be balanced with the impact on
THE TRIBUNE the domestic economy and the impact on Bahamian businesses. Any streamlining or reform to the process of obtaining a business license is welcomed. “Still, at the same time any reform to The Bahamas tax regime must be considered holistically. It must be based on empirical data and after consultation with all the stakeholders; not just industry-specific stakeholders but island-by-island and industryby-industry. The impact of the change to the business license tax will be different on New Providence versus another island. It will impact one industry different from another.” The chamber, in its statement yesterday, called for “intentional, timely, strategic and inclusive” collaboration between the Government and all affected parties to achieve what is best for The Bahamas. It added: “[chamber] members, for the most part, acknowledge the pressure placed on The Bahamas by the European Union (EU), Organisation for Economic Cooperation and Development (OECD) and, most recently, the Dutch Government. “Furthermore, the [chamber] appreciates the significance of our current circumstance which includes not only potential ‘blacklists’ but also the prospect of the introduction of National Health Insurance, an increase in
National Insurance contributions, accession to the World Trade Organisation, high energy costs, a global economic slowdown, increases in value added tax (VAT) and legal challenges to the elimination of existing tax exemptions among others.” Turning to the business licence reforms specifically, the chamber urged the Government to “codify the registration requirements that will apply to companies engaged in commercial activities and those passive entities utilised as holding companies; streamline the renewal and registration process; and identify any sectors that will see a change in their treatment. It also called for details to be provided on the financial services industry’s fee structure, while backing the Government’s efforts to keep the impact “revenue neutral” following last summer’s VAT rate hike. Meanwhile Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the new financial services regulatory regime and associated business licence reforms will not cut across or undermine the prospects for wider tax reform. Deloitte & Touche’s UK arm is already undertaking a study on potential business licence reform, but he said: “These ones, it’s fair to say, are the steps necessary immediately based on the existing
tax structure and trying to make sure there is no preferential treatment. “The tax structure 2100 is still to be decided. As we work through this process this is not a substitute for the wider tax analysis and tax that is appropriate for The Bahamas. This is dealing with matters at hand, and forms part of the analysis we do for the wider tax structure of The Bahamas going into the 21st century and beyond.” Arinthia Komolafe, the Democratic National Alliance’s leader, yesterday questioned whether The Bahamas had missed such an opportunity, saying: “Long overdue reforms that are required to usher The Bahamas into the 21st century cannot be ignored or delayed until external pressures force the Government into these initiatives. “The recent press release on financial sector reform is a prime example of this phenomenon. We have once again kicked the proverbial can of comprehensive tax reform down the road, thereby ignoring the need to move from the current regressive tax system to a more progressive and
equitable one. The current system places undue and unfair burden on the working and middle class as well as those who can least afford it.” She added that the business licence reforms did not address the business community’s main concerns about the tax being levied on turnover, as opposed to profits. “It is imperative that the actual details underlying the proposed changes to our tax regime are provided to stakeholders and the public for scrutiny and feedback,” Mrs Komolafe said. “We urge the Government not to shove this down the throats of domestic entities in the same manner as the significant increase in the VAT rate. There must be transparency and disclosure in relation to the criteria for determining the proposed new taxes and/or fees.” She also questioned why the Government was taken by surprise by The Netherlands’ “blacklisting” of The Bahamas, given that the Dutch government announced a month-long period of consultation over the list that lasted from September 25, 2018, to October 22, 2018.
NOTICE Notice is hereby given that KELRESE BAIN of East Street South, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.
NOTICE Notice is hereby given that MOURICE KENDRICK FERGUSON of Pompono Court, Carmichael Road, P.O Box CR56210, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 7th January, 2019 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147
MARKET REPORT THURSDAY, 3 JANUARY 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,109.53 | CHG 0.12 | %CHG 0.01 | YTD 0.08 | YTD% 0.00 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50
52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.46 BBL 0.56 CAB 2.29 CIB 10.20 CHL 6.16 CBL 4.50 CBB 11.25 CWCB 2.28 DHS 1.78 EMAB 7.85 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.43 17.43 7.00 4.90 1.46 0.56 2.30 10.20 6.15 4.50 11.25 2.29 1.78 7.90 6.30 12.85 6.98 3.62 13.01
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.01 0.00 0.00 0.01 0.00 0.05 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME
174 3,300 1,206
VOLUME
EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631
DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600
P/E 30.1 18.7 N/M 15.2 N/M N/M -4.4 14.6 12.8 29.2 17.9 22.5 8.5 N/M 13.1 16.9 12.1 13.1 20.6
YIELD 2.71% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.58% 2.67% 5.51% 2.62% 3.37% 1.06% 4.44% 3.89% 2.15% 3.59% 4.61%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79
YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE
ANGLO AMERCIAN PTC LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ANGLO AMERICAN PTC LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th December, A.D. 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is BUTTERFIELD TRUST (BAHAMAS) LIMITED of 3rd Floor, Montague Sterling Centre, East Bay Street, P.O. Box N-3242, Nassau, Bahamas. Dated the 4th day of January, A.D. 2019 HIGGS & JOHNSON
THE TRIBUNE
Monday, January 7, 2019, PAGE 9
UK leader May: Brexit critics risk damaging UK democracy
BRITISH Prime Minister Theresa May leaves BBC Broadcasting House in London after appearing on the Andrew Marr show, yesterday. British Prime Minister Theresa May is warning critics of her Brexit deal that they risk damaging Britain’s democracy and its economy by opposing her plan. Photo: Yui Mok/AP LONDON Associated Press BRITISH Prime Minister Theresa May said yesterday that a delayed vote in Parliament on her Brexit deal will “definitely” go ahead later this month, as she promised to set out measures to win over skeptical lawmakers. May told the BBC that in the coming days she will give more details about measures addressing Northern Ireland and concern over the Irish border. She also promised a greater role for Parliament in negotiations over future trade relations with the European Union as a sweetener, and added that “we are still working on” getting extra assurances from Brussels to secure domestic support for her deal. May struck a withdrawal agreement with the EU in November, but that deal needs Parliament’s approval. In December, May decided to postpone a parliamentary vote intended to ratify the agreement at the last minute after it became clear that it would be overwhelmingly defeated in the House of Commons. Lawmakers are resuming debate on the deal on Wednesday, before a vote expected to be held around Jan 15.
If the deal is voted down, Britain risks crashing out of the EU on March 29 with no agreement in place, a messy outcome that could plunge the country into its worst recession for decades. May’s Brexit deal is unpopular with British lawmakers across the spectrum, and the main sticking point is the insurance policy known as the “backstop” — a measure that would keep the UK tied to EU customs rules in order to guarantee there is no hard border between the Republic of Ireland, an EU member, and the UK’s Northern Ireland, which won’t belong to the bloc after Brexit. EU officials have insisted that the withdrawal agreement can’t be renegotiated, although they also stressed that the backstop was meant only as a temporary measure of last resort. As part of her efforts to win support for her deal, May yesterday reiterated that the agreement she negotiated was the only one that respects the 2016 referendum result, protects jobs and provides certainty to people and businesses. She warned in the Mail on Sunday newspaper that critics of her Brexit deal risk damaging Britain’s democracy and its economy by opposing her plan.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 AGRIBRASIL GLOBAL GROUP LTD. NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business CompaniesAct, 2000, as follows: a) AGRIBRASIL GLOBAL GROUP LTD., is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on December 5, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas. NOTICE
MOUAWAD QUATTRO LIMITED N O T I C E IS HEREBY GIVEN as follows:
(a) MOUAWAD QUATTRO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 28th December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 7th day of January, A. D. 2019 _________________________________ Leeward Nominees Limited Liquidator
To advertise in The Tribune, contact 502-2394
THE TRIBUNE
Monday, January 7, 2019, PAGE 11
DPM: ‘This is not the death’ of IBC sector FROM PAGE SEVEN “You’re not going to find many new IBCs incorporated, although that has dropped off tremendously already. It’s going to be a further closing of that door for IBCs. It’s incredible. You’re going to have many IBCs that simply stop conducting business, and will be struck off, with some going into liquidation to kill off the business itself. “These are the two principle activities I see happening for IBCs, as they’ve lost a lot of their lustre. It’s not going to attract people any more. Right now the IBC is an enigma. You don’t know what it is because they will not have the preferences attached to them that they had before.” Mr Moss pinned his hopes on the likely legal challenge, already forecast by many leading attorneys, to the premature end to these preferential IBC tax benefits on the basis that it breached investors’ rights, and the “legitimate expectations” they had of enjoying them for their full term. “I think it’s really a huge change,” he added of the new financial services regulatory framework. “It changes the way we have conducted business all these many years before. I would say it’s 99 percent change. It’s a big change; a big deal. It’s a huge deal. “It’s unfortunate the Government has done it in
PUBLIC NOTICE
To advertise in The Tribune, contact 502-2394
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LISALETTE TOYOMEKO ROLLE of Westwinds, Love Beach, New Providence, Bahamas, intend to change my name to LISALETTE TOYOMEKO GIBSON-ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
the manner in which they have, without doing things in a way that really benefits The Bahamas. It is crazy. It seems it doesn’t matter to the OECD and EU whether countries change or not. They’re still going to put the pressure on the Government going forward. I really see the financial services business as dying; I’ve never said that before.”
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANYA STACIA KING of Yamacraw Beach Estates P.O.Box EE 17705, New Providence, Bahamas, mother of DONOVAN GEOFFREY PALMER intend to change my child’s name to DONOVAN GEOFFREY KINGPALMER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 78° F/26° C Low: 55° F/13° C
TAMPA
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
Sunny to partly cloudy and nice
Clear
Partly sunny
Mainly cloudy
Some sun, then turning cloudy
Clouds and sun
High: 80°
Low: 71°
High: 81° Low: 70°
High: 79° Low: 66°
High: 76° Low: 65°
High: 76° Low: 68°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
81° F
69° F
83°-73° F
81°-62° F
73°-63° F
73°-64° F
High: 77° F/25° C Low: 59° F/15° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
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almanac
E
W
ABACO
S
N
High: 75° F/24° C Low: 72° F/22° C
8-16 knots
S
High: 78° F/26° C Low: 61° F/16° C
8-16 knots
FT. LAUDERDALE
FREEPORT
High: 78° F/26° C Low: 68° F/20° C
N E S
E
W
WEST PALM BEACH
W
uV inDex toDay
TONIGHT
High: 79° F/26° C Low: 68° F/20° C
MIAMI
High: 79° F/26° C Low: 66° F/19° C
7-14 knots
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 70° F/21° C Normal high ....................................... 78° F/25° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 74° F/23° C Last year’s low ................................... 61° F/16° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.94” Normal year to date ..................................... 0.30”
ELEUTHERA
NASSAU
High: 80° F/27° C Low: 71° F/21° C
Forecasts and graphics provided by AccuWeather, Inc. ©2019
High: 77° F/25° C Low: 74° F/23° C
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KEY WEST
High: 79° F/26° C Low: 72° F/22° C
High: 78° F/26° C Low: 75° F/24° C
N
S
E
W
7-14 knots
S
8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
High
Ht.(ft.)
Low
Ht.(ft.)
Today
8:31 a.m. 8:48 p.m.
2.8 2.1
2:09 a.m. -0.2 3:00 p.m. -0.1
Tuesday
9:09 a.m. 9:28 p.m.
2.8 2.1
2:49 a.m. -0.1 3:38 p.m. 0.0
Wednesday 9:46 a.m. 10:08 p.m.
2.7 2.1
3:28 a.m. 4:15 p.m.
0.0 0.0
Thursday
10:24 a.m. 10:50 p.m.
2.6 2.1
4:08 a.m. 4:53 p.m.
0.1 0.1
Friday
11:03 a.m. 11:34 p.m.
2.5 2.1
4:51 a.m. 5:31 p.m.
0.3 0.1
Saturday
11:45 a.m. -----
2.3 -----
5:37 a.m. 6:12 p.m.
0.4 0.2
Sunday
12:21 a.m. 12:30 p.m.
2.2 2.2
6:29 a.m. 6:56 p.m.
0.5 0.1
sun anD moon Sunrise Sunset
6:56 a.m. 5:36 p.m.
Moonrise Moonset
8:04 a.m. 7:08 p.m.
First
Full
Last
New
Jan. 14
Jan. 21
Jan. 27
Feb. 4
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 79° F/26° C Low: 74° F/23° C
High: 79° F/26° C Low: 76° F/24° C
N
High: 79° F/26° C Low: 74° F/23° C
E
W S
LONG ISLAND
insurance management tracking map H
tiDes For nassau
CAT ISLAND
E
W
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
High: 79° F/26° C Low: 76° F/24° C
8-16 knots
MAYAGUANA High: 80° F/27° C Low: 75° F/24° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C
High: 80° F/27° C Low: 76° F/24° C
GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C
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E
W
E
W
N
S
S
7-14 knots
7-14 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS NE at 8-16 Knots SE at 6-12 Knots NE at 7-14 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 8-16 Knots NE at 7-14 Knots E at 8-16 Knots E at 7-14 Knots NNE at 3-6 Knots NE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots ENE at 7-14 Knots E at 6-12 Knots E at 7-14 Knots E at 7-14 Knots ENE at 7-14 Knots E at 6-12 Knots E at 7-14 Knots E at 7-14 Knots NE at 8-16 Knots ENE at 7-14 Knots
WAVES 2-4 Feet 3-6 Feet 1-3 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-6 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 77° F 77° F 80° F 78° F 81° F 79° F 80° F 77° F 78° F 77° F 79° F 79° F 80° F 79° F 81° F 81° F 81° F 81° F 80° F 80° F 78° F 78° F 80° F 80° F 80° F 80° F