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THURSDAY, APRIL 7, 2022

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Defence Force rammers’ ‘lenient’ penalties upheld

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Court of Appeal’s president has declined to impose harsher punishment on three Dominican poachers who rammed a Royal Bahamas Defence Force (RBDF) vessel despite branding their original sentences as “lenient”.

Sir Michael Barnett, in a March 18, 2022, oral verdict, said he and his fellow appeal judges, were “not satisfied that it is in the interest of justice” to increase the custodial term imposed upon the trio given that they were due to be released in a week’s time as per the original sentence.

This timeline suggests that the Dominicans, who last September were among five arrested when their vessel, Amanda, sought to evade capture

• ‘Not in interests of justice’: Dominican poachers now free • Sir Michael: Ruling not precedent-setting for Fisheries Act • Bahamas ‘just scratching surface’ in combating poaching by ramming HMBS Bahamas, have likely been freed after mere months in jail and are probably by now back in their homeland.

The original sentence,

by Justice Bernard Turner at the Supreme Court, sparked outrage and fury among Bahamian fishermen because it sent the message to potential poachers that they can still expect minimal punishment if caught in this nation’s territorial waters despite the supposedlytougher sentences and

fines contained in the recently-passed Fisheries Act. The Court of Appeal’s verdict did little to improve the mood yesterday. While acknowledging that the appellate court had been put in a difficult position, Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that The Bahamas was just “scratching the surface of the poaching issue” and needed to “pursue” the owners and financiers

SIR MICHAEL BARNETT of the vessels involved and their processing operations.

Until The Bahamas did this, he argued that the money men and those earning the bulk of profits generated from poaching in Bahamian waters will

SEE PAGE 4

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Airbnbs: ‘Don’t wring them out like sponge’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday warned against “wringing out vacation rentals like a sponge” amid fears it is targeting any growth industry for extra tax dollars in its haste to combat The Bahamas’ debt and deficit crisis.

Bruce Raine, IPBS (International Private Banking Systems) president, told Tribune Business he had exited the Airbnb vacation rental market last June, converting his property to a long-term lease focused on the domestic market, as he could see a tax grab coming from when the Minnis administration was in office.

Speaking after Chester Cooper, deputy prime minister, affirmed that the current government intends to push ahead with plans to levy 10 percent VAT on the full rental amount rather than just the fees/commissions earned by listing platforms such as VRBO, Mr Raine disputed his assertion that the extra cost

this will impose on visitors will not make The Bahamas’ uncompetitive.

“I wouldn’t say that. I think it will,” Mr Raine told this newspaper. “It’s going to push the prices right out the top..... They’re [the Government] just greedy.

If they see somebody doing making a couple of dollars they want to put their hands in their pocket. It’s not right. They’re all the same.

The FNM was doing it, and now the PLP is doing it.

People don’t have a chance.

It’s crazy.”

Vacation rentals have been a critical vehicle in providing a pathway for increased Bahamian ownership in the tourism industry, especially in the accommodation niche, which has long been dominated by foreign-owned mega resorts. The sector has also been viewed as better spreading the wealth across The Bahamas, with visitors able to book vacation rooms in multiple islands, and enabling this nation to appeal to persons seeking authentic local experiences.

SEE PAGE 15

BID to end ‘piecemeal’ AG: Minnis tax changes ‘threatened’ IBC sector Bay Street approach

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Downtown Nassau Partnership’s (DNP) cochair yesterday renewed calls for Bay Street and surrounding areas to be designated as a Business Improvement District (BID) to escape the “piecemeal” approach to redevelopment.

Charles Klonaris, backing many of the conclusions contained in the InterAmerican Development Bank’s (IDB) Sustainable Nassau Action Plan, told Tribune Business that downtown’s revival hinges on the creation of such a self-governing body with powers to impose levies on businesses/landlords within the BID to finance improvements to the area.

Stakeholders have been calling for a downtown Nassau BID to be established for almost two decades, and Mr Klonaris said its Board - comprised of both public and private sector representatives

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

- would bring the focus the city’s revival needs where the Government cannot.

He agreed that, with so many issues competing for the Government’s agenda, successive administrations have been “behind the 8-ball” when it comes to charting downtown Nassau’s restoration due to a “reactive” approach that has left them constantly running behind problems and trying to catch up.

“The most important thing is really creating a Business Improvement District within the city and having a public-private partnership (PPP) to manage the city,” Mr Klonaris said in response to Tribune Business disclosures on the Sustainable Nassau Action Plan. “That is so critical, and is something we have been asking for for a long time, which the IDB has endorsed. To me, that’s the critical point.

“Once we have that, we have a PPP organisation that will identify issues and

SEE PAGE 5

THE Attorney General yesterday accused the former Minnis administration of endangering The Bahamas’ International Business Company (IBC) sector through ill thoughtout changes to tax laws.

Ryan Pinder, addressing the Senate on reforms to various financial services laws, said the previous government had passed

changes to the VAT Act which “threatened the IBC incorporation business” because it subjected these corporate vehicles to a 6 percent levy on the sale of their shares regardless of whether they conducted any business activities in The Bahamas.

Asserting that VAT is supposed to be based on domestic consumption activity only, he argued that the 2020 VAT reforms had “caused considerable anxiety within the financial

services industry” because the tax seemingly applied to all Bahamas-domiciled IBCs - even those conducting all their business outside this nation.

Amid fears this is making The Bahamas uncompetitive, especially since IBCs are a key vehicle employed in many wealth management and other corporate financing structures, Mr Pinder said the industry was proposing an amendment clarifying that only

SEE PAGE 6

RYAN PINDER

PAGE 2, Thursday, April 7, 2022

THE TRIBUNE

OVERCOMING ADVERSITY IS THE ENTREPRENEUR'S ROLE S

etbacks in business can provide lessons that generate long-term rewards in the future. We must accept that adversity happens to everyone at some point in life. Overcoming challenges is critical on the path to success, so dealing with them in a healthy manner is really important for entrepreneurs. Always remember that it is possible to bounce back from failure, and get back on track in no time, than to remain mired in misfortune. An entrepreneur is not defined by the number of times he or she fails, but what they learnt from those mistakes.

Start learning from your Mistakes Dealling with setbacks simply involves taking a few proactive steps such as discussing the failure, asking for feedback, taking responsibility and learning from the errors you have committed.

Whenever you are trying to crack a huge business deal, and it does not turn out the way you expected, at that very moment you may feel hopeless. But, instead of feeling disheartened, accept it and use it as an opportunity to do better. This might sound like an easy yet not so effective trick, but in real life it works like rocket science.

Moreover, some mistakes are not as large as the efforts we put in to make it pay off. Entrepreneurs can follow these basic steps to prevent themselves making repeated mistakes in future.

Identify the core reason We all have to deal with setbacks at work at some point or other, but what differentiates us is how we deal with them. The first step to

By

DEIDRE

BastiaN countering disappointment is to realise the core reason for the situation.

More than 50 percent of the problem is sorted once the root cause is properly identified and worked upon. Study the target consumer market to understand what is not attracting them and change course accordingly. This will gradually help fill the gap in the customers’ needs and improve the products and services.

Every challenge is an opportunity To become a great leader, one must find an opportunity in a challenge. As Napoleon once said: "A leader is a dealer in hope.”

So when you are dealing with challenges, take one challenge at a time and analyse the best possible option to overcome it. Our brains are hardwired to make much of modern life difficult, and this is especially true when it comes to dealing with uncertainty.

But look on the bright side; if you know the right wiles, you can override your brain's irrational tendencies and handle uncertainty effectively.

SEE PAGE 3

THE TRIBUNE

Thursday, April 7, 2022, PAGE 3

BAHAMAS TARGETS ‘PERFECTION’ ON ANTI-FINANCIAL CRIME RATING

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

was near-perfection with its FATF compliance it was still considered “high risk” by many institutions because the EU had come out with its own standards.

Pointing out to the EU representative that the 27-nation bloc bore significant responsibility for the bank account opening difficulties faced by The Bahamas and Caribbean, Mr Pinder said: “I explained we must achieve 40 for 40 compliance even though the vast majority of the world does not, and I think there are only three-four countries in the world that do.”

The Bahamas, he added, must achieve “excellence and perfection in this regard because it filters down to our people, and filters down to them having a normal life in the financial environment here and around the world. Even though the vast majority of Bahamians do not understand the

connection, those in charge like myself understand we must do this for the betterment of daily life and ease of doing business”.

Non-profits will be rated according to the risk they pose, with larger entities that engage in cross-border transactions, have foreign donors and support charitable activities outside The Bahamas facing greater scrutiny than the likes of churches that receive smaller amounts and deal strictly in Bahamian dollars.

“Achieving compliant and largely compliant ratings for all 40 recommendations would put The Bahamas in a class of only two countries in this hemisphere,” Mr Pinder said.

“It will demonstrate The Bahamas is committed to excellence in financial services and Fintech, and will position The Bahamas for growth of good business in growing elements of the

Overcoming adversity is the entrepreneur’s role

deedee21bastian@gmail. com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE BAHAMAS must achieve “perfection” and “40 out of 40” total compliance with anti-financial crime standards given the double standards often employed against it, the Attorney General said yesterday.

Ryan Pinder, addressing the Senate on a package of financial services law reforms, said this nation will be “in a class of only two countries in this hemisphere” should it be rated as ‘compliant’ or ‘largely compliant’ with all 40 recommendations issued by the Financial Action Task Force (FATF), the global standard setter in combating anti-money laundering and terror financing.

The Bahamas was found either largely or fully compliant with 38 of the FATF

FROM PAGE TWO Remain focused Being a successful entrepreneur is difficult.

However, it brings expectations, competitions, risk factors and rewards. Setbacks in business provide lessons to be learnt for the future.

High value customers Setbacks can happen to any business irrespective of whether they are large or a start-up. They actually help refine the way business is done. As an entrepreneur,

standards in a December 27, 2021, report by the latter’s regional affiliate, with the two outstanding areas being the regulation of non-profit entities and oversight of digital assets providers.

Mr Pinder said The Bahamas hopes to apply to be re-rated in both these areas in May 2022, adding that while compliance with 38 of the 40 standards was “an important achievement” it was “more important that we be 40 from 40”.

This was brought home to him during a meeting with the European Commission’s representative to The Bahamas, when she asked why it took three to six days to open a bank account in Brussels but 30 to 60 days in this nation and the wider Caribbean.

“I explained that, one, there’s double if not triple standards in this matter,” Mr Pinder said, noting that even though The Bahamas

when going through an adverse business scenario, it is inevitable that you strictly manage cash flows on a regular basis. Keep a focus on high-value customers. A pause in sales figures does not mean there should be a break in the company’s operations. Rather, it is high time that costs be evaluated and categorically analysed. There should be a cut back in expenditure, and it is extremely important that the sales pipeline is maximised.

Hard times stimulate growth in a way that good

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times will not. Facing challenges in business, and navigating your way through, builds resilience. When you begin to recognize that you can overcome obstacles, learn from struggles and benefit from mistakes, it lays a solid foundation for success later on in life. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: comes

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international financial services industry.”

The Caribbean Financial Action Task Force’s (CFATF) late 2021 assessment referred to the Digital Assets and Registered Exchanges (DARE) Act, and said: “The Securities Commission has not established guidelines in relation to the DARE Act which will assist all virtual asset service providers in applying national measures to combat money laundering and terrorist financing, and, in particular, in detecting and reporting suspicious transactions.”

The Securities Commission has moved to address this via the publication of the necessary rules now out for consultation. However, the CFATF also raised concerns about its ability to identify unregistered persons operating in contravention of the DARE Act. “The Bahamas submitted

the Securities Commission has established robust processes by which the Commission is able to identify unregistered persons engaged in activities regulated under DARE,” the report said.

“These processes include: The ability of the public to file complaints with the Securities Commission and the Securities Commission following up with investigations; the Securities Commission’s own surveillance and enforcement programme identifying potential unregistered persons and investigating them; and in cases where it is determined that unregistered persons may be carrying out registrable activity, public notices are issued, and a criminal complaint is filed with the police.

However, procedures to reflect these measures were not provided.”

ESTATE OF GEORGE SKANDALIARIS a.k.a.

GEORGE EMMANUEL SKANDALIARIS TAKE NOTICE that anyone having a claim against the Estate of GEORGE SKANDALIARIS a.k.a. GEORGE EMMANUEL SKANDALIARIS late of West Bay Street, Nassau, Bahamas, who died on the 21st day of January, 2019, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th June, A.D., 2022.

PAGE 4, Thursday, April 7, 2022

NOTICE IN THE ESTATE OF NORA HELEN DuPLESSIS late of Harmony Hill, Village Road in the Eastern District of The Island of New Providence one of the Islands of The Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their debts or claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late NORA HELEN DuPLESSIS will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing.

Dated this 6th day of April, A. D. 2022 Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

NOTICE IN THE ESTATE OF ELIZABETH DOREEN CLARIDGE late of Russell Island off Eleuthera one of the Islands of The Commonwealth of The Bahamas.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required on or before the 7th day of May A. D., 2022 to send their names and addresses and particulars of their claims to the undersigned in writing or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are hereby requested to pay their respective debts to the undersigned on or before the date above mentioned.

AND NOTICE is hereby also given that at the expiration of the time period above mentioned, the assets of the late ELIZABETH DOREEN CLARIDGE will be distributed among the persons entitled thereto having regard only to the claims of which the Executor shall then have had notice in writing.

Dated this 6th day of April, A. D. 2022.

Roberts, Isaacs & Ward, Unit No.2, Cable Beach Court Professional Centre, 400 West Bay Street, Nassau, Bahamas.

DEFENCE FORCE RAMMERS’ ‘LENIENT’ PENALTIES UPHELD FROM PAGE ONE continue to view it as a “high return” activity with “low risk” of being caught and appropriately punished.

Court filings obtained

by Tribune Business reveal that the director of public prosecutions, Franklyn Williams, moved swiftly to appeal the initial sentences against Sandy Garcia Peralta, Edwin Cabrera Rayclar, Rubin Dario Sanchez and Juan Almante Luntigua after the Supreme Court’s end-February verdict meant they would only be held in Fox Hill prison for one more month.

The appeal was filed on March 10, and Sir Michael in his oral judgment said: “We have given anxious consideration to this proposed appeal. The appeal filed on March 10 is an attack on the sentence of nine months imposed by the judge. Although the Notice of Appeal does not specify the ground of appeal, we moved on the basis that the ground of appeal is in fact that the sentence is unduly lenient.

“We have considered the arguments. Whilst we recognise that the Fisheries Act 2020 imposed higher penalties than the previous legislation, and that is a fact

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that judges or sentencers must take into account in imposing sentence under the Fisheries Act 2020, we are not satisfied that, in the particular circumstances of this case, we ought to interfere with the exercise of the discretion by the sentencing judge.”

Sir Michael asserted that the sentences imposed will not set a precedent for future Fisheries Act prosecutions, and agreed with Bahamian fishermen when he said: “The nine months is lenient. It is not to be regarded as a precedent, or we do not think it is useful as a precedent, but we do not believe that, in the circumstances of this particular case, we ought to interfere with the exercise of the discretion by the sentencing judge.

“The sentence imposed by the judge comes to an end in a week’s time. We are not satisfied that it is in the interest of justice to now increase it. The appeal is therefore dismissed and the sentences are affirmed.”

The reference to a ninemonth sentence does not match the timeline established by the Amanda’s capture, which occurred more than six months ago in late September 2021.

Mr Maillis, who previously told this newspaper that the sentence was six months, yesterday confirmed that Bahamian attorney Philip Lundy, who represented the Dominicans before the Court of Appeal, also acted for them in the Supreme Court case he witnessed before Justice Turner. One of the four was said to have died while in custody, leaving the surviving three to be released and likely return home.

“I can tell you right now there’s not a single person in the fishing industry that will be happy with the decision,” Mr Maillis said of the

Court of Appeal verdict.

Nevertheless, “speaking with my legal scholar’s hat”, he conceded that it was hard for the Court of Appeal to intervene with sentences unless there was “a clear violation of what the law allows” or it was a “hugely egregious error”.

“I agree with president Barnett that this type of result cannot be a precedent,” the NFA secretary said. “Moving forward, we have to learn from the mistakes and implement the intent of the Fisheries Act, which is to impose harsher penalties that are a strong deterrent to poachers. We need to get it right first time so that we do not need to go to the Court of Appeal.”

Some 5,420 pounds of hogfish; 2,213 pounds of Nassau grouper; 11,267 pounds of whole lobster; 276 pounds of lobster tails; and 1,685 pounds of other assorted fish - all illegally harvested from Bahamian waters - was found aboard the Amanda when it was seized by HMBS Bahamas after the ramming attempt was foiled.

“This is what Bahamian fishermen have been complaining about and pushing for stronger action on for years, decades,” Mr Maillis told Tribune Business.

“The message and results have been consistent. There is very little jeopardy in poaching in these waters, and there very few financial consequences if you participate in these activities.

“We don’t pursue the owners and financiers of these vessels; we don’t pursue the beneficiaries of this poaching. We don’t do follow-up law enforcement work. We don’t strike at the heart of poaching. We don’t strike at the markets who are sending them. Until we do that, we are really scratching the surface of the poaching issue.”

THE TRIBUNE Given that the poaching vessels, their owners and financiers are all likely located abroad, largely in the Dominican Republic, The Bahamas will find it difficult to take action against those earning the real profits unless it can obtain co-operation from its fellow Caribbean state and other international law enforcement authorities. Dominican Republic co-operation will likely be hard to obtain.

Meanwhile, Mr Maillis said the failure to enforce the Fisheries Act’s sentences and fines to their fullest extent continued to show poachers that they will likely suffer minimal consequences for illegal fisheries activity in Bahamian waters.

“What makes it worse is these financiers and people sending the boats out know the risk is not that great,” he asserted. “They can do whatever they need to do to escape. They will not be charged with trying to escape law enforcement or assaulting law enforcement.

They only thing they will be charged with is fisheries offences, not Immigration offences, not penal code offences.

“You’re going to be out in six to eight months, and you do not have to worry if you cannot pay the fine.

That’s the message, that’s the message. You can go out and earn millions of dollars in illegal fisheries and, if caught, we’ll make it back up to you in the Dominican Republic. How many trips did these guys make before they were caught? How many trips were successful? These people are not throwing away their money; they know they will get a return on their investment.”

Dominican boats could bring illegal fisheries catches from Bahamian waters worth between $700,000 and $1m, Mr Maillis said, whereas the vessels involved were often worth just $50,000 with an additional $30,000 expense to outfit them. As a result, poaching was viewed as a high return/low risk practice with any losses quickly made good.

PREFERRED DIVIDEND PAYMENT FOCOL is pleased to announce a

dividend payment to all holders of CLASS ‘B’ preference shares as of April 15, 2022 payable within ten business days of the record date through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.

“Fuelling Growth For People”

THE TRIBUNE

Thursday, April 7, 2022, PAGE 5

BID TO END ‘PIECEMEAL’ BAY STREET APPROACH

FROM PAGE ONE projects that the Government should be involved with, and the private sector.

Unless that happens, we’re always going piecemeal as the article said.

“The Government is always behind, trying to deal with things identified as problems. They’ve never been proactive. They’re behind the 8-ball because it’s not really their main focus. To me, that’s the fundamental issue if we are going to resolve and transform the city. Hopefully shortly we will see the creation of a BID downtown, managed by the public and private sectors.”

Senator Ryan Pinder, the attorney general, recently hinted at a meeting with downtown Nassau stakeholders that the Davis administration was open to legislating the creation of a BID or similar body to manage downtown Nassau.

Mr Klonaris, explaining that the BID would be structured so it does not change with the Government at general elections, added that relevant agencies such as tourism, works and Town Planning would all be represented.

The Sustainable Nassau Action Plan, acknowledging what it termed the “competitive advantages” bestowed upon the city by its existing infrastructure and US proximity, nevertheless warned: “New Providence faces several financial, social and environmental challenges that severely threaten the island’s future growth potential.....”

Pointing to income inequality, in particular, it said: “The latter results in visible levels of urban poverty throughout New Providence, particularly in the Over-the-Hill neighbourhoods of Grants Town and Bain Town. Managing urban density in a sustainable way and successfully attracting residents back to the downtown Nassau core area, where the concentration of people can yield significant fiscal and environmental savings, are vexing challenges the island must confront.”

Mr Klonaris, who has long championed making downtown Nassau “a living city” once again by attracting young, professional Bahamians to live in the area and make it a 24/7 attraction yet again, said: “That is so important. We can do all the foundation, all the ground work, the management of the city, but we have to manage people as well as property. That is critical. How we do that is very challenging.

“Number one, properties are expensive, especially on the waterfront. But there are zones going south into the city that could be developed for medium-priced residences that Bahamians can afford.” Mr Klonaris said the Sustainable Nassau Action Plan remained as relevant today as when it was conceived and crafted “because we haven’t seen that amount of progress”.

“I think it’s an eye opener,” he added of the report. “Hopefully it will kind of be a catalyst to move the important issues forward.”

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The plan is likely to be presented as part of a package set to be submitted to the Government shortly, and Mr Klonaris added: “The other challenge, which is really not our responsibility, is population growth.

That’s a critical item. How do we resolve that?’

The Sustainable Nassau Action Plan said New Providence’s population is set to grow by another 100,000 persons come 2045. Pointing to ever-increasing population challenges, as more Bahamians migrate to New Providence in search of work, it added: “In just 15 years (2000-2015), the New Providence population increased by nearly 27 percent.

“ESC (emerging and sustainable cities) population growth models project that New Providence will continue growing, increasing 19 percent in the 2015-2030 period and increasing another 15 percent from 2030 to 2045.....

“As compared to other Bahamian islands, New Providence is quite small despite being the most populous with an estimated 270,000 inhabitants - more than 70 percent of the national population. The population of New Providence is predicted to further increase by another 100,000 inhabitants over the next 28 years with its share of the total population increasing from 70 percent to almost 80 percent.”

“We have problems as it is now with traffic, space for living conditions,” Mr Klonaris added. “It’s an issue that is very difficult, and a challenge that really has to be a focal point for

the Government. It’s hard to imagine another 100,000 people. It would be really difficult accommodating

them, and what would be the job opportunities?

“We have 700 islands, so hopefully Freeport, Abaco, Exuma, Andros especially,

can pick up the slack and create a city to move some of the population to those islands.”

PAGE 6, Thursday, April 7, 2022

THE TRIBUNE

AG: MINNIS TAX CHANGES ‘THREATENED’ IBC SECTOR FROM PAGE ONE companies holding a Bahamian business licence - and conducting real activities here - be subject to 6 percent VAT when their shares are sold.

“The industry is rather sensitive to abrupt and unannounced changes, especially when there is no consultation,” the attorney general alleged. “Unfortunately this is exactly what we saw in the prior administration, tax changes without consultation, announcement or warning that was contrary to the longstanding operation of the financial services industry, and has caused considerable anxiety within the industry.”

The VAT Amendment Act 2020’s section 2 (c) imposes the levy on “the transfer of shares in a company” when it is being sold, and Mr Pinder argued: “The consequence of this amendment was that IBCs that have no nexus with The Bahamas, no business interest, no real estate and no

other connection with The Bahamas other than incorporation, could be subject to a 6 percent VAT on the sale of shares.

“This has never been the case in The Bahamas and should not be the case. VAT is a tax that is a domestic consumption tax and should not be extended to activities wholly outside The Bahamas. This has threatened the IBC incorporation business in The Bahamas and must be remedied consistent with current law.

“What the industry is proposing, which I would agree with, is that if the company holds a business license, or a subsidiary of the holding company has a business license, the transfer of shares is subject to VAT. If not then it is not subject to VAT. A simple fix that is consistent with the philosophy of VAT and consistent with domestic law.”

Mr Pinder said similar issues were being experienced when it came to pledging shares in IBCs

as collateral or other forms of loan security. “We have a situation with the pledge of shares of an IBC and the Stamp Tax that is payable because there was never any clarification after the former administration passed the Removal of Preferential Exemptions Act. This has likewise caused much anxiety in the industry and has caused us to lose IBC business,” he added.

“The IBC is deemed non-resident for exchange control purposes. All of its activities are conducted exclusively outside The Bahamas, and it owns no real estate or any interest in real estate or a business in The Bahamas. Under the law the pledge of these shares are subject to Stamp tax, when they never before were.

“The former administration issued a poorly drafted tax ruling to try to get around the issue. However, a tax ruling does not have the same authority as statute and there remains ambiguous. Tax reform and

Bahamas Customs Department Sale By Sealed Bids In accordance with Section 201 of the Customs Management Act 2011, the following good is available for sale by the Bahamas Customs Department: Shipment#1-Thirty-three (33) pieces of Building Supplies Shipment # 2-Six (6) - 20’ Containers of Galvanized Steel The goods can be viewed at the Bahamas Customs Warehouse located at the Gladstone Freight Terminal, Monday thru Friday from 8:00 a.m. to 4:00 pm or call 376-5607 or 424-8065. Each of the shipments is being sold separately. Bidders must specifically state what shipment they are bidding on.

Interested persons are asked to submit sealed envelopes marked “SALE

BY SEALED BIDS’ to the office of the Comptroller of Customs, Customs House, 55 University Drive, New Providence, The Bahamas.

The deadline for bid submissions is Friday, 22nd April 2022 at 5:00 p.m.

The right is reserved to reject any or all tenders.

amendments are by their nature disruptive if there is not proper consultation, and especially in industries where capital is mobile and there is significant competition among jurisdictions,” Mr Pinder continued.

“The prior administration modified tax laws without consultation, discussion and, in some cases, without logic. This cannot be the proper approach and will not during this administration.” Opposition senators challenged Mr Pinder that any changes could run afoul of the European Union’s (EU) demand for the elimination of ‘ring fencing’, which previously saw The Bahamas give preferential tax treatment to foreign investors that was not available in the domestic economy.

This, they said, was why the Removal of Preferential Exemptions Act was passed to prevent The Bahamas from being placed on the EU’s tax blacklist. Mr Pinder, though, argued that this reasoning did not apply

as the decision on whether to tax or not is based on “jurisdiction”, and whether activities are taking place in the domestic economy regardless of nationality.

He added that non-resident activities were to be

taxed one way, and nonresident activities another.

“You tax based on connection to the jurisdiction, not on ownership,” Mr Pinder said. “I’m in the chair and going to fix it.”

THE TRIBUNE

Thursday, April 7, 2022, PAGE 7

SAND DOLLAR MAKES BAHAMAS WORLDWIDE DIGITAL ‘FRONT RUNNER’ A SENIOR Bahamian accountant yesterday hailed this nation for “setting itself apart as a global frontrunner” in the digital assets space with his firm ranking the Sand Dollar as the world’s second best Central Bank-backed digital currency.

The Bahamas was ranked behind only Nigeria when it came to digital currencies for public (retail) use, leading Prince Rahming, PricewaterhouseCoopers (PwC) Bahamas territory manager, to laud what he described as “truly an accomplishment”.

The Bahamas’ score of 92 in PwC’s Global Central Bank Digital Currency Index was just shy of Nigeria’s winning 95, but it placed first in the Americas region.

“When we look at the evolution of CBDC (central bank digital currencies) and the issuance of digital currencies worldwide, the fact that The Bahamas sits as the front runner in this very important race is truly an accomplishment,” Mr Rahming said in a statement.

“With the introduction of the Sand Dollar and the passage of the DARE (Digital Assets and Registered Exchanges) Act 2020, which is designed to regulate digital assets and the activities of digital assets service providers, The Bahamas has once again set itself apart as a global leader in this space and we are already seeing the benefits.”

He continued: “Today, across the length and

PRINCE RAHMING breadth of The Bahamas, consumers and businesses alike are afforded the added convenience and safety of engaging in banking transactions from their digital wallets in a similar manner as they would with traditional banking services.

Banking security and protection remain tantamount to adding value to the overall customer experience.

“We commend the vision and leadership of Governor John Rolle of the Central Bank of The Bahamas, as well as Christina Rolle of the Securities Commission, for placing The Bahamas on the map in the digital currency and digital assets space, and for introducing regulations that fully comply with international standards.

Their efforts are bearing fruit and bode well for the continued success of the financial services sector in The Bahamas” The Bahamas saw off competition from Jamaica and the eastern Caribbean to lead the Americas. PwC said in a statement that

more than 80 percent of central banks worldwide are thought likely to launch a digital currency or have already done so.

PwC, in its analysis of the Sand Dollar, said: “In October 2020, The Bahamas became the first country to launch a central bank digital currency, Sand Dollar, issued by the Central Bank of The Bahamas as legal tender. All residents can access the digital wallet through the mobile application or a physical payment card. The records collected during daily operations, such as income and spending information, can support applications for micro loans.

“The objectives of Sand Dollar are more efficient payments systems with more secure transactions and shorter settlement times, enhanced financial inclusion and wider access, reduced costs, stronger controls around anti-money laundering, anti-counterfeiting and other illicit activities. Private sector payments providers continue to expand the services available for the central bank digital currency’s use from payment cards to payroll.”

Zia Paton, PwC’s digital services leader in the Caribbean, said: “This year’s index shows that central banks are ramping up activity in the digital currency space. Countries are at differing levels of maturity with central bank digital currencies, and each country has different motivating factors.

ESTATE OF RANDOLPH MCDONALD WORRELL TAKE NOTICE that anyone having a claim against the Estate of RANDOLPH MCDONALD WORRELL late of #25 Adelaide Road, Nassau, Bahamas, who died on the 23rd day of September, 2021, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th June, A.D., 2022.

“Increasing financial inclusion, facilitating crossborder payments and controlling financial crime are all factors that come into play. Within our region,

the success of the Sand Dollar in The Bahamas and planned central bank digital currencies in Jamaica and East Caribbean will likely spur central bank digital

currency

development

in

other Caribbean territories where

financial

inclusion

is one of the key desired outcomes.”

PAGE 10, Thursday, April 7, 2022

ESTATE OF JULLIANN LAURENE MORTIMER a.k.a.

JULLIANN LAURENE MORTIMER NEE FERGUSON TAKE NOTICE that anyone having a claim against the Estate of JULLIANN LAURENE MORTIMER a.k.a. JULLIANN LAURENE MORTIMER NEE FERGUSON late of Sunset Drive, Nassau, Bahamas, who died on the 9th day of December, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th June, A.D., 2022.

THE TRIBUNE Legal Notice NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), HILLSTONE LIMITED (the “Company”) is in dissolution.

The date of commencement of the dissolution is 5th April, 2022.

CONTINENTAL LIQUIDATORS INC. is the Liquidator and can be contacted at 60 Market Square, P.O. Box 1906, Belize City, Belize. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 5th day of May, 2022.

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THE TRIBUNE

Thursday, April 7, 2022, PAGE 11

BAHAMAS TARGETING AGRITOURISM BOOST THE Government is aiming to boost agritourism through an Agri-Island Food Link initiative, a Cabinet minister has announced.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, unveiled the programme during the 37th Food and Agriculture Organisation (FAO) Latin American and Caribbean regional conference, which was held in Quito, Ecuador, from March 28 to April 1.

During his address, the minister said the initiative seeks to develop an agritourism policy outlining the priorities, regulations and standards for the sector, while also identifying sustainable agricultural and hospitality practices.

The programme will also provide governance for market entry, operations and incentivise development. It aims to build the capacity of producer groups to enter the agritourism market, and will provide training on agritourism business management.

This will enable farmers to assess their current agribusiness, determine the gaps and develop solutions that align with the agritourism policy and standards.

“This initiative highlights the special offerings of each island, which has not only attracted tourists but fed and provided economic stability to rural communities over the years,” Mr Sweeting said.

“For instance, the island of Eleuthera is known for pineapples, where the sugar loaf variety can be branded as a geographic indicator (GI). The island of Long Island has a rich history of herding small ruminants, and the island of Acklins is known for its Cascarilla trees.

“These islands have the potential to also become designated as Globally Important Agricultural Heritage Systems to boost agritourism.”

Mr Sweeting identified some of the potential benefits as the inclusion of

women and youth in decent rural employment; avenues for the global branding of local farming and produce; preservation of community culture through agrifood systems, which also allows for sustainability; increasde incentives for rural development and reduced youth migration to urban areas.

“The Bahamas calls on an urgent increase of FAO presence in the country, and on the ground, to experience these various islands, their potential offerings and needs,” Mr Sweeting said.

“The Bahamas has been pacified over the years with short missions to the rural

islands for assessments and reports, but little impact with farmers and fisherfolks, unless it is in response to a disaster.

“We trust that through the upcoming FAO Work Programme, The Bahamas can benefit from a greater involvement of FAO at the territorial level,” Mr Sweeting added.

“We know that tourism is the main driver of our economy, but we also understand that agriculture is pivotal.

So, what countries around the world are doing is fighting for food security. But what’s so great about The Bahamas is that we can do

CLAY SWEETING, minister of agriculture, marine resources and Family Island affairs, speaking at the 37th Food and Agriculture Organisation (FAO) and Latin American and Caribbean regional conference. this and also create another part of our sector, which is agritourism.

“We are so excited to do this. Family Islanders will be

involved and, as we create nationwide niche farms, tourists will be able to visit these farms in certain parts of our country.”

Legal Notice NOTICE International Business Companies Act NO.45 OF 2000

GABELLE HOLDINGS LIMITED (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of GABELLE HOLDINGS LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the dissolution was the 28th October, 2021.

Legal Notice NOTICE International Business Companies Act NO.45 OF 2000

Plumbago Investments Limited (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Plumbago Investments Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 31st December, 2021.

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 06 APRIL 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.50 2.05 2.90 2.60 6.05 10.05 3.55 9.02 3.10 7.20 14.00 2.71 10.25 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 9.00 13.10 3.50 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2279.55

53.19

2.39

51.31

2.30

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.22 100.53 99.98 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.29 99.98 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS67023 BGRS FL BGRS70022 BGRS FL BGRS78024 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS670233 BSBGRS700220 BSBGRS780248 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.60 2.66 7.16 13.00 2.28 10.13 12.39 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.06 100.53 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.25 3.30 7.60 2.66 7.16 14.00 2.29 10.13 12.65 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

VOLUME

1,127,819 2,000 500 500 250

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.06 100.53 99.98 100.00 100.00 100.00 89.62 100.00 100.00 100.00

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 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 Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.01 0.00 0.26 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.63% 4.50% 4.50% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.1 -7.5 54.3 14.5 15.9 19.4 22.5 21.7 19.6 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.81% 0.00% 0.00% 4.51% 3.07% 5.14% 18.95% 0.59% 2.59% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 8-Apr-2023 29-Jul-2022 22-Sep-2024 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

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 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

PAGE 12, Thursday, April 7, 2022

THE TRIBUNE

BTC HAILS 'RECORD' QUARTER WITH 10,000 HOMES LINKED THE Bahamas Telecommunications Company (BTC) yesterday said it has connected 10,000 more homes to its fibre-tothe-home network after

completing build-out in more than 20 New Providence and Grand Bahama communities during the 2022 first quarter.

“Our teams haven’t missed a moment,” said BTC chief executive, Andre Foster, in a statement.

“We kicked off the New Year in high gear. We’re

committed to ensuring that every household in this country has access to next generation value packed broadband services at the most competitive prices.

“We continue to deliver unmatched connectivity and superior value for our communities. In the last three months, we focused our efforts on upgrades in southern New Providence and Abaco.”

Newly-upgraded communities in New Providence include South Beach Estates, Pinewood Gardens, additional portions of East Street, Cowpen Road, Coral Harbour, Coral Vista and Coral Heights and Fort Charlotte.

To-date, BTC has upgraded the islands of Rum Cay, Crooked Island, San Salvador, Long Island, Abaco, Grand Bahama and New Providence with fibreto-the-home services.

“In addition to this being a record quarter for network upgrades, we’ve also exceeded our aggressive targets for new customers to join BTC. With such a demand for fibre services, we’ve had to ramp up the number of installations we do each day,” Mr Foster said.

“And with more than 35 percent of our sales

GN-2693

ANDRE FOSTER happening on the ground through our field sales team, we’ve developed new partnerships with organisations including the Gladstone Road Farmers Market and the Urban Renewal Marching Band.

“We’ve also teamed up with broadcaster Eyewitness News on their community initiatives.

These partnerships help to make our neighbourhood community sales events even more exciting. We’ve left no stone unturned this quarter, and we will continue to fire on all cylinders.”

BTC said it hopes to decommission its copper networks in communities that have been fully “fiberised” by year-end, providing a faster and more reliable service for customers.

“We are confident that we are ready to fully shut down our copper network

in communities, where we have a full fibre build-out,” Mr Foster said.

“Our copper network was fit for purpose for many years, but we’ve reached the point where it is not practical or efficient to manage two networks.

“In some areas where we haven’t deployed fibere, we have enhanced our copper services to provide better speeds. Customers in those areas will be automatically upgraded to the new network when it becomes available.”

BTC said its customers receive a minimum 100mbps (megabits per second) of broadband Internet connectivity directly to their homes. The fibre connection is not shared with other customers. Subscribers have the option of bundling IP television, landline and mobile services with fibre.

NOTICE NOTICE is hereby given that SHERICA KETANYA ROSE of Beets Close, Nassau, 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 and signed statement of the facts within twenty-eight days from the 31st day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that GERVAIS SAINT-JEAN of Lobster Avenue, Golden Gates, New Providence, The 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 and signed statement of the facts within twenty-eight days from the 31st day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE IN THE ESTATE of FRANK PRESTON REID late of the Eastern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 18th day of April A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

AIRBNBS: ‘DON’T WRING THEM OUT LIKE SPONGE’ FROM PAGE ONE

Describing the industry’s impact as “fantastic”, Mr Raine warned the Government: “Don’t wring them out like a sponge. These people are entrepreneurs.

I’m in a What’s App chat with a bunch of them, and to see the professionalism they have, they’ve really grown into this. Don’t kill them.

“They [the Government] think they’re getting so much money but they’re not. They’re getting by, they are living. They will kill the goose that laid the golden egg, and where do we go from there.” Any vacation rental-related VAT will be paid by the renter, not the owner, although it is unclear whether the latter will have to charge VAT if they are under the $100,000 annual turnover threshold for VAT registration.

Mr Cooper on Tuesday indicated that would be the case, adding that he hoped to have a register which will ultimately feature all 7,000 to 10,000 vacation rental properties in The Bahamas in place by the time the May Budget is unveiled in the House of Assembly.

Reiterating much of what he said at last year’s Exuma Business Outlook conference, Mr Cooper said: “I foreshadowed that the Government would look to tax in a meaningful way vacation rentals. There is already a Memorandum of Understanding (MoU) with Airbnb, and at the moment we are collecting VAT on the fee that vacation homes would pay. We are seeking to make an amendment so that the VAT applies to the entire amount of vacation rentals.”

However, the situation described by Mr Cooper was supposed to have been addressed by the Minnis administration in the original 2021-2022 Budget passed by the previous Parliament in June. It sought to extract an extra $31m annually from the vacation rental market by “levelling the

playing field” as it related to taxation.

The VAT Act was changed to make clear to Airbnb and its competitors that taxes must be levied “on the full value of the rental”, rather than just the commission paid to their platforms. “We are amending the law to clarify that all vacation home marketplaces, such as Airbnb and VRBO, are required to pay VAT on rentals and commissions,” ex-prime minister, Dr Hubert Minnis, said then.

Mr Cooper also asserted that there was unlikely to be “a significant impact on demand” from vacation rental clients now having to pay an increased rate via 10 percent VAT. Instead, he described it as a “win-win”, as more formal regulation and oversight will enable Bahamians to receive government assistance to participate in the industry, thereby increasing local ownership, while the Government benefits from tax revenues generated.

Mr Cooper was yesterday backed by Ken Hutton, the Abaco Chamber of Commerce’s president, who agreed that there should be a “level playing field” on how vacation rentals and hotels are taxed. He suggested, though, that this could mean that vacation rentals are given access to the same Hotels Encouragement Act incentives as resorts, which could open a Pandora’s Box when it comes to issues such as real property tax.

“I think it’s only fair those properties being used as income-producing properties should be paying their fair share,” Mr Hutton said, adding of 10 percent VAT: “I don’t think it will make us uncompetitive. We have a very unique product here in Abaco particularly, so

I don’t think it’s going to affect in any meaningful way our market popularity.

“The vacation rentals are so interconnected with the second homeowner market we have here. It is the engine of Abaco going forward. It’s more than critical.

It’s absolutely critical.” Mr

CALL 502-2394 TO ADVERTISE IN THE TRIBUNE TODAY!

CALL 502-2394 TO ADVERTISE TODAY!

Hutton also suggested that the move to vacation rental registration, and oversight, could end the “free-forall” and help alleviate the island’s post-Dorian “housing crisis” where demand has far outstripped supply.

“A number of properties are doing Airbnb type

Thursday, April 7, 2022, PAGE 15

rentals daily and nightly, and two and three-day rentals, and not paying their fair share in taxes,” he added, “but the bigger issue is those houses are not available in the rental pool. It exacerbates the housing crisis here.

“So maybe putting these new requirements, stipulations in well help these properties come off the vacation market and on to the long-term rental market and alleviate the housing shortage we have right now.”