12062018 BUSINESS

business@tribunemedia.net

THURSDAY, DECEMBER 6, 2018

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$1,000 Business ‘choke point’ withdrawn NHI cost ‘not * Business licence ‘bank statement’ demand ended * DPM: We’re responsive to ‘unintended consequences’ * BICA chief wants ‘comprehensive’ solution to all issues

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government yesterday retracted a private sector “choke point” by moving to eliminate the need for companies to supply “certified bank statements” with business licence filings.

KP Turnquest, deputy prime minister, told Tribune Business that the Business Licence Act amendments tabled in the House of Assembly showed the Government was responsive to dealing “with the unintended consequences of our actions”.

He conceded that the concerns expressed by Bahamian accountants and businesses had merit, given that the extra compliance requirements were contrary to the Minnis administration’s goal of “making the ease of doing business better”.

Mr Turnquest said the demand for all businesses to provide “certified” bank statement copies would have imposed “additional restrictions” on the private sector, and pledged that a further review of business licence processes will take place going into both the mid-year budget and 20192020 budget in May. He also appeared to

OECD/EU: Lawsuits over tax breaks end are ‘your problem’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas would have been “blacklisted” had it insisted on existing foreign investors fully enjoying their preferential investment incentives, the deputy prime minister revealed yesterday.

KP Turnquest, leading off House of Assembly debate on anti-tax evasion legislation, said both the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) were unsympathetic towards The Bahamas’ concerns that early elimination of these tax breaks could expose the

Government to multiple lawsuits for breach of constitutional rights.

While The Bahamas had sought to “push back substantially and aggressively” over their demands for these incentives to cease immediately, he added that the Government ultimately had to settle for year-end 2021 as the date for when they will expire.

This means that many foreign owners of existing Bahamiandomiciled International Business Companies (IBCs) and other corporate vehicles will no longer receive the expected 20-year stamp

SEE PAGE 12

No ‘substance’ to private wealth fear

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PRIVATE wealth management structures “ought not to” be impacted by The Bahamas’ physical presence response to global anti-tax evasion initiatives, the deputy prime minister said yesterday.

KP Turnquest told Tribune Business that the “substantive presence” element in the legislative package to address the European Union (EU)/Organisation for Economic Co-Operation and

Development (OECD) would only impact corporate entities in such structures if they were doing “real business”.

“It depends on whether they are engaged in ‘real activity’,” the deputy prime minister confirmed of the Commercial Entities (Substance Requirements) Bill’s likely impact. “If they’re just holding passive assets it ought not to, but it needs to be applied against the [physical presence] test.”

While the latest EU/

SEE PAGE 6

break with his top Ministry of Finance official, who had justified the Government’s demands for additional information on the basis that too many business licence filings “do not stand up to scrutiny”. The deputy prime minister, though, yesterday said the “overwhelming majority” of submissions and payments were accurate.

However, Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the Government had addressed only one - and not the main, or all - concerns of the profession by eliminating the “certified bank statements”

pulled from out of thin air’

By NATARIO MCKENZIE

Tribune Business Reporter

KP TURNQUEST

GOWON BOWE

SEE PAGE 5

nmckenzie@tribunemedia.net THE National Health Insurance Authority’s (NHIA) chairman yesterday defended the $1,000 premium costing for its basic package, arguing it had not been “pulled out of thin air”.

Dr Robin Roberts, speaking with Tribune Business following a presentation to the Rotary Club of southeast Nassau, said the NHIA has met with 80 companies, including some of the country’s largest private sector

DR ROBIN ROBERTS employers, so far during consultations on the revised NHI model.

“We have met with about 80 companies, including the big companies such as Atlantis, Baha Mar and Super Value,” he revealed. “By and large they have been extremely receptive to what we are doing.

“The smaller companies, particularly when we went to Freeport, looked at the potential burden they have because Freeport’s economy is not thriving as it should be. We invited their input and we think that some of the comments they

SEE PAGE 10

PAGE 2, Thursday, December 6, 2018

THE TRIBUNE

Reaching a ten year milestone GOVT TABLES $100 THE ART OF GRAPHIX column is blowing out ten big candles this year. It seemed like yesterday, but how time flies. Yes, November 2018 marks the tenth anniversary of this column. We began this journey in 2008 with the view that one should always cultivate or promote the things we are driven by. We should be prepared to enhance, and share our knowledge and abilities, with a wider platform.

This initiative as a columnist has not only given me the ability to “exhale a little wider” by seeking to share marketing, graphic and web design best practices, but also business philosophies and principles that demonstrate some of the common promotion for business developments.

Looking back on the previous years of this journey, I admit to being a damsel in distress whistling for “help”, but as time passed the light shone brighter. I have counted 576 articles over the past ten years, producing each one with the same appetite as the first.

Readers might occasionally ask: “Where do you find the inspiration each time?” Writers are artists too, and vice versa. By the same token it is my impartial belief that when we are pursuing something from the heart or a place

DISASTER LOAN PLAN

of passion and love, inspiration flows with us. For example if we have mastered or become skilled at something throughout the length of our lives, that craft is not considered a career any longer… it is now our second language.

With that in mind, this journey has taught me that despite how knowledgeable or well-versed we may feel in a particular craft, there is still so much more that we do not know. In particular, there seems to be a distinct appreciation for graphic art and its purpose, as it offers businesses and consumers visual information that cannot be matched by a written description.

The column continues to receive much positive feedback via e-mail, which is always welcomed and very encouraging.

Comments such as “I have enjoyed last week’s article; it was very informative” or “I am clipping this article for my student’s next class” continue to inspire.

To this end, remember we are what we repeatedly do. Excellence should not become an act but a habit.

If you are a painter, become the best painter. If you are good at singing, become the best singer. If you are good at writing, be the best at your craft. If you carry a light, shine as bright as you can.

As a final point, be sure to work hard, hone your craft and believe in yourself always. Whatever your gift may be, under no circumstances are you to dim your lights to make others feel comfortable. Most importantly, continue to make your presence felt in a

The Art of Graphix

BY DEIDRE M BASTIAN

positive way; discover your magic and own it! Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game!

NB: The columnist welcomes feedback at deedee21bastian@gmail.com Deidre Marie Bastian is a professionally trained graphic designer/marketing coordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE deputy prime minister last night sought parliamentary approval to activate a five-year, $100m emergency loan facility to help The Bahamas cope with natural disasters.

K Peter Turnquest, pictured, said the strategy crafted with the Inter-American Development Bank (IDB) will boost The Bahamas’ disaster preparedness efforts by giving it access to immediate financing in the aftermath of a natural disaster.

Resources from the facility are only to be used to cover damages in the aftermath of a severe hurricane, and can be accessed within seven days after the storm’s passage. No costs are associated with the facility unless and until the Government draws down on it, means no interest applies unless the funds are used and it does not add to the national debt - yet.

“This is important because it provides the Government access to a substantial sum of money to immediately address critical needs in the aftermath of a hurricane or other natural disaster. However, it has no budgetary implications

unless we have need for the money,” said Mr Turnquest.

Resources from the loan facility can only be used for the procurement of goods and services deemed eligible for the execution of restorative work, and to assist in the provision of basic necessities to persons in the affected areas. While the facility spans a period of five years, the Government can request an extension.

“The threat of catastrophic natural disasters, and increasing severity of hurricanes, has the capacity to bankrupt nations. This is why the Government has developed a multi-pronged and diversified strategy for disaster preparedness,” said Mr Turnquest.

“The combination of this $100m line of credit, the insurance coverage under the Caribbean Risk Insurance Facility and the planned establishment of the Disaster Relief Fund recently foreshadowed by the prime minister are all placing the country in the best possible position to respond quickly to the everpresent threat of hurricanes and other natural disasters.”

THE TRIBUNE

Thursday, December 6, 2018, PAGE 3

TAX EVASION ‘BLIND EYE’ COMES TO HALT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

persons to engage in tax avoidance without any liability.”

The deputy prime minister said the Bill’s passage will permit the enforcement of tax judgments from other jurisdictions, while also enabling The Bahamas to follow through on its own laws for its benefit.

“It gives The Bahamas the ability to enforce the law with tax evasion and avoidance, and administer that through the courts,” he added.

Mr Turnquest said compliance with the EU/OECD demands will “send a message to the international business community... that The Bahamas is open for legitimate business”, while warning that the country would pay a steep price if chose not to acquiesce.

“I know people are

asking the question: Why is the EU able to dictate to The Bahamas? Why does The Bahamas need to address the EU’s concerns?,” he acknowledged.

“The EU will be putting pen to paper in less than a week or so on a list of non co-operative jurisdictions.

The Bahamas, like many other countries, is doing its best to avoid being placed on that blacklist.

“The Bahamas, as a sovereign nation, is capable of making its own laws and regulations, and so are the G-20, EU and OECD and other countries with respect to perceived harmful tax practices. This is not a oneway where you say you are not going to do this and believe the rest of the world is going to leave it alone.

“There are penalties for

non-compliance. It’s our right not to comply, but there are consequences.”

Should The Bahamas be “blacklisted”, Mr Turnquest said the reputational hit could drive away new and existing investors, plus result in the exit of financial institutions resulting in job losses in the country’s second largest industry that has underpinned the middle class’s growth.

Bahamas-based banks may lose access to the global financial system and be unable to “transact in foreign currency”, while the nation may also lose correspondent banking relationships as foreign institutions move to de-risk. The impact, Mr Turnquest said, would ultimately be felt by all Bahamians.

TO BE BPL ‘anchor tenant’ SHELL ‘VIBRANT for LNG expansion PLAYER’ WITH

Bahamas, starting with the establishment of Shell Western’s trading office, which effectively makes The Bahamas Shell’s Northern Caribbean business hub.”

Mr Regis added: “We look forward to being a vibrant player in the financial sector through our international trading activities, and in the energy sector.”

K Peter Turnquest, deputy prime minister, said the relocation of Shell North America’s oil and gas trading hub to The

Bahamas would greatly boost this nation’s standing in the global investment community.

He added that the company, which currently has five Bahamian employees, has been a beneficiary of the Commercial Enterprises Act. “The decision to establish physical presence here is a great sign of growing investor confidence in this nation’s economy and the Government, particularly as we try to diversify our financial services offering,” said Mr Turnquest.

FALSIFYING Customs declarations and real property tax valuations will leave offenders liable to criminal prosecution through a “new package” of anti-tax evasion measures, it was revealed yesterday.

KP Turnquest, deputy prime minister, told the House of Assembly that amendments to the penal code that criminalise tax evasion would stiffen penalties for offences where culprits had all too frequently been let off with a fine or officials “turning a blind eye”.

He described the Penal Code Amendment Bill 2018 as “a landmark Bill whose time has come”, with The

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power and Light’s (BPL) executive director yesterday said the utility is being viewed as the “anchor tenant” for liquefied natural gas (LNG), a fuel that may spur other economic opportunities.

Patrick Rollins, pictured, who spoke at the Caribbean Infrastructure Forum (CARIF), told Tribune Business: “We view BPL as anchor tenant for LNG. Once it gets on the ground it will spur economic opportunities in other areas.

You’re talking about bunkering, for instance, industry and transportation.”

He added that in early

Bahamas’ efforts to comply with the European Union (EU)/Organisation for Economic Co-Operation and Development (OECD) initiatives set to help its own revenue collection efforts.

“The Bill makes it a crime to intentionally defraud a person employed in the public service relating to the collection of money for the purposes of general revenue,” Mr Turnquest said.

“I know what the interpretation of that is, and it does.

“There’s no distinction. It’s now a crime to intentionally defraud the Government of its revenue. This Bill brings tax evasion within the lexicon of criminal acts in The Bahamas and is a landmark Bill whose time has come.

“In making tax evasion an offence within

November, BPL and Shell North America signed a Memorandum of Understanding (MOU) for the construction of a multi-fuel power plant at Clifton Pier that includes LNG in the generation mix.

Mr Rollins said that while LNG is a cheaper fuel, it would be difficult to say how much of a reduction the utility’s consumers could see in electricity bills given the company’s upcoming rate reduction bond that will refinance BPL’s legacy debts, pension fund deficit and environmental liabilities .

“We expect the power plant to provide more stable power and bring about lower electricity bills, but right now it’s difficult to speak to the extent of the potential reduction when

The Bahamas and we are debunking the notion that The Bahamas encourages tax evasion or protects tax dodgers, and we are counteracting the stigma associated with being regarded as a tax haven.”

Mr Turnquest said the Bill was “a new package” for The Bahamas, which had never used such measures before to punish offenders who breached its multiple revenue Acts through smuggling, false invoicing, under-valuations and other techniques,.

“There’s been an administrative fine or we turn a blind eye and say: ‘We’ll catch you next time’,” he added of the typical approach and attitude. “In the eyes of the international community a tax haven presents opportunities for

you have to factor in the rate reduction bond,” he said.

BPL has come under heavy consumer fire over high electricity bills, which executives say is due to a combination of high global oil prices and having to rely more on its Blue Hills plant that uses automotive diesel oil (ADO) - a more expensive fuel than Clifton’s Bunker C. “Right now we are predominantly running on diesel. By next summer our goal is to get a lot of our generation at Clifton back on Bunker C. We are working on a couple of projects to get to that next summer,” said Mr Rollins.

He added that BPL has 26 power plants on 17 islands which produce in excess of 500 megawatts (MW) of electricity.

NEW HQ

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net SHELL Western is aiming to become a “vibrant player” in the Bahamian financial services industry after “focusing growth plans” on this nation through its international trading activities.

During a Tuesday evening reception to celebrate its return and the opening of its new offices, Mark Regis, Shell’s country chair for the English and Dutch Caribbean (excluding Trinidad and Tobago), said: “Shell is very happy to be back in The Bahamas. Shell was a very important part of the community and economy for many years.

“Shell has focused growth plans for The

THE BAHAMAS CYCLE COMPANY will hold its annual General meeting on Wednesday, December 12th at 5pm at the Magnolia Building on the corner of Bay Street and Elizabeth Ave.

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PAGE 4, Thursday, December 6, 2018

THE TRIBUNE

FINANCIAL ANALYSTS EYE 2019 OUTLOOK BAHAMIAN financial analysts hosted their 2019 Outlook and Innovation presentation, which was headed by Pictet Bank & Trust’s investment strategist, Christophe Donay.

He presented on the topic Big Waves come in threes, so does innovation.

The CFA Society of The

Bahamas event was attended by more than 90 persons, including financial services professionals, society members and CFA candidates.

Key themes discussed in Mr Donay’s presentation included: • The global economy currently presents several paradoxical forces, including

PUBLIC NOTICE

Debra Cooper is no longer employed with Glendas Uniform & Robe Co. and is not authorized to conduct any business on behalf of the company.

low productivity and full employment; full employment and high margins; and low growth and full employment. These competing forces are explained by innovation, which changes the dynamics of the global economy.

• Innovation can be classified by three sub-categories: technological shocks, which involve the creation of new technologies; political belief shocks, which describe forces such as the rise in populist sentiment globally and China’s shift toward capitalism; and radical cognitive shocks, which characterise paradigm shifts in economic principles and theories.

• There are seven sources of current technological innovation: Energy (shale oil and gas); smart materials (nanotechnologies); Internet (including mobile apps); information and data processing; automation; transport (driverless vehicles); and life sciences.

• Investing in innovation results in a significant long-term economic improvement, as measured by real GDP and real disposable income rises.

It can also lead to significant outperformance in comparison to equity market benchmarks. When investing in innovation, it is important to do so globally, target disruptive business models and to diversify across and within various sources of innovation.

• A comparison of the top

CHRISTOPHE DONAY, guest speaker, Pictet investment strategist.

20 performing companies from 1996-2001 to those for the period 2016-2018 shows that most of the companies listed in the first period were not around in the latter.

Robert Turnquest, CFA Society of The Bahamas vice-resident, said: “The 2019 Outlook and Innovation presentation offered an in-depth analysis on the effects of innovation on the global economy, and presented tangible advice on how to successfully invest in innovation.

“Christophe’s presentation was compelling, informative and enjoyable, and the audience enthusiastically engaged with thoughtful questions. It was a pleasure for CFA Society of The Bahamas to host this event and we look forward to offering additional attractive events in the future.”

FROM left: Robert Turnquest, vice-president of CFA Society of The Bahamas; Christophe Donay, guest speaker, Pictet investment strategist; David Ramirez, Pictet Bank & Trust; and Jeremy Stuby, Pictet Bank & Trust.

A FULL house at the 2019 Outlook and Innovation presentation.

TOURISM UNVEILS ITS VISTOR SAFETY GUIDE THE Ministry of Tourism and Aviation’s visitor safety and security department has presented a Tourism Safety and Security Handbook to minister of tourism and aviation, Dionisio D’Aguilar.

Pictured from left: Jason Springer, Ministry of Tourism; Mr D’Aguilar; Vincent Harris, the Ministry’s director of visitor safety and security; and Ryan L Barnett, Ministry of Tourism.

Photo: Kemuel Stubbs/BIS

THE TRIBUNE

Thursday, December 6, 2018, PAGE 5

Business ‘choke point’ withdrawn FROM PAGE ONE requirement.

Calling for a more “comprehensive” reform that addressed private sector concerns while protecting the Government’s revenue, he added the minimising costs and red tape for Bahamian business was essential to the economy’s competitiveness.

“There was significant push back from the accountants as well as some of the business community,” Mr Turnquest told Tribune Business of the legislative changes.

“Our objective is to make the ease of doing business better, not to impose additional restrictions and choke points.

“As a result of the feedback, we are responding.

We will have a further review going into the midyear budget and full-year budget. We are again demonstrating that we listen when it is pointed out to us the unintended consequences of our actions.

“We respond, and hopefully this meets the industry’s concerns as we go forward and determine the best tax structure for The Bahamas and its administration.”

The controversy was sparked by amended business licence regulations, which were put into effect almost unnoticed on May 30 amid the general outcry over the budget’s VAT hike. These require companies with an annual turnover of $10m or more to provide audited financial statements that will confirm their prior year earnings.

And for those businesses earning between zero to $10m, the regulations stipulate that “a financial statement” confirming their turnover must be supplied to the Department of Inland Revenue (DIR).

This was also to be accompanied by “a certified bank statement” covering each bank account held in the

business’s name and any other accounts “that are used in transactions” on its behalf.

Mr Turnquest, meanwhile, rejected suggestions that the demand for “certified bank statements”, and the package of changes to the business licence regulations it was part of, represented the first steps towards implementing a corporate income tax in The Bahamas.

“No, not at all,” he replied, when Tribune Business raised the concern. “It was primarily a capture tool we wanted just so we can so some analysis around that... That was just support so we can cross-reference that with other data and assist in the compliance effort.”

The deputy prime minister also appeared to distance himself from Marlon Johnson, the Ministry of Finance’s financial secretary, who previously said the extra information was necessary to address the concerns officials have with many business licence filings.

“The reality is the overwhelming majority of the certified statements we get from accountants and auditors are accurate,” Mr Turnquest added.

Mr Bowe, though, told Tribune Business that a more “comprehensive amendment” than just eliminating the need for bank statements is required if The Bahamas is to strike the correct balance between the cost/ease of business and ensuring the Government collects all

revenues due to it.

The BICA chief, who has yet to see the changes tabled in the House, said: “Hopefully what he [Mr Turnquest] tabled is what in part was being proposed.

There were a number of concerns related to the audit requirement, the level of attestation as well as the bank statements.

“Removing the bank statements addresses a concern, but not the primary concern, which was the level of attestation. Overall, the expectation was we would work together to come to a more palatable solution on the level of attestation.

“The bank statements was one element. The deputy prime minister may have addressed that, but it is not the final one as it’s not addressing all concerns.”

Mr Bowe, who revealed that BICA is having “ongoing conversations” with both the prime minister and Mr Turnquest, as well as the Ministry of Finance, added that Bahamian accountants were concerned that the language in the business licence regulations and what is required do not correspond with industry best practice.

He added that the requirement for companies with a $10m-plus turnover to submit “audited financial statements” with their business licence filings was “not usual practice”, given that audits were typically performed at the back end - and not the front end - to check what has been submitted is correct.

To advertise in The Tribune, contact 502-2394

The BICA chief also queried why the Government needed to see a company’s balance sheet, income and cash flow statements when business licence fees are based on just one element top-line turnover.

Suggesting that the extra demands were imposing more unnecessary costs and bureaucracy on Bahamian businesses, Mr Bowe said: “I said to the prime minister that professional accounting standards require us to have a clear basis on which to provide these services.

“I’m hoping there’s time to sit down and have an understanding that will be practicable. It’s not

about resisting change and modernisation. It’s about operating business costs, and when we talk about competitiveness, the ease of doing business and the timelines in which they have to be done, there’s a level of practicality.

“When you talk about submitting financial statements for companies that’s a very excessive demand when they’re only submitting on revenue.”

Mr Bowe said the Government’s quick withdrawal of the “certified bank statements” requirement was positive, showing it was willing “to embrace advice and solutions, which opened the door for

December 17th, 2018.

further collaboration.

“We have to get to a comprehensive amendment that’s palatable for all parties, giving some level of attestation for the Department of Inland Revenue but not burdening businesses with excessive bureaucracy and cost,” he told Tribune Business.

Mr Bowe added that there also needed to be greater consultation between the Government and accounting industry executives to ensure that further business licence changes “don’t fall into the same trap, and have the same level of criticism”, as previous amendments.

PAGE 6, Thursday, December 6, 2018

No ‘substance’ to private wealth fear FROM PAGE ONE

OECD initiatives are largely aimed at combating tax evasion by companies, especially multinational entities, much of The Bahamas’ existing financial services comes from private wealth management.

This focuses largely on trust and estate planning, and other services demanded by high net worth individuals and their families, which means the new “substance” or physical presence requirements will not apply to them.

More problematic for The Bahamas’ private wealth business is the elimination of existing tax breaks they, and their non-resident corporate vehicles, may enjoy as a result of the EU’s pressure to end socalled “ring fencing” through

the Removal of Preferential Exemptions Bill. The Register of Beneficial Ownership Bill will also make some nervous about whether they will be able to maintain legitimate privacy.

Mr Turnquest, meanwhile, conceded that “there is a risk that some entities” caught by the Commercial Entities (Substance Requirements) Bill will choose to “exit the jurisdiction”, but added that The Bahamas has “no control over that”.

He told Tribune Business he expected “most to come into line” with the Bill’s requirements, and said those affected would have “no place to run to” as all countries will be subject to the requirements” through the EU’s bid to create a level playing field.

“It is a fairly significant piece of legislation that has to be considered,” he told this newspaper. “I’m sure there’ll be some review of portfolios to determine how they will be affected. We feel most will see the benefit of coming into line with the substance Bill and establish a physical presence so they can benefit from being in the jurisdiction.”

The deputy prime minister also reiterated his hope that the Bill, combined with The Bahamas’ tax neutral platform and other attractions such as the Commercial Enterprises Act, could ultimately boost the economy and employment by enticing more companies to do real business here.

“We believe it will offer opportunities for local service providers and local employees

THE TRIBUNE of talent to be employed in real, substantial activities with respect to operations operating from The Bahamas where there was no requirement for a physical present in the past,” Mr Turnquest added.

He pointed to Shell’s relocation of its Caribbean headquarters from Barbados to The Bahamas as an example of the economic and jobs growth that can be generated from companies with a physical presence in this nation.

Headquarter operations, together with banking, insurance, fund management, financing and leasing, shipping, distribution or service center operations, and holding companies, are the business activities that must have a “substantial presence” in The Bahamas through offices and employees and be conducting “real business” activities.

Mr Turnquest told Tribune Business it was “too early to talk” about developing specific incentives regimes to attract each type of industry outlined in the Bill, adding: “We want to have an opportunity to have a conversation with stakeholders on all sides and go from there.”

The Commercial Entities (Substance Requirements) Bill is designed to address the EU’s demand for all nations to impose “economic substance” regimes that

effectively require companies to have a physical presence and do “real business” - in a jurisdiction.

It wants corporate profits, revenues and assets to be taxed in the jurisdictions where they are generated. They are thus aiming to prevent companies, especially multinational corporations, from exploiting gaps in tax types, rates and rules to artificially shift profits from jurisdictions where they are generated to low or “no tax” jurisdictions, thus lowering their tax bill.

Mr Turnquest said The Bahamas’ legislation, which is benchmarked on Jersey’s, meets these demands by eliminating the “distinction” that allowed companies to form International Business Companies (IBCs) and other corporate entities as passive “fronting” or holding vehicles that had no physical presence - in terms of an office or staff in this nation.

“All companies operating from the Bahamas must demonstrate substantial economic and operational presence or have their activity reported and taxed in the jurisdiction where the substantial relevant activity is conducted, so that they can be assessed for tax purposes in that jurisdiction,” the deputy prime minister explained.

Conceding that there was

“a new paradigm” when it comes to financial services, Mr Turnquest said the criteria for assessing whether a company has complied with the Bill - besides having an office and staff here - includes the presence of “mind and management” through directors and board meetings.

“You can’t just pad a company with nominee directors,” he added. “They must have the qualifications to fulfill the substance requirements and make the decisions they’d be expected to make in the conduct of business.

“In essence the intent of the Commercial Entities (Substance Requirements) Bill 2018 is to make the activities of an entity commensurate with its presence in The Bahamas. This means that, at its most basic level, it requires that the included entities have a bona fide office and be more than a ‘brass plate’ at the office of its registered agent.

“The entity should also have tangible assets with a direct connection to its business, and the entity should be in compliance with all reporting obligations within the jurisdiction.... The EU has sent a clear message that substance requirements legislation must be passed by December 31, 2018.”

KINGSWAY ACADEMY

Immediate Teacher Opportunities 2018 - 2019 Kingsway Academy invites applications from highly qualified and experienced candidates who are committed to the spiritual, intellectual and social development of students, and who are willing to enrich our school community beyond the classroom.

•

Elementary School Guidance Counselor

•

Middle School Generalist Teacher General Studies - Grade 6 through Grade 8

Successful candidates will meet the following criteria: • An academic degree in the area of specialization • A teaching certificate • Strong oral and written communication skills • Interest in and skills to participate in extra-curricular activities or committees • Be a born-again Christian with high standards of morality A complete application package includes the following: A completed Kingsway Academy application form, a detailed resume with cover letter, a recent photo, a legible e-mail address, working telephone contacts, and three reference forms - one being from your church’s minister, a police record and a health record. The application and reference forms are accessible at the school’s website at www.kingswayacademy.com click on About Us or at the school’s Business Office located on Bernard Road.

Packages should be forwarded to: Kingsway Academy Employment Kingsway Academy P O Box N-4378 Nassau, The Bahamas E-mail: employment@kingswayacademy.com To ensure consideration, application packages must be received by Wednesday December 12, 2018 at the Herbert L. Treco Administration Building at the school.

PAGE 10, Thursday, December 6, 2018

THE TRIBUNE

NHI $1,000 cost ‘not pulled from out of thin air’ FROM PAGE ONE made are definitely worth taking.”

The $1,000 annual premium price for NHI’s Standard Health Benefit (SHB), the basic level of care that is proposed under the revised healthcare model, has come under fire from both the Bahamas Insurance Association (BIA) and Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

They have suggested it significantly under-estimates NHI’s costs, given the expanded package of benefits/healthcare services being offered. And both organisations have argued that it is presently impossible to accurately price NHI given that it has yet to agree a fee schedule with providers, especially the doctors, and healthcare facilities. Such costs are the key driver of premium prices.

But Dr Roberts, defending the $1,000 annual/$84 monthly premium per worker, said: “That $84 was not pulled out of thin air.

What we did was we looked at the national demographics. We looked at prostate cancer, for instance, which I am familiar with.

“I know that in the public system we are seeing some 80-100 prostate cancers a year. I can then say that in Doctor’s Hospital they may see ten or 20 at most. Then I have to calculate all the persons who may have gone to Miami for their care.

“Let’s say we are looking at 150 or 180 persons. The figures we came up with was our best estimate, and then we doubled it by about 30 percent so that we feel we are covered. That’s how we came up with our numbers. It didn’t just get pulled out of thin air.”

Dr Roberts added: “Secondly, we looked at a pricing system. The pricing system that we used is a pricing system as delivering

care in Canada or at a Medicare level. We looked at that cost and we projected those costs at every step in proving care in those conditions.

“What we would have liked was to get more exact numbers from the private insurance companies, but they never submitted that to us despite our requests.

We are spreading this risk across the country and we are primarily using our government facilities and, in those instances, where we are using private facilities and can negotiate prices, we can leverage the volume of people we have so we can negotiate good prices.”

The BIA, in its response to the NHI scheme, warned that the $1,000 annual premium may “grossly underestimate” the true cost of the scheme’s benefits and called on the Government to produce data and empirical studies that showed how it had determined the scheme’s costs and employer/employee

contributions.

“The policy paper proposes that the annual premium for the SHB will be around $1,000,” the BIA said. “While this is a noble objective, the rationale and support for this regulated premium amount should be shared with private health insurers for review.

“Based on the limited details on the proposed schedule of benefits, we had assumed that the healthcare facilities and healthcare providers within the SHB network have reached an agreement with the NHI Authority to significantly discount their fees.

“However, we have since been advised by the NHI Authority that the negotiation of fees with healthcare providers under the SHB plan has either not commenced or not been concluded. The BIA has maintained that there is a strong correlation between private health insurance premiums and healthcare costs. The

NOTICE IN THE ESTATE of KENNETH JOSHUA ROLLE late of the Southern 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 6th day of December A.D., 2018, 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 Administrator 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 Executors Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

delivery of affordable, quality healthcare via the SHB with an annual premium of $1,000 may only be achievable if the facilities and providers’ fees are materially lowered.”

The Chamber, for its part, called for the SHB package’s costs to be “scaled down” to around $500 as this “would be more reasonable” for companies and the wider economy to absorb following July’s 60 percent VAT rate hike.

Its position paper warned that the $1,000 annual premium may be “too low” for the level of healthcare services it proposes to finance, and warned that “undesirable consequences” would flow from this - including the Government demanding ever-increasing sums from the private sector to make up the funding shortfall.

“Because we are not clear in terms of the specifics of how this programme will work successfully, we remain very concerned that the potential errors in the plan will then fall on the backs of businesses to fix,” Michael Maura, its chairman, said, “and by fix I mean the cost mistakes.

“Because there may be inconsistencies in the logic,

gaps in the plan in terms of how it is successfully implemented and funded, once we get past the point of no return where the Government finds itself in a position where they will have to maintain the plan and move ahead they will look exclusively - as they tend to do - at business.

“Businesses will be the lifeguard from the standpoint of funding. Cost is a big part of it. This is not the private sector pushing back and questioning whether we should have NHI. It’s about the pathway to get there.”

Dr Roberts, meanwhile, yesterday suggested the NHIA was open to raising the NHI exemption threshold for businesses to at least $300,000 amid concerns that the existing $100,000 threshold is too low.

“One of the major concerns is regarding what happens to a person’s private insurance,” he added.

“If persons have private insurance now they don’t have to make any contributions to NHI, and nor is NHI collecting any money from the employers in the employer mandate. They are paying that contribution to the insurance company they will contract.”

To advertise in The Tribune, contact 502-2394

Small Manufacturing Company is seeking candidates to fill positions of:

Commission sales RepResentatives Age: 30 – 45 years

Qualifications: Minimum three (3) BGSE’s/GCE’s (Math and English included) Experience: At least four (4) years experience in a progressive sales position Interested persons should submit resumes to: salespositionsm@gmail.com

PAGE 12, Thursday, December 6, 2018

THE TRIBUNE

OECD/EU: Lawsuits over tax breaks end are ‘your problem’ FROM PAGE ONE duty exemption and other incentives, such as the flat $300 business licence fee, as a result of this nation complying with demands to end so-called “ring fencing” practices.

The 28-nation EU, in particular, is pushing for an end to “ring fencing”, or preferential tax regimes for

non-resident entities and foreign investors that are not offered to their Bahamian counterparts, because it believes they are open to abuse by corporate tax evaders.

The Bahamas’ response is the Removal of Preferential Exemptions Bill 2018, which only permits existing IBCs, Investment Condominiums (ICONs)

and Exempted Limited Partnerships (ELPs) to maintain their special investment incentives for a further three years - leading Mr Turnquest to say he was under no illusions as to “what that might mean”.

Responding to questions from Opposition leader Philip Davis, who expressed concern over how the EU and OECD

VACANCY NOTICE

Broadcast IP Video Specialist Cable Bahamas Limited is seeking to employ an experienced Broadcast IP Video Specialist. The successful candidate must be a highly motivated person, organized and detailed oriented.

SUMMARY The position of Broadcast IP Video Engineer will be responsible for the installation and maintenance of all video equipment within the Headend and at field locations.

This position is responsible for troubleshooting activities for outages in conjunction with the technical teams, and ensuring acquisition routing and quality control of incoming and outgoing video feeds. The position also requires occasional extended work in and around a typical data center, telecommunications facility, and/or Central Office. These environments may include loud machinery/fan noise, chilled temperatures and wind, and lowered humidity working with and around highamperage AC and DC power.

JOB DESCRIPTION • Configuration, installation and management of Core Video Multiplexers, Edge Video Switches, Routers, IP Video Modulators; • Configuration and Management of IPTV, OTT, ATSC and all IP related video equipment.

• Ensure the integrity of video and encoding hardware and software; • Perform analysis, diagnosis and troubleshoot root cause of issues/ outages related to IP video content; • Assessing the impact of content issues that arise as part of daily operations; • Review current IP video environment, product requirements, and determine gaps; • Liaise with new equipment vendors and middleware service providers; • IP Video Headend system monitoring and management; • Troubleshooting of all alarms in relation to IP video broadcast generated from the Headend monitoring systems; • Work closely with IP Engineers and Headend Technicians to identify and resolve issues that impact the IP video network; • Development of MOPs, Testing Procedures, Labs with ticket creation; • Meticulous documentation of video network infrastructure; • Liaising with internal and external clients to deliver new products and initiatives; • Working within a team with a focus on delivering the company’s yearly objectives; • Help facilitate new network projects ensuring minimal disruption to live services; • Ensuring the video network infrastructure is fit for effective and efficient service delivery and aligned with the company’s objectives; • Assisting in the maintenance and tracking of hardware and software owned by the company; • Perform all other Headend related duties as determined and assigned by management.

SKILLS & QUALIFICATIONS REQUIRED • A bachelor’s degree in Computer Science/Engineering, Electrical Engineering or equivalent; • Two or more years of strong understanding and experience working with MPEG-2 and MPEG-4 (H.264) compression, MCPC and IPTV platforms, video transmission/reception equipment, video monitoring equipment and ancillary video equipment; • Two or more years of strong experience working with multicast and next-generation Video delivery technologies (IPTV, ABR HLS, Smooth Streaming, etc.); • Two or more years exposure with various test equipment, including: MPEG analyzers, optical power meters, RF signal level meters, RF spectrum analyzers; • Must have knowledge of and experience with a wide range of technologies including routers, multiplexers, switches, RF uplink and downlink hardware, and associated redundancy hardware; • A fundamental understanding of Linux command line; • Comprehensive understanding of IP Video Technologies and Network Environments; • Networking and IP multicast routing; • CCNA/CCNP, Comp TIA Network +; • IP transport of MPEG-TS over UDP/RTP multicast; • Strong understanding and experience working with TCP/IP technologies desired, including IPv4, addressing/subnetting, IP unicast routing and IP Multicast routing and associate technologies; • Able to Diagnose Network Connectivity Issues; • An understanding of digital modulation technologies (QPSK – 256 QAM) is desirable; • Working knowledge of RF systems, including: general understanding of the EIA spectrum, general understanding of RF performance requirements in a QAM environment, basic RF troubleshooting techniques, Working knowledge of the OSI model, specifically layers 1, 2 & 3; • Knowledge of multi-vendor middle-ware software such as Imagine, Arris, Builtwrite, Minerva, Anevia and TiVO/ROVI; • Ability to effectively use engineering NMS tools such as Solarwinds, Wireshark etc.; • Experience with MS Office and MS Visio; • Ability to isolate problems and troubleshoot issues down to the hardware level.

PERSONAL COMPETENCIES • Ability to exercise judgement within broadly defined practices and select methods and techniques for obtaining solutions; • Excellent attention to detail and methodical approach; • Ability to self-motivate and work independently; • Strong decision-making & analytical skills; • Customer service orientated approach; • Strong oral & written communication skills; • Ability to manage multiple tasks and priority levels; • Proactive approach to changing technologies; • Be able to work outside normal work hours; • Be able to travel periodically to perform work/maintenance at all digital Headend sites in The Bahamas and United States; • This position requires on call support (Tier 2/3) and off-hours maintenance activities (weekends, weeknights and/or Holidays); • Possess personal traits: Friendly, mature, factual, honest, meticulous, self-starter.

Qualified applicants should submit Resumes on or before Tuesday, December 11, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Broadcast IP Video Specialist to humanresources@cablebahamas.com.

will react should any constitutional-based challenge to the “ring fencing” incentives elimination be successful, Mr Turnquest said both responded that The Bahamas is on its own.

Acknowledging the potential for multiple lawsuits, he added that the Government, legal profession and financial services industry, and their clients would have to negotiate the best way forward for all parties and The Bahamas on the investment incentives issue.

“This is an area where, in the last meeting with the OECD and its Global Tax Forum the week before last, we pushed back substantially and aggressively,” Mr Turnquest told the House of Assembly.

“We explained that in the IBCs Act are provisions for, in some cases, these exemptions to extend out for 40 years. The EU and OECD, while in Uruguay, stated emphatically that these terms would be unacceptable and lead to blacklisting.

“They proposed six months for phasing out these exemptions,” the deputy prime minister continued. “We told them that would be impossible, as some companies would not be notified in three to six months, let along make the necessary changes in six months.

“We pushed for five years. They again rejected our five-year proposal and offered three years, which is consistent with the OECD’s [transition period] requirements.

In this particular context I understand, and do not want to under-state for one minute what that might mean.”

This was brought into sharp focus by Mr Davis, who asked: “With the exemptions, and breaking down the issue, the question I am asking under our constitutional regime is what would happen if an IBC enjoying a 40-year exemption challenges it, and it is found by our courts to be unconstitutional? Where does that leave us. and how will the OECD treat that? That is of concern.”

Mr Turnquest, in response, said The Bahamas had put such fears to

both the EU and OECD. “Unfortunately, they say that’s your issue, not our issue,” he added, explaining that all sides will now have to wait and see how the situation plays out once the year-end 2021 elimination deadline nears.

“That’s the position they’ve taken,” the deputy prime minister reiterated of the two bodies. “We don’t write your constitution; you do. That’s your problem, not our problem.

That’s between you and your people. Do what you have to do.

“I’m going to leave that to you legal scholars. As a government we will not be the first to have these challenges. Other jurisdictions have similar challenges. It’s going to be a matter of how we negotiate, argue and discuss between our stakeholders, and what’s in the best interest of the jurisdiction going forward.”

Tribune Business revealed last week that the early elimination of these tax breaks for foreign investors/non-resident entities would likely spark multiple legal challenges that, if successful, could cost the taxpayer substantially if the courts order compensation payments.

John Delaney, the former Attorney General, told this newspaper that such investors had a “legitimate expectation” they would enjoy these preferential incentives, which are not available to Bahamians in the domestic economy, for their full duration.

All IBCs incorporated from 2002 onwards will not enjoy the 20-year stamp duty waiver their beneficial owners will have anticipated, and Mr Delaney went so far as to suggest existing Bahamian law may have given investors a “vested right” to such benefits, highlighting the potential legal peril that awaits the Government as a result.

Mr Turnquest, meanwhile, said the Removal of Preferential Exemptions Bill 2018 would ensure no Bahamian-domiciled corporate entity “has a tax advantage over another”.

“We are granting domestic companies some of the advantages granted to IBCs,” he added. “The net

effect will be to equalise the two companies so each can do what the other can and be exposed to the same tax obligations.”

Explaining why the Government had chosen to comply with the EU/ OECD demands, Mr Turnquest said the threat - or reality - of being included on another financial services-related “blacklist” represented “untenable risks for a young country with high debt, high unemployment, limited human and physical capacity”.

He added that the resulting reputational damage from any “blacklisting” could drive away potential and existing investors, harming The Bahamas’ economic growth prospects and stability, while undermining a financial services industry and its high-paying jobs that have underpinned development of a Bahamian middle class.

Mr Turnquest also hit back at arguments that The Bahamas was being “dictated to” by the EU/ OECD, with its laws being formed and driven by outside powers as it continues to give up its sovereignty.

Effectively arguing that resistance was futile, the deputy prime minister argued that The Bahamas had “no powerful friends to hide behind” when it came to the global drive for greater tax transparency and an end to so-called “harmful tax practices”.

With all G-20 members, including the US, having signed on to these initiatives, Mr Turnquest said: “It’s unreasonable to expect any one of these countries, be they friend or foe, are going to stand up and say: ‘I want to eliminate harmful tax practices, but I want an exemption for our friends in The Bahamas’.”

He added that the G-20, together with the OECD and EU, wanted to effectively create a global “level playing field” on tax competition because of perceptions that capital is fleeing to low or ‘no’ tax jurisdictions thereby depriving them of muchneeded tax revenue.

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) RJB LATAM Investment Fund Ltd. (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 RJB LATAM Investment Fund Ltd. 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 26th day of November, 2018.

Carlos Fernando de Carvalho Barbosa da Cruz Liquidator

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, December 6, 2018, PAGE 13

INVEST IN YOUR COMPANY OR RETIREMENT? TIPS FOR DOING BOTH

By JOY M ROSENBERG Associated Press SMALL business owners may want to save for retirement but are anxious about diverting money away from their companies. But many owners have found ways to invest in themselves as well as their businesses.

Some tips about saving from owners and financial advisers: • Saving for retirement can be easier if an owner creates a concrete plan and timeline to do it. Thea Ducrow, who is building a new advisory business after being an organisational consultant for more than 20 years, needs to focus for now on marketing her new

Baton Rouge, Louisianabased company. But, she says, “My goal is to begin saving for retirement again by the end of the first quarter of 2019.”

Nathan Fisher, senior executive vice president of Fisher Investments 401(k) Solutions, suggests owners ask themselves how much they want to save each year for the next few years.

• Owners who don’t think they have money for savings may find it by looking for ways to reduce expenses and increase revenue.

Ducrow says her pricing strategy is not to set her fees too low — that gives her the income that she can set aside. Shamila Nduriri, owner of Las Vegas-based jewelry company Dalasini,

NOTICE Notice is hereby given that MICHELE LOUIS of Eleuthera, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that MILANGKA JEANTINORD of #21B Bass Lane, Freeport, Grand Bahama, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that WILSON JEANTINORD of #21B Bass Lane, Freeport, Grand Bahama, 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 signed statement of the facts within twenty-eight days from the 29th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

VACANCY FOR

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decided to open a business with high margins because it would give her more flexibility to save.

• Business owners who expect to sell their companies to fund their retirement need to think now about whether they’ll be able to find a buyer or get the sales price they’re hoping for, says David O’Brien, a financial adviser with Revolution Advisors.

For example, if the owner is the company’s biggest asset, it may not bring the price an owner hopes for unless the owner brings

in or promotes employees who can keep the business going.

• Owners still have time to set up retirement accounts for themselves and employees and get tax breaks for this year.

Simplified Employee Pension, or SEP, plans can be set up well into 2019 and still qualify for a 2018 US deduction. Information is available in IRS Publication 560, Retirement Plans for Small Business; owners can find it on the IRS website, www.irs.gov.

PAGE 14, Thursday, December 6, 2018

THE TRIBUNE

Fed survey cites rising concerns about trade tariffs FEDERAL Reserve Chairman Jerome Powell. The Federal Reserve says that the US economy was growing in the fall, but there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labor markets.

WASHINGTON Associated Press THE Federal Reserve said yesterday that the US economy was growing in the fall, but there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labor markets.

In its latest report on economic conditions around the country, the Fed said that most of its 12 regions saw moderate growth through late November.

Dallas and Philadelphia said growth had slowed, while St Louis and Kansas City depicted growth as slight.

The report, known as the beige book, found that optimism about the future had waned somewhat, with business contacts citing “increased uncertainty”.

The survey will used at the Fed’s next meeting on Dec 18-19. The central bank is widely expected to boost its benchmark rate for a fourth time this year at that meeting.

The beige book report noted problems the higher tariffs from Trump’s gettough approach to trade were causing: rising costs for manufacturers, weaker sales at companies and farmers hurt by retaliatory tariffs imposed by China and other nations.

Even with the tariff concerns, the beige book said most districts continued to report moderate growth in manufacturing.

The impact of rising

MARKET REPORT WEDNESDAY, 5 DECEMBER 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.67 3.25 12.50

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 4.45 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.20 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.14 CBB 11.25 CWCB 2.46 DHS 1.78 EMAB 8.34 FAM 6.30 FBB 12.85 FIN 6.75 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 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.21 11.25 2.46 1.78 8.29 6.30 12.85 6.75 3.62 13.01

CHANGE -0.01 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.07 0.00 0.00 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 3,500 500 2,600 160 300 13,350

457

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 0.000 0.010 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 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 27.3 17.9 24.1 8.5 N/M 9.4 18.3 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.85% 5.51% 2.44% 3.37% 1.01% 4.44% 3.89% 2.22% 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

NOTICE

Faircraft Investments Ltd.

BISX ALL SHARE INDEX: CLOSE 2,021.84 | CHG 9.58 | %CHG 0.48 | YTD -41.73 | YTD% -2.02 BISX LISTED & TRADED SECURITIES

interest rates affected interest-rate sensitive sectors such as housing, with the beige book noting that new home construction and sales of existing homes were either holding steady or experiencing slight declines.

The Fed survey said that labor markets had tightened further across a broad range of occupations.

“Over half of the districts cited firms for which employment, production and sometimes capacity expansion had been constrained by an inability to attract and retain qualified workers,” the report said.

Unemployment fell in October to a 49-year low of 3.7 percent with economists forecasting further declines in the coming months. A key reason the Fed has been raising interest rates is to slow the economy to ensure that tight labor markets don’t unleash unwanted inflation pressures.

With labor markets already so tight, the Fed said that many districts were seeing examples of firms enhancing their nonwage benefits, including health benefits, profit-sharing, bonuses and paid vacation days.

Despite the wage pressures, the report said that prices continued to increase at a modest pace in most districts although reports of tariff-inducted cost increases have spread more broadly in such areas as manufacturing, retailing and restaurants.

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

________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 19th day of November, 2018.

Alessandro Conelli Liquidator of Faircraft Investments Ltd.

POSITION WANTED Law firm invites applications for the position of

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Only applicants with the required criteria need apply.

PAGE 16, Thursday, December 6, 2018

THE TRIBUNE

Macron scraps French fuel tax hike amid violent protests PARIS Associated Press FRENCH President Emmanuel Macron scrapped a fuel tax rise yesterday amid fears of new

violence, after weeks of nationwide protests and the worst rioting in Paris in decades.

Protesters celebrated the victory, but some said Macron’s surrender came too late and is no longer

enough to quell the mounting anger at the president, whom they consider out of touch with the problems of ordinary people.

Macron decided yesterday to “get rid” of the tax planned for next year, an

official in the president’s office told The Associated Press. Prime Minister Edouard Philippe told lawmakers the tax is no longer included in the 2019 budget.

The decision has ramifications beyond France, since the fuel tax rise was part of Macron’s efforts to wean France off fossil fuels in order to reduce greenhouse gases and help slow climate change. Its withdrawal is both a blow to broader efforts to fight climate change and a warning to other world leaders trying to do the same thing.

The “yellow vest” protests began Nov 17 over the government plan to raise taxes on diesel and gasoline, but by the time Macron bowed to three weeks of violence and abandoned the new fuel tax, protesters were demanding much more.

Many workers in France are angry over the combination of low wages, high taxes and high unemployment that have left many people struggling financially.

On Tuesday, the government agreed to suspend the fuel tax rise for six months.

But instead of appeasing the protesters, it spurred other groups to join in, hoping for concessions of their own.

The protests took on an even bigger dimension yesterday with trade unions and farmers vowing to join the fray.

Police warned of potential violence during demonstrations in Paris on Saturday, with one small security forces union threatening a strike.

So after nightfall yesterday, as parliament debated the 2019 budget, Macron’s government suddenly gave in.

“I have no problem with admitting that on such or such question we could have done differently, that if there is such a level of anger ... it’s because we still have a lot of things to improve,” the prime minister told legislators.

Philippe said “the tax is now abandoned” in the 2019 budget, and the government is “ready for dialogue”. The budget can be renegotiated through the year, but given the scale of the recent protests, Macron is unlikely to revive the added fuel tax idea anytime soon.

Jacline Mouraud, one of the self-proclaimed spokespeople for the disparate yellow vest movement, told the AP that Macron’s concession “comes much too late, unfortunately”.

“It’s on the right path,

Congratulations The Partners & Staff of KPMG congratulate Zachary Nottage on the successful completion of the Uniform Certified Public Accountant (CPA) examination.

Zachary Nottage graduated from St. Andrews School in 2011. Upon completion of his secondary education, he attended the College of Charleston in South Carolina. After obtaining his undergraduate degree, a Bachelor of Science in Accounting, Zack continued his studies at the said College and in May 2016, he attained a Masters in Accountancy. While focused on his studies at college, he was also able to continue with many of his favourite hobbies from home in The Bahamas such as boating, kiteboarding and tennis.

Zack joined KPMG in August 2016 and currently works as a Senior in the Audit and Internal Audit and Risk Compliance Services departments. He successfully completed the Uniform Certified Public Accountant Examination in July 2018.

Zack extends heartfelt gratitude to his parents Beth and Bruce, siblings Anna and Chris, and various other friends for their support. He also thanks the Partners of KPMG and the KPMG family for their encouragement and for affording him the opportunity to develop his professional career.

© 2018 KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

FRENCH Prime Minister Edouard Philippe speaks at the National Assembly during the questions to the government session in Paris on Tuesday. The French government’s decision to suspend fuel tax and utility hikes on Tuesday did little to appease protesters, who called the move a “first step” and vowed to fight on after large-scale rioting in Paris last weekend.

Photo: Thibault Camus/AP but in my opinion it will not fundamentally change the movement,” she said.

Three weeks of protests have caused four deaths, injured hundreds and littered central Paris with burned cars and shattered windows.

The sweep of the protests and their wide support by citizens of all political stripes has shocked Macron’s government. In the last few days, Paris saw the worst anti-government riot since 1968, French students set fires outside high schools to protest a new university application system, small business owners blocked roads to protest high taxes, and retirees marched to protest the president’s perceived elitism.

Macron’s popularity has slumped to a new low since the demonstrations began.

The former investment banker, who has pushed probusiness economic reforms to make France more competitive globally, is accused of being the “president of the rich” and of being estranged from the working classes.

Yesterday, France’s largest farmers union said it will launch anti-government protests next week, after trucking unions called for a rolling strike.

Trade unions so far have not played a role in the yellow vest protest movement but are now trying to capitalize on growing public anger. A joint statement from the CGT and the FO trucking unions called for action on Sunday night to protest a cut in overtime

rates.

The FNSEA farmers union said it would fight to help French farmers earn a better income but would not officially be joining forces with the “yellow vests” — protesters wearing the high-visibility vests that motorists are required to keep in their cars.

French police have cleared most of the fuel depots that protesters blocked earlier in the week, but fuel shortages still hit parts of France yesterday, affecting hundreds of gas stations.

Demonstrators also blocked toll booths, letting drivers pass without paying, to press demands that ranged from higher incomes and pensions to the dissolution of the National Assembly, France’s parliament.

At Tolbiac University in downtown Paris, students took over a school building and classes were cancelled.

“We need taxes, but they are not properly redistributed,” protester Thomas Tricottet told BFM television.

The high school students’ FIDL union called for “massive” protests today and urged France’s education minister to step down.

One student was injured during protests at a high school in Saint-Jean-deBraye in north-central France. BFM said he was shot in the head with a rubber bullet. Julien Guiller, a spokesman for the regional school administration, told the AP that the student was expected to survive.