Minister of Tourism and Aviation Dionisio D'Aguilar. Photo: Terrel W. Carey Sr/Tribune Staff
By MORGAN ADDERLEY
Tribune Staff Reporter
madderley@tribunemedia.net
REVENUE from gaming industry taxes will contribute to education in the Bahamas, particularly the Minnis administration’s mandate to make the University of the Bahamas and Bahamas Technical and Vocational Institute free, Tourism and Aviation Minister Dionisio D’Aguilar said yesterday.
Speaking to reporters on the sidelines of the commissioning of a new Bahamasair jet, Mr D’Aguilar, who has responsibility for gaming, addressed the $50m the government is now projected to earn in gaming taxes.
On Wednesday Mr D’Aguilar confirmed to Tribune Business that the government was now projected to earn $50m a year –- rather than the initially forecast $75m - from a combination of the revised "sliding scale" tax on operators and the levy on patron winnings.
While this represented a one-third, or 33.33 percent, reduction from the 2018-2019 Budget's target, the government argued that it still represented a 127 percent increase in revenue generated by web shop taxation – thereby making for "an acceptable compromise".
When asked his thoughts on the settlement, Mr D’Aguilar told reporters: “I completely disagree that we’re losing a pretty penny — we’re doubling the take that we get from gaming right now.
“Right now we get $22m, under the old scenario, and the new tax structure will take us closer to $50m. So, we felt that it was better to settle for 50 than to have no tax coming in for many, many years as we litigated the issue over… (however long) litigation would take.
“The prime minister determined that ‘hey, let’s get this settled, let’s get the money coming in, we can’t afford to be waiting years and years for this to be litigated in the courts,’” Mr D’Aguilar continued.
“So let’s settle on, what we felt was an acceptable compromise where we get in excess of 120 percent additional tax revenue – not as what we wanted, but still a good turnout, a good solution.
“We came into office saying that we wanted to increase our take from the gaming industry and it was a hard negotiation and we compromised and I think it’s a win for the government and the people of the Bahamas getting additional tax revenue from the gaming industry.”
When asked if he had any idea what those funds will be put towards, Mr D’Aguilar suggested education.
“There are many things you could use the money for— education. The government of the Bahamas has already agreed to make BTVI free, and it’s part of our mandate to make the University of the Bahamas free,” he said.
“So these additional revenues will go towards helping that happen so that the young Bahamians, the largest demographic in our population, will have an opportunity to… either pursue a goal in a technical field or to pursue a university degree at the lowest possible cost.
“So I want to encourage more and more of our young people to get a university or tertiary level education and therefore be able to realise their goal of empowering themselves.”
Comments
Well_mudda_take_sic 5 years, 8 months ago
This comment was removed by the site staff for violation of the usage agreement.
birdiestrachan 5 years, 8 months ago
In the main time there is no duty on commercial washing machines.
John 5 years, 8 months ago
No duty on commercial washing machines, helicopter and aircraft parts and no taxes on winning in foreign owned casinos. Can someone please unfly the flag.
hrysippus 5 years, 8 months ago
Hey John, are you incapable of making truthful comments? All casinos pay government taxes whether foreign owned or not. Or are supposed to anyway, I seem to remember that the shuffling buffoon prime minister's friend and client in the past administration closed shop and left without paying his due taxes. Atlantis pays gaming taxes, property taxes, and nib taxes.
TalRussell 5 years, 8 months ago
Yes, or no - time cutoff BAMSI's retail store, from supplying we Colony of Out Islands crown minister comrade Dionisio James - with he regular supply cow manure fertilizer, yes, no?
sheeprunner12 5 years, 8 months ago
Fund education how??????? ................... Politicians need to stop talking crap ......... We need an Education Plan that will get the "over 70% of school leavers" out of the functionally-illiterate gutters ........... Just let the MOE publish the BJC and BGCSE results by school and it could be worse.
screwedbahamian 5 years, 8 months ago
THE TRUE FACTS ARE: the Web Shops annua projectedl taxes were increased by $13 million or 59%(( from $22 Million to $35 Million). V.A.T went from 7.5 % to 12% or an increase of 60%. The other $15 Million that the government is including in their projected income figures will come from the PEOPLE or WEB SHOP PATRONS and not the WEB SHOPS. Please say what it is and stop trying to pull the wool over the Bahamian people"s eyes. End it all by establishing a NATIONAL LOTTERY for the benefit of all Bahamian people for the much needed better EDUCATION, HEALTH AND SOCIAL SERVICES SYSTEMS.
sheeprunner12 5 years, 8 months ago
The constantly yapping little white-haired poodle knows full well that the establishment of a national lottery would result in several hundred million dollars being made available to our public education system and the University of The Bahamas. All Bahamian children in our public education system and all students seeking government loans to study abroad have been short changed by corrupt politicians that could not care less about them. LMAO
This is the God honest truth ............ but there are too many lobbyists who are against the national lottery .................. and public education reform. So sad
TheMadHatter 5 years, 8 months ago
The problem is this govt is incapable of understanding basic accounting. They are unable to pool a certain income stream under a numbered account and keep track of how much comes in and how much goes out from that account.
They are only able to use ONE big ugly account they call the consolidate fund for everything. This is like a normal citizen keeping all his money in his wallet. No bank accounts. Nothing undet the mattress. Nothing in glove compartment etc.
Also no way to, say, keep all his tips under the mattress and let them accumulate to say $1200 and then take $700 of that to buy a new fridge. He could then say he used 58% of his tip money to buy a fridge and $500 of tip money remains.
Government is too ignorant to do that. Thus they are unable to tell us where the VAT money gone and how much remains. Im sure there are plenty of 9th graders who could keep better tabs on the Treasury.
Clamshell 5 years, 8 months ago
The winner! As first prize, you get to give Tal lessons on how to make a clear, incisive argument! Best of luck!
joeblow 5 years, 8 months ago
Failing education is a sign of failing homes and society. Simply throwing more money will not fix those problems!
Well_mudda_take_sic 5 years, 8 months ago
Corrupt politicians legalized the racketeering and other criminal activities of the enterprises run by the numbers bosses. This was done against the wishes of the Bahamian people as expressed in the outcome of a duly held national referendum that was later wrongfully declared by the same corrupt politicians to be an informal survey. There are therefore no lawfully operating web shops in the Bahamas. From the stand point of the rest of the world looking at the Bahamas, bribed Bahamian politicians are not in a position and have no standing whatsoever to legalize criminal activities of any kind against the wishes of the Bahamian people. That's very much the bottom line and why our country remains blacklisted by the global financial community and its regulatory bodies. The Minnis-led government's failure to denounce the numbers bosses, repeal the web shop legislation and establish a national lottery speaks volumes about the character and integrity of Minnis himself. LMAO
Sign in to comment
OpenID