business@tribunemedia.net
THURSDAY, MARCH 21, 2024
$5.60
$5.61
Auto dealer eyes 15% cut back on ‘taper off’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN auto dealer yesterday said he plans to “cut back” on summer orders by 15 percent amid fears consumer demand will “taper off” despite a strong start to 2024. Fred Albury, Auto Mall’s principal, told Tribune Business that his experience and “gut feeling” were urging caution on upcoming new and used auto inventory because after two “bumper years” for the sector “the market can only bear so much”. Speaking as early 2024 data indicated the industry is matching the same sales pace as last year, he acknowledged that January and February had been “very strong” with economic activity and consumer demand matching 2023 levels. However, Fred Albury told this newspaper: “I feel by the second half of this year there’s going to be a bit of a tapering off so that’s what I’m factoring into our ordering. The market can only bear so much. We’ve
t 4VNNFS PSEFS DBVUJPO BGUFS ACVNQFS ZFBST t "VUP .BMM DIJFG ùA(VU GFFMJOH VSHJOHùDBVUJPO t $PNNFSDJBM WFIJDMF EFNBOE SJTFTù had two strong years, 2022 and 2023. That’s my opinion, my gut feeling and my experience over the years. “I’m probably going to, for the summer months, go a bit less on inventory. I’m speaking for Executive Motors [the Toyota dealer]. My brother is still doing very well with Quality Auto, Hyundai and Suzuki. To answer your question, I will probably cut back on orders by 15 percent for the summer months and see how
things go from here and whether we will go back into regular ordering. “2023 was a bumper year; probably one of our best seasons for a long time. It is not going to be strong like this for ever,” Fred Albury continued. “We have to factor in that it will slow down out there. The hurtful part is with the ordering. “It’s a four-five month cycle from the time you order to receiving the vehicles. If things slow down, you have to store and fund the inventory or discount it. Stuff like that. I don’t want to get into that position.” The Auto Mall chief spoke as industry data, accumulated by the Bahamas Motor Dealers Association (BMA), showed new vehicle sales matching 2023 numbers through January and February. Ben Albury, the BMDA’s president, told this newspaper: “Based on January and February, we’re on the same trajectory we were on last year. Looking at the two months, if we were to break them down and
SEE PAGE B11
‘Crack down on real’ maritime tax evaders By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to “crack down on the real tax evaders” in the maritime industry as opposed to continually hiking fees on the same compliant businesses that always pay. Andoni Lisgaris, the Bahamas Excursion Operators Association’s (BEOA) president, speaking after up to 75 percent cuts in boat registration fees were passed in the House of Assembly, said his real concern lay not with this levy but the broader need to ensure equitable taxation for all sector players.
$5.75
$5.60
‘Ship has sailed’ over Bahamas 15% revisit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian financial services industry’s call to “revisit” the 15 percent minimum global corporate tax is too late because “that ship that has sailed”, a prominent local banker warned yesterday. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business this nation “must decide how we compete” via non-tax advantages that differentiate it from rivals rather than seeking last-minute changes to a G-20/OECD minimum tax drive where almost 140 nations - including this one - have already signed on to comply. Emphasising that this was not criticism of the joint letter sent to the United Nations (UN) ad-hoc taxation committee by the Bahamas Financial Services Board (BFSB) and Association of International Banks and Trust
GOWON BOWE Companies, which argued the 15 percent minimum tax violates the sovereign right of nations to set their own systems and rates, he argued this nation must approach “from a position of strength”. Mr Bowe told this newspaper that The Bahamas must adopt a “David versus Goliath” mentality, or the mindset employed by its leading track and field athletes at the Olympics and World Championships, and learn to consistently punch
SEE PAGE B7
“To be honest, the registration fees are just a drop in the bucket compared to all the other taxes we pay,” he told Tribune Business. “They [the Government] don’t want to go out and collect the taxes they have implemented like VAT. They just want to go out there and raise other fees. “Instead of raising my registration fees, why not go out there and crack down on the real tax evaders, the VAT evaders? That’s where the real taxes are. What else do you want from me?... That’s the issue for me.” Mr Lisgaris said it was possible “to stand on the dock in the harbour with a cup of coffee”, watch the
SEE PAGE B6
Central Bank in multiple exchange control eases By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank last night unveiled multiple reforms to further relax The Bahamas’ exchange control regime that it believes will not create any “material” risks for the US dollar peg and wider economy. The banking regulator, in a statement, said the easing will remove the need to obtain the Central Bank’s prior approval for a variety of current and capital (investment) account transactions and thus provide residents, businesses and work permit holders with a more efficient process
involving reduced time and costs. Asserting that the latest liberalisation is in keeping with the “sustainable and manageable” pace needed to safeguard the Bahamian dollar’s one:one fixed exchange rate peg with its US counterpart, the Central Bank said commercial banks and money transmission businesses will have freedom to approve more regular payment transactions. Highlighting at least ten types of current transaction it believes will be positively impacted, the regulator said the value
SEE PAGE B10
Find your job combo Competitive Wages Flexible Hours Flexible hours with a side of advancing my career
Employee Discount Advancement Opportunities
Visit mchire.com/McDonalds4494 or scan the QR Code to apply