Carnival CEO: Be wise, careful with VAT implementation “Making a change to any one component of [what is essentially a delicate] ecosystem needs to be thoroughly understood, and there is always the risk of unintended consequences. Which is why, for example, we have expressed some concerns over the potential impact of the value-added tax that takes effect next year,” said Donald. The $30 billion cruise giant employs over 120,000 people worldwide and generates roughly 80 million passenger cruise days a year. The corporation generated an estimated three million port calls in The Bahamas over the past fiscal year, which represented 46 percent of the total passenger port calls in the country. Donald suggested that the tax could lower the country’s competitiveness in the region and potentially provide an unexpected edge to neighboring countries, specifically Cuba. “If implemented wisely and carefully, it can be a double boon; if not, it can move dollars away from The Bahamas and actually hurt the economy. The effect on the entire cruise economy and ecosystem could potentially have a counterproductive impact that simply was unintended,” Donald said. thenassauguardian/bahamas-business/40-bahamas-business/50778-carnival-ceobe-wise-careful-with-vat-implementation
Posted on: Tue, 07 Oct 2014 01:53:19 +0000
Trending Topics
Recently Viewed Topics
© 2015