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Bahamas losing 20% of GDP to shopping outside its borders

The Bahamas Federation of Retailers (BFR) revealed in a statement on Monday that the Bahamian economy loses an estimated $2 billion or about 20 per cent of gross domestic product (GDP) of business to online shopping and shopping in Florida.
 
In an effort to recapture some of the revenue being lost, the BFR said it believes the elimination of import duties for apparel, shoes and fashion accessories in The Bahamas would improve the competitive ability of local Bahamian wholesalers and retailers and boost domestic competition, which would lead to an increase in private sector employment and value-added tax (VAT) revenue. 
 
A 20 per cent import tax is currently placed on clothing and swimwear, shoes, belts, bras and underwear, scarves, and socks and stockings.


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