Atlantis in 25% large boat fall-off post-VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ATLANTIS has suffered a 20-25 percent fall in large vessel volumes since VAT’s imposition on charter fees, its marina dockmaster has revealed, with the decline “definitely hurting the small man” more.

Obiama Knowles told Tribune Business he is more worried about the impact on “bread and butter” Bahamian service providers from the boating traffic fall-off than the hit the marina industry itself has taken after the tax rate on foreign charters was more than tripled in the May 2022 Budget.

Speaking in a recent interview, he revealed that day workers who clean both the interior and exterior of visiting vessels; mechanics; laundry providers; provisioners; limousine drivers and even florists were all complaining that “things aren’t like they used to be” when it comes to earnings from the boating industry.

Some entrepreneurs who have established businesses to cater to the industry are now “having to go back to alternative businesses to make ends meet”.

VAT’s imposition, when added to the already-existing 4 percent fee levied by the Port Department, took the combined tax rate facing foreign charters to 14 percent with effect from July 1 last year, and Mr