In a recent interview with the Nassau Guardian, President of the Bahamian Chamber of Commerce, Raymond Winder welcomed the tabling of a new package of e-commerce legislation in the House of Assembly.
For the past couple of years, priority in drafting and tabling legislation has been devoted to tackling issues raised by the OECD and FATF initiatives, and to bringing the country into compliance with international standards. Now, according to the CoC President, the government has shifted its attention towards establishing and enabling an e-commerce culture in the Bahamas.
‘It’s going to be the next area in financial services where we will begin to have some impact,’ Mr Winder suggested, although he predicted that the process of familiarising the average internet user in the jurisdiction with a fully e-enabled private and public sector could take some time, with issues such as exchange control potentially complicating matters.
‘There are other facilities that need to improve as well in order for the transfer of goods to and fro in the country. This will affect how quickly the movement of funds or the exchange of funds from Bahamian to US dollars can be made stronger. Bahamians do a lot of shopping so I can see it having a big impact on their lives,’ he observed.
According to the Nassau Guardian, an Electronic Commerce Policy Statement is expected to be released later this year, and the creation of an E-Business Development Office within the Ministry of Finance is also on the cards.
Issues addressed in the legislative package tabled by the PLP government last Thursday include: commercial transactions, intellectual property rights, security, information system connectivity, customer confidentiality, and other privacy issues.
By Amanda Banks, Tax-News.com
