9 May 2008

Greasing the hands

I've written before on Roger Boynes benefiting from state sponsorship - for his beach resort. Turns out now he is benefiting a lot more.

It seems he is given a $20M tax break on said resort, and additionally has to pay NO taxes for the next 5 years on any income gained from said resort.

The order also exempts the resort from paying any tax on its gains or profits for five years.

Normally, not a problem, right? I mean the man investing in the country and all and if it puts a dollar or two (or a few millions) well, good for him. I'm all for capitalism and free enterprise etc.

But something caught my eye - and brought back memories of Monteil.

Remember when Monteil want the $110M, Pa-trick had to change the law to make it happen? Well it pass so quietly, no one noticed. Similarly...

"Under the Tourism Act hotels including ours are entitled to apply for the relevant tax exemptions allowed by law. It's been operating since 2003. Initially there was some problem with the legislation which had to be rectified, and now lots of hotels including ours are now coming on-stream."

Wha? Doesn't that sound as if the law was changed to accommodate them into receiving these tax breaks? That's how I see it anyway. Quietly too. I bet no one notice the law was modified.

So again, we have a case of Pa-trick greasing the hands he shakes, and me wondering if there is a 60% involved, somewhere.