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Bad bet

Turf Club not paying any taxes –– Trotman

This country’s Auditor General has raised the red flag over the operations of the Barbados Turf Club (BTC).

Leigh Trotman says not only has the horse racing association failed to submit the required monthly reports to the Accountant General, but it has not paid a single cent in taxes since 2010.

Auditor General Leigh Trotman

Auditor General Leigh Trotman

Frustrated by the situation, Trotman is now recommending that firm action be taken to recoup the outstanding amounts.

In his recently published report for 2015, the Auditor General revealed that a reminder letter was forwarded to the Turf Club on July 11, 2012 requesting that the outstanding information be submitted. However, he said, as at March 31, 2016, no further follow up action had been taken.

“The absence of information on funds due from betting results in the underreporting of revenue, and accounts receivable, in the financial statements. This matter needs to be pursued vigorously by the Treasury,” Trotman said.

Back in 2008, the horse racing association, which is responsible for organizing this island’s most lucrative horse racing event, the annual Sandy Lane Gold Cup, which carries a purse of $200,000, benefited from a write off in the amount of $19.2 million for unpaid and outstanding taxes due over a number of years.

At the time, BTC President Sir David Seale had announced at an open forum held in the Incitatus Members Lounge at the Garrison Savannah, that Government had forwarded a letter confirming that debt owed by the club for many years would finally be written off.

David Seale (Sir)

Turf Club President Sir David Seale

Sir David had also taken the opportunity to thank the David Thompson-led administration, which had just come to office, for taking the decision, saying it opened the way for the BTC to go forward in a positive way.

He also revealed that in addition to writing off this old outstanding debt, Government had given the BTC some other helpful concessions, such as what is given to agriculture.

And he had high praise for those at the BTC who did “a sterling job working with the past Government, and now the present Government to finally get this debt written off”.

He went on to say that high on the list of priorities for the BTC was the introduction of evening/night racing, as this would attract more locals due to the fact that racing would not be clashing with many of the other sports.

Sir David also said that with the debt written off, the club would have been in a position to approach commercial banks to negotiate loans for capital development, something that could not have been done when the debt was outstanding.

He said the BTC Board could also have looked at the possibility of raising a bond of approximately $2.5 million, offering an attractive interest rate.


13 Responses to Bad bet

  1. Sue Donym May 26, 2016 at 1:04 am

    My, my, my. Once again the concessions and debt forgiveness are generously given to entities who should easily be able to pay their way. So confident are they that they do not even submit the reports – which leaves them free to put their cases based on their good offices and influence.

  2. Juanita Blanco
    Juanita Blanco May 26, 2016 at 2:25 am

    Hahah million dollar debt forgiveness of an organization of which millionaires or even billionaires are members, yet dragging poor ppl backsides for lil taxes etc.! If the members love their club so much and wanted to save it, why not collectively contribute some funds to wipe out some, if not all the debt?! That is what ppl always telling the average man to do when they are in financial difficulty. “Wunna always want guvment help. Come together and do something to help wunna selves!” Or does that doctrine only apply to us minions?

  3. dave May 26, 2016 at 5:46 am

    DLP syncophants can blame the BLP now ! Go ahead blame the Barbados Labour Party for this.

    There are some people in BARBADOS who do not like to pay a cent in taxes. They lobby and get things duty free and they beg off debts. They might employ workers but same workers are not adequately paid nor do they share in the profits and yet mealy mouthed politicians encourage this nonsense by getting in bed with the oppressors.

  4. Arturo Edward May 26, 2016 at 7:56 am

    Vote Independent
    or stay at home

  5. Carson C Cadogan May 26, 2016 at 9:50 am

    The Barbados Labour Party is to blame for all of this.

    It has these people and agencies accustom to not paying taxes during the administration of the Barbados Labour Party in office, as a result they are refusing to pay any taxes to any administration.

    The root cause of all this is the Barbados Labour Party.

  6. seagul May 26, 2016 at 9:59 am

    When a dapper horse trainer from Trinidad was found dead in Bridgetown some years ago, no one thought anything. It was reported that he had suffered a fatal heart attack during lunch in a restaurant and that was that. In the underground world around the track the word murder was whispered. It was rumored in small circles that horse racing in Barbados had a dark and dangerous underbelly. Powerful people played for high stakes in an industry worth millions…….

  7. Carson C Cadogan May 26, 2016 at 10:08 am

    Is this the same man who owned the twenty year old molasses which was dumped indiscriminately all over the island of Barbados and is now causing environmental problems for Bajans?

  8. dave May 26, 2016 at 1:50 pm

    True to form Carson Cadoagan. Margaret Knight Michael Lashley Derek Alleyne George Pilgrim and ac of BU would be proud of the nonsense no surprise here so move on with no shame

  9. eddy murray May 26, 2016 at 2:24 pm

    My problem is this the DEMs came to power to clean all of this up, so why it is getting worse as the months goes by. I thought that if you come to do a job you will do it without favor.
    I watching to see what is going to come out of this country and town planning and hard Rock.
    When Mark said the he and a consortium pull money together to finish the berth 5 when the port run out of money, we should pick sense from that.

  10. junior May 26, 2016 at 6:04 pm

    office has no power to lock up any minister.It is time some of them are jailed and given “gruel”.

  11. Sherlock Holmes. May 26, 2016 at 9:14 pm

    Dave before you are finished you are going to be sued hard ears ya wont hear own way ya gine feel, alright.

  12. J. Payne May 27, 2016 at 2:25 am

    The businesses and persons in Barbados that are getting any kind of low tax/tax free status should have to be published annually in the newspapers of Barbados.

  13. Mac10 May 30, 2016 at 12:08 pm

    In a land that bans gambling (casinos) why is there a turf club promoting gambling anyway??


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