|
Last Updated: Feb 13, 2017 - 1:45:37 AM |
Nassau, Bahamas - The following is a statement by Galleria Cinemas:
In the days following the implementation of Value Added Tax (VAT) businesses and consumers alike have dealt with the shocking changes to our economic environment. In the run-up to January 1st, government officials offered nothing but unclear, and often confusing proclamations from on the new tax system. Since its formal implementation, the local business community has been forced to essentially navigate the course with blinders on.
Over the past few days Galleria Cinemas, like many companies has attempted to adapt our current model in a bid to continue offering our services. In recent days detractors have attempted to paint Galleria as a company only concerned with its bottom line. A company seeking to pull the wool over the eyes of our long standing and faithful customers.
Contrary to popular opinion however, our patrons should be reminded that nearly 70% of revenue collected from the movie theater ticket revenue is returned to the distributors.
The decision to increase the price of our movie tickets from eight dollars and fifty cents to ten dollars is not an attempt to gouge our customers and any individual making that assertion is either oblivious to the challenges which face the local business community or simply looking to stir up unnecessary controversy. Instead the move is a legitimate effort on our part to survive.
Amid the commentary on this issue has also been sweeping comparisons to movie theaters in the United States. The public must be reminded however that unlike US operations Galleria cinemas operates in an environment where the cost of electricity is 150% higher while financing costs locally are up to 600% higher than in the US.
Now with the advent of VAT Galleria Cinemas has faced a 100% increase in its accounting costs to become VAT compliant. Such increases have made the increase imperative if we are to continue operating as a successful entity.
Having served this community for several years, Galleria Cinemas has always worked to provide quality entertainment at an affordable rate and for many of those years we were in fact able to do just that. As economic conditions around the country have worsened however we, like many businesses have tried to adapt to the ever changing environment. Despite the challenges, we will work to continue to offer quality service and a quality product.
© Copyright 2015 by thebahamasweekly.com
Top of Page
