Local Business


S&P’s higher deficits on VAT ‘uncertainties’

Standard & Poor’s (S&P) has agreed that there are “indeed uncertainties” surrounding Value-Added Tax (VAT) implementation, and is less optimistic than the Government in projecting a 3 per cent fiscal deficit for 2015-2016.

Private planes give Bahamas $388m boost

Nassau led all Caribbean  destinations in private jet charter arrivals during the 2013 winter peak, it was revealed yesterday, joining with Abaco and north Eleuthera to generate $387.6 million in economic benefits.

Bahamas is Caribbean's top tourist market share loser

The Bahamas has lost the greatest tourism market share of any Caribbean nation in the post-recession years, an International Monetary Fund (IMF) report has revealed, with this nation ranked as the region’s most expensive.

Contract absence exposes resort workers to VAT

Hotel workers are exposed to a Value-Added Tax (VAT) -induced cost of living increase without any prospect of a base salary rise until 2016 at the earliest, a former union presidential contender charged yesterday.

Six months to 'iron out' all VAT problems

A Value-Added Tax (VAT) Education Task Force co-chair yesterday said it would take at least six months post-implementation to “iron out all the bugs” with the new tax, adding: “It’s not a quick fix.”

Use Cuba opening to 'motivate' tourism

The emergence of Cuba as a “new competitor” to this nation’s tourism industry should be used as a “motivating force” for improved product offerings and greater creativity, the Bahamas Hotel & Tourism Association’s (BHTA) president said yesterday.

Baha Mar ranked among world's top 10 for '15

Baha Mar has been rated one of the world’s top 10 destinations to visit in 2015 by CNN Travel, as a new resort making an impact on luxury travel in the Caribbean.

How to stop Xmas spending madness

Christmas is typically the season where Bahamians and people the world over disregard saving patterns and fiscally responsible spending, in exchange for impulse buying and the satisfaction of extensive wish lists.

Scotia unveiled as Bahamas' top bank

Scotiabank has been named Bank of the Year in the Bahamas by The Banker magazine, a Financial Times publication.

Hotel Association elects executives

The Bahamas Hotel and Tourism Association (BHTA) held its 62nd annual general meeting (AGM), followed by its traditional Christmas luncheon, at the Atlantis resort.

Bahamas in regional tourism brand leap


Tax Coalition chief: Hope VAT ‘pessimists’ not right

The Tax Coalition’s co-chair yesterday expressed hope the Bahamas was not so far behind as Value-Added Tax (VAT) “pessimists” believe, ahead of a “full day” meeting today to tackle multiple unresolved issues.

Tourism share loss to Cuba ‘inevitable’

A prominent businessman yesterday said it was “inevitable” that a fully-open Cuba will eventually “take a piece of the Bahamian tourism pie”, amid calls for this nation to urgently boost its economic competitiveness.

Bank pledges openness before AGM ‘fireworks’

Bank of the Bahamas executives yesterday pledged they would be “upfront” and detail “everything” about its future plans, amid suggestions there would be “fireworks” from disgruntled shareholders at tonight’s annual general meeting (AGM).

Gov’t share already ‘embedded’ in oil explorer’s licence

The Government yesterday unveiled plans to “maximise” its revenue share from oil exploration activities, although it is unclear whether its increased take will apply to the current licensee.