Local Business


Gov’t, web shops at odds on ‘back taxes’

The Government and web shop industry are at odds over how the sector’s ‘retroactive taxes’ are to be calculated, with the proposed method seen as “inconsistent” with both the Gaming Act and international norms.

$42.5m Gov’t bond issue ‘50-60% oversubscribed’

The Government’s latest $42.5 million bond offering was expected to “at least 50-60 per cent oversubscribed”, its lead arranger told Tribune Business yesterday afternoon, just hours before its close.

Airline: Combined tax impact forces business model review

A Bahamian-owned airline yesterday said it will “have to look at our whole business model again”, with the combined effect of multiple tax increases negating its $3 million-plus investment in a new service hangar.

Auto chief ‘surprised’ on January’s strength

The Bahamas Motor Dealers Association’s (BMDA) president has admitted to being “a little bit surprised” over January’s business volumes, having expected that Value-Added Tax’s (VAT) introduction would spark a sharp decline.

Engineers: Foreign ‘loophole’ may cost Gov’t VAT revenues

BAHAMIAN engineers yesterday warned that the Government might lose due Value-Added Tax (VAT) revenues due to a ‘loophole’ on contracts where most of the fees went to their foreign counterparts.

ART OF GRAPHIX: Market identity key to company’s growth

Marketing, selling, branding, promoting, advertising and even peddling; all of these marketing campaigns go a long way in creating growth forf every business.

S&P ‘closely monitoring’ Bank of Bahamas situation

Standard & Poor’s (S&P) says it is still “closely monitoring” the $100 million Bank of the Bahamas ‘bailout’ to ensure this is an isolated event, describing the situation as a “downside risk” for this nation.

Engineers chief: Much VAT confusion remains

The BAHAMAS Society of Engineers (BSE) president yesterday said there was still much confusion among industry professionals over how Value-Added Tax (VAT) should be applied to contracts and receivables.

Bahamas broker’s trading gets US firm $20m penalty

A Bahamian broker/dealer’s trading activity resulted in one of the most prestigious US financial firms yesterday being hit with a $20 million fine by federal regulators.

Sir Jack in Port sale talks before passing

WASHINGTON, DC - PRIME Minister Perry Christie yesterday said the Government was aware that the late Sir Jack Hayward was in negotiations to sell his family’s 50 per cent stake in the Grand Bahama Port Authority (GBPA) Group of Companies just prior to his death.

VAT confusion threat to private aviation growth

Value-Added Tax (VAT)-related confusion could undermine the Bahamas’ efforts to grow its multi-million dollar private aviation business, the Tax Coalition’s chairman has warned.

Gov’t talks to ‘major player’ in natural gas

WASHINGTON, DC: THE Government is talking to a “major player” in the natural gas industry as it bids to diversify the Bahamas’ energy sources, the Prime Minister pledging it will move quickly on generation competition once the Bahamas Electricity Corporation (BEC) manager is appointed.

S&P: VAT intro is ‘great first step’

Standard & Poor’s (S&P) yesterday said that while the Bahamas had taken “a great first step” towards fiscal reform with Value-Added Tax (VAT) implementation, any improvement in this nation’s credit rating depended on successful execution.

Systematically accounting for all VAT’s implications

Business owners certainly had more than the holidays on their minds as 2014 came to a close. Value Added Tax (VAT) was a looming concern on the minds of consumers and the private sector alike as we stepped into this New Year.

Minimal hotel impact from US snowstorm

New Providence’s major hotels yesterday said they had suffered “minimal” impact from the blizzard conditions in the north-east US, with visitor cancellations offset by those who had to extend their stay in the Bahamas.