Local Business


'Catastrophic disaster' fear over VAT's health treatment

The Government’s Value-Added Tax (VAT) policy towards healthcare could result in “catastrophic disaster”, Tribune Business was told yesterday, as it was seemingly designed to drive more Bahamians into an “already over-burdened” public system.

Auto dealers predict 30% VAT sales fall

Two Bahamian auto dealers yesterday predicted that new car sales would fall be 30 per cent in the aftermath of Value-Added Tax’s (VAT) implementation, with the industry suggesting that their businesses become ‘duty free zones’.

Chamber chief: Rethink VAT gaming exemption

A senior private sector executive yesterday urged the Government to rethink its decision to make ‘legalised’ web shop gaming VAT ‘exempt’, describing the matter as “a great concern” to other businesses.

Health insurance sector 'shock' at VAT reversal

Bahamian health insurers were yesterday said to be “shocked” that the Government chose to impose 7.5 per cent Value-Added Tax (VAT) on their clients’ premiums, with its view that the sector will be better off reclaiming its input taxes currently untested.

Adverse Privy Council alarm sparked Bimini dredge permit signing

The dredging permit for the controversial Bimini cruise terminal project was only produced after attorneys for the Government and developers realised the Privy Council was likely to decide it was necessary.

Behaviours that do a disservice

Research suggests that the ‘people factor’ in service matters more than products and processes. Your facilities, equipment and products matter, but the people delivering service can make or break your business.

Bahamasair, tourism team to grow West Palm market

Bahamasair has partnered with the Ministry of Tourism (MOT) as it works to attract passengers for its West Palm Beach to Nassau service.

Developer: 'Nothing compares' to latest offer

Palm Cay, the southeastern New Providence’ development, believes there is “nothing comparable” to the ocean view three-bedroom townhomes it is pricing at $559,000.

BAIC cuts Industrial Park tenant burden

The Bahamas Agricultural & Industrial Corporation (BAIC) said yesterday that it has sees an improvement in rental payments by tenants at its Soldier Road Industrial Park, reducing the burden for some by dividing the space they are letting.

'Big disaster' fear as VAT not best fit

The Government was yesterday warned that imposing a 7.5 per cent Value-Added Tax (VAT) on premiums will cause a drop in the number of Bahamians covered by property and casualty insurance, with one senior executive describing the new tax as “a big disaster”.

VAT registration to start on September 1

Debate on the Value-Added Tax (VAT) Bill is expected to begin within the next two weeks, a Cabinet Minister said yesterday, added that business registration for the new tax is expected to start on September 1.

Coalition co-chief praises 'awesome macro' VAT reforms

A Tax Coalition co-chair yesterday praised the Government for a seemingly “awesome” job with its ‘big picture’ Value-Added Tax (VAT) adjustments, and eliminating the “nightmare” of intra-group reporting.

BEC's $187m receivables force customer 'squeeze'

The Bahamas Electricity Corporation (BEC) is having to put the “squeeze” on its customers by reinstating its Fridaydisconnection exercises, in an effort to slash its bloated $187 million accounts receivables and pay its fuel bill on a timely basis.

Exemption elimination saves Super Value $7m

Super Value’s owner yesterday confirmed the decision to ‘exempt’ no goods from Value-Added Tax (VAT) would save his company $5-$7 million in extra costs per annum, with the sector’s “biggest objection” to the new tax now removed.

Airport Authority 'negligent' over stolen aircraft

The Court of Appeal this week upheld a verdict that the Airport Authority was negligent over the 2007 theft of a Western Air plane, but rejected the company’s call for damages to be increased to $3.235 million.