Local Business


‘Mixed bag’ on food retail VAT readiness

The food retail/wholesale industry’s Value-Added Tax (VAT) readiness was yesterday described as “a mixed bag”, with a leading executive hopeful all “bumps and hiccups” with the new tax regime will be eliminated in the first six-eight months.

Wage declines spark fear of VAT living standards squeeze

Bahamians are facing “a very significant” living standards squeeze in the New Year, the FNM’s newly-elected deputy leader warned yesterday, with costs increasing but wages “going the other way”.

VAT inclusive price concerns are ‘eased’

A leading retailer yesterday said concerns over the Value-Added Tax (VAT) ‘inclusive pricing’ transition had been “resolved”, while urging the Government to prevent “chaos” by allowing period accounting to continue.

BEC strike threats are 'totally unacceptable'

A leading private sector executive yesterday branded strike threats by Bahamas Electricity Corporation (BEC) line workers as “totally unacceptable”, with the country “unable to afford” such action as it heads into the key Christmas sales season.

'Further threats' demand financial sector overhaul

The Bahamas will face “further threats” to its financial services industry that may demand a complete overhaul of the sector’s traditional business model, the FNM’s finance spokesman said yesterday.

Eleuthera developers target December open

Eleuthera’s French Leave Resort and Marina plans to be “open and operational” by mid-December, its developers telling Tribune Business that more than $8 million has been invested in the project to-date.

Coldwell Banker boosts sales team

Coldwell Banker Lightbourn Realty has added Michael Turnquest to its sales team.

Make clients belong to reach tough road's end

E. Clement Bethel wrote the following words to a song a few years ago. This song ought to be the motto for those who consider themselves marketing revolutionaries. The song goes like this: “When the road seems rough, when you’ve borne enough, don’t faint, don’t sigh, don’t cry, wonder why, just keep on trying, cease your sighing, look beyond the present way, this time will pass, tomorrow’s another day.”

Private sector frustration grows on VAT Unit response

A senior private sector executive yesterday called for “immediate improvement” in the Value-Added Tax (VAT) Unit’s responsiveness to business community inquiries, amid concerns this could stymie the last minute “run on registration”.

'Wonderful development' for workplace relations

A three-party meeting will today attempt to finalise legislation designed to create smoother labour relations in the Bahamas, a private sector representative describing it as “a wonderful development”.

Coalition 'won't relent' on wider fiscal reforms

The Tax Coalition will take the lead in tackling all outstanding Value-Added Tax (VAT) concerns due to the Government’s “slower than anticipated” response, its chairman yesterday promising it “will not relent” on wider fiscal reforms.

Insurers seeking VAT input credit clarity

The Bahamian insurance industry yesterday urged the Government to clarify which inputs it will be allowed to claim Value-Added Tax (VAT) credits on during the 2015 first half, a leading carrier saying this “makes all the difference in the world”.

Agriculture policy to emphasise buyer links

Small Bahamian producers and livestock developers must have secure access to regional and international markets, the Minister of Agriculture said yesterday, adding that “connecting buyers to sellers” was central to the the Bahamas’ Agriculture Policy Programme (APP).

Hotels to 'still pursue' VAT on compliment rooms

The Bahamian hotel industry will “continue to pursue” the Value-Added Tax (VAT) treatment of complimentary rooms, as it has yet to achieve its “preferred position” despite the Government giving ground.

Bimini businesses hit by new Resorts World cruising schedule

Several Bimini business owners yesterday said Resorts World’s new cruising schedule, which has seen its vessel pull out of Port Everglades and revert to sailing from Miami, in what the company has called a “repositioning” to two-night cruises, has caused a fall-off in business levels.