April 12, 2012
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A Cabinet Minister yesterday said he was looking to protect the Bahamian manufacturing sector with “a full package” of reforms, warning that protectionist tariffs did not “guarantee survival”.
A Model I Inter-governmental Agreement for reporting under the US Foreign Account Tax Compliance Act (FATCA) provides the “greatest level” of preferential treatment in terms of exemptions for key Bahamian products, Financial Services Pinder Ryan Pinder said yesterday, noting that Model I should result in lower costs and reporting burdens to Bahamian Foreign Financial Institutions (FFIs).
TEACHING Bahamian global trade professionals to detect the movement of counterfeit goods is the first step in preventing the island nation from being used as a hub for international money laundering and terrorist funding, Customs officers were told.
The Bahamas is developing “cutting edge, trailblazing” intellectual property (IP) rights protection for its cultural industries and uniquely Bahamian products, a Cabinet Minister said yesterday.
A Cabinet Minister yesterday described the Bahamas’ first World Trade Organisation (WTO) offer as “ludicrous”, as it effectively closed the Bahamas’ two largest industries - tourism and financial services - to foreign ownership.
MINISTER of Financial Services, Ryan Pinder, yesterday said his ministry was heavily involved in the development of a Bahamian yacht registry, in a bid to create jobs and develop the Family Islands.
An MP has admitted there is “a sub-set of Bahamians” who are unemployable, due to the absence of job skills or being “scarred for life” by previous criminal convictions.
The Bahamas’ inability to generate economic growth over the past decade is “a recipe for economic and social disaster”, a Cabinet Minister warned yesterday, urging the private sector to lose its fear of international trade.
The Bahamas could soon enjoy “exponential growth” in its investment funds industry via a new product “married to the SMART Fund”, a Cabinet Minister said yesterday.
THE Bahamas’ financial services brand needs more clarity, a Cabinet Minister yesterday arguing that this nation was not merely a “commodity” jurisdiction but a preeminent “full service provider”.
The Minister of Financial Services yesterday said he had submitted a written policy proposal to deal with the sector’s Immigration needs, and said there was “no need for panic” over work permit issues.
The Bahamas is the world’s “best positioned” financial centre when it comes to thriving in an automatic tax information exchange environment, a Cabinet Minister said yesterday.
THE global financial services industry is shifting to ever-greater transparency, the Financial Services Minister warning that the Bahamas must be committed to competing in this “new normal”.
The Government will launch public consultation on its proposed Sanitary and Phytosanitary (SPS) legislation “within the next week”, as it bids to play host to the World Trade Organisation’s (WTO) director-general this June.
THE MINISTRY of Financial Services is set to host a regional workshop on the United States’ Foreign Accounts Tax Compliance Act (FATCA) next week.
The Bahamas has taken a “regional lead” in talks with the US over its Foreign Account Tax Compliance Act (FATCA), a Cabinet Minister yesterday disclosing he had spoken to Washington about how the legislation would treat Bahamian financial services products.
The Minister of Financial Services has urged the Caribbean to pursue regional trade integration, using the Economic Partnership Agreement’s (EPA) Regional Preferences Article as a foundation.
Small/medium-sized businesses and investment managers are key niches being targeted by the Ministry of Financial Services in “relaunching the Bahamas” as a captive insurance domicile “within the next few weeks”.
The Minister of Financial Services yesterday urged Bahamian financial and corporate services providers (FCSPs) “not to panic” over proposed guidelines on the maintenance of accounting records, adding that their implementation would not make this nation uncompetitive.
EMPHASISING the government’s commitment to local manufacturers, Minister of Financial Services Ryan Pinder said their interests would be protected in any trade negotiations going forward.
FINANCIAL Services Minister, Ryan Pinder, told Parliament yesterday his ministry is preparing to launch a new strategy to position the Bahamas for captive and international insurance business, while adding that the investment fund sector has been identified as having growth potential.
A CABINET Minister yesterday called Bahamian attorneys to “raise the level of commercial practice”, backing the notion that permitting foreign specialist attorneys to practice from this nation would boost the financial services industry.
RYAN Pinder said the history of financial services in the Bahamas is a true story of “entrepreneurial activity at work”.
MINISTER of Financial Services Ryan Pinder said that the government is “tirelessly working” to re-energise the financial services brand of the Bahamas.
The Government has pledged to create an Innovation Council to develop new financial services products, as it aims to develop the Bahamas into a “vibrant, robust” international business centre that rivals tourism’s economic contribution by 2023.
The Prime Minister has authorised the formation of a nine-member Arbitration Council as a first step in developing this nation as a major dispute resolution hub, a Cabinet Minister saying yesterday: “We want to be the arbitration gateway to Latin and North America”.
THE private sector was yesterday urged to take the lead in “raising the profile” of the Bahamas by better promoting its financial services products.
A Cabinet Minister yesterday said money laundering concerns stemming from a banned/underground web shop gaming industry were “not very high”, but others said it would be “naive” not to think the situation may attract international attention.
The Bahamas would be “at a competitive disadvantage” if it chose not to comply with the US Foreign Account Tax Compliance Act (FATCA) via an Intergovernmental Agreement (IGA), the Minister of Financial Services believes.
Bahamian companies with an annual gross turnover of less than $50,000 have been exempted from new laws requiring firms to keep accounting records for five years, as this nation comes into line with the Organisation for Economic Co-Operation and Development’s (OECD) demands.
The Government is working “feverishly” to bring the Bahamas into compliance with its commitments to the European Union (EU) under the Economic Partnership Agreement (EPA), having missed deadlines for the first two rounds of import tariff cuts.
Under 4,000 Bahamian companies would likely face having to pay a Value-Added Tax (VAT), a Cabinet Minister describing as “mind blowing” the fact over 85 per cent of businesses might be exempt.
THREE key government ministers give their insight into plans to redefine the country’s economic model in the latest edition of a Bahamas magazine.
A Cabinet minister is hoping the Government’s trade and industry promotion policy will result in a “flood” of manufacturers coming to the Bahamas, adding that it was “imperative” to retain domestic production industries.
The absence of a modern intellectual property rights regime and full World Trade Organisation (WTO) membership means Bahamian entrepreneurs do not enjoy “maximum protection” for their unique products and designs in foreign markets, a Cabinet minister said yesterday.
FINANCIAL Services Minister Ryan Pinder said yesterday that legislation was being drafted to modernise the Bahamas’ intellectual property rights regime, acknowledging that the country jurisdiction was further behind others in reforms in this area.
THE MINISTER of Financial Services said yesterday that the Bahamas should develop insurance as a major component of the financial services industry, telling Tribune Business that domestic underwriters could participate in the international insurance market via collaboration with traditional financial providers.
The Government is awaiting release of a detailed second Intergovernmental Agreement (IGA) model by the US before it decides how the Bahamas, and its financial services sector, should comply with the Foreign Account Tax Compliance Act’s (FATCA) reporting requirements.
The Government has approached three leading Swiss banks about using the Bahamas as a “hub” for their Latin American region booking centre activities, a Cabinet minister yesterday saying he was confident the financial services industry was “poised for significant growth”.
THE MINISTER of Financial Services, Ryan Pinder, said he plans to work closely with the Grand Bahama Port Authority (GBPA) to position Freeport as the “dominant trade hub” for Latin America, while also noting that December 2014 was the target for full World Trade Organisation (WTO) membership.
The Bahamas’ services and investment offer was last week finally approved for incorporation in the Economic Partnership Agreement (EPA) with the European Union (EU), having made the second highest number of commitments in this key sector out of all CARIFORUM nations.
RIO DE JANEIRO – Bahamas Minister of Financial Services Ryan Pinder said these are exciting times in international business and his government could not be more excited about working with the people and businesses of Brazil.
The Bahamas “has never been more well placed” to become “a dominant jurisdiction” in financial services, a Cabinet minister yesterday suggesting this nation needed to “integrate” its international co-operation regime.
FINANCIAL Services Minister Ryan Pinder yesterday revealed that the Bahamas has a number of requirements to meet before it can become a member of the World Trade Organisation.
The Bahamas can become a “dominant trade hub”, the minister for financial services and investments said yesterday, adding that rules-based trading agreements could protect certain industries from ‘dumping’ and other unfair practices.
The MINISTER of Financial Services yesterday said the Government has made no decision on what approach the Bahamas would take over the US Foreign Account Tax Compliance Act (FATCA), and whether it would sign a government-to-government agreement to protect the sector.
THE Bahamas’ accession to the World Trade Organisation (WTO) will open up new markets for domestic manufacturers according to Minister of Financial Services Ryan Pinder who told Tribune Business that trade agreements would ensure the sector would be protected from issues such as dumping.
MINISTER of Financial Services Ryan Pinder said the proposed $16.5 million loan for the country’s trade sector is of fundamental importance to the future of the Bahamian economy.
ELIZABETH MP and Minister of Financial Services Ryan Pinder seconded a Bill to amend the Industries Encouragement Act which seeks to re-instate the incentives available to Bahamian manufacturers prior to 2010.
THE Ministry of Financial Services has begun preparing a strategic plan for establishing the Bahamas as an internationally-recognised arbitration centre, Ryan Pinder told Parliament yesterday.
RYAN Pinder, Elizabeth MP and Financial Services Minister, has accused former Prime Minister Hubert Ingraham of “manipulating” the system to take advantage of the Bahamian people.
MINISTER of Financial Services and Investments, Ryan Pinder, is actively targeting the London financial services market for business opportunities, telling Tribune Business the UK capital can act as a gateway to clients throughout the world.
THE Bahamas' minister of financial services, Ryan Pinder, told key financial services intermediaries and executives that this nation should be the "first name off your lips" when advising clients on where to locate their assets.
MINISTER of Financial Services Ryan Pinder said yesterday that the Bahamas was enhancing its preparations for the implementation of the Foreign Account Tax Compliance Act (FATCA), telling Tribune Business his ministry was seriously committed to ensuring that local financial institutions were ready.
THE Christie administration is aiming to complete the Bahamas' accession to full World Trade Organisation (WTO) membership before the 2017 end of its term in office, Financial Services Minister Ryan Pinder told Tribune Business. He is preparing to lead a delegation to Geneva, Switzerland, this week for a second round of negotiations.
MINISTER of Financial Services Ryan Pinder said he wants the world to know the Bahamas is "open for business".
RYAN Pinder, Member of Parliament for the Elizabeth constituency, yesterday accused opposition representative Richard Lightbourne of spitting on his father in an act
THE MINISTER of Financial Services, Ryan Pinder, said yesterday the Government would take a "close look" at the Bahamas' accession to full
NEWLY-appointed minister of financial services and investments, Ryan Pinder, said yesterday that the industry needed to be solidified and products improved, with the second phase OECD Peer Review an immediate concern.
THE Government has been urged to be more specific on the scope of job security provided to Kerzner International's 8,000 employees on Paradise Island in the resurrected 'debt-for-equity' swap deal with Brookfield Asset Management.
PLP candidate Ryan Pinder yesterday predicted he will win the Elizabeth seat by hundreds of votes, dismissing survey results that put him in a deadlock with FNM candidate Duane Sands.
THE Progressive Liberal Party claims the Ingraham administration's issuance of contracts worth millions to foreign companies contributed to the ongoing recession.