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Bahamas can't let competitiveness 'slip any further'

A leading accountant yesterday urged the Government to give the proposed National Tripartite Council a real mandate to improve the Bahamas’ economic competitiveness, warning that this “cannot be allowed to slip beyond this point”.

'Don't erode revenue base with incentives'

The Government “cannot afford any more erosion of the revenue base”, a top accountant warning it to “hold the line” on doling out further investment incentives to both Bahamians and foreigners.

Private sector facing 'tsunami'

Bahamian businesses are facing “a tsunami” in the form of various reforms that will hit them “all at once”, a leading accountant warning this will dampen prospects for reducing unemployment.

Gulf Union creditors to get '5-15 per cent extra'

Creditors of the long-defunct Gulf Union Bank (Bahamas) could receive “anywhere from 5-15 per cent extra” in dividend distributions, its liquidator said yesterday, as a result of a recent Supreme Court ruling.

Gulf Union, Suisse Security liquidator seeks 'guidance' on Rule amendments

The liquidator for Gulf Union Bank (Bahamas) and Suisse Security Bank & Trust is heading back to the Supreme Court for “guidance” on whether these cases have to “fall in line” with major changes to the Companies Act’s winding-up rules.

Bahamas urged: 'Get serious' on tax penalties

Compliance will be “one of the greatest challenges” the Bahamas faces in implementing a Value-Added Tax (VAT) or some other form of tax reform, a leading accountant yesterday saying this nation needed to “get serious” about penalising offenders and generating better business data.

Living standards increase ‘not real’

Bahamians did not enjoy a “real increase in living standards” in the decade leading up to the 2008 recession, a top accountant arguing that most were instead living above their means on ‘easy credit’.

Banks restructure $606m in loans over 12 months

Commercial banks have restructured $606 million worth of troubled loans within the last 12 months, a leading accountant said yesterday, warning that the sector could not be expected to stimulate the Bahamian economy through “aggressive lending” as long as credit kept falling into arrears.

Mortgage Plan to have 'zero' lending stimulus impact

THE Government’s $10 million contribution to the Mortgage Relief Plan will only go to bank profits and have “zero” impact in stimulating new lending, a top accountant saying Bahamians’ debt burdens will be a “drain on the economy for many years”.

Tax reform not just about more revenue

PROVIDING incentives for businesses, and ensuring these align with World Trade Organisation (WTO) rules, must be factored into discussions over a new tax regime for The Bahamas, a leading accountant said yesterday.

Gov't 'underestimates' liabilities by 'millions'

THE Government's antiquated accounting system means it is massively underestimating its true liabilities by millions of dollars, a leading accountant telling Tribune Business this means key indicators like an already-bad 56 per cent debt-to-GDP ratio, are, in reality, much worse.

VAT 'not total' tax reform answer

VALUE Added Tax (VAT) is not the complete solution to the Bahamas' taxation reform needs, this nation's leading World Trade Organisation (WTO) negotiator yesterday warning that changes also needed to encourage targeted investment and be trade agreement-compliant.

WTO vital to protect Bahamas from 'abuse'

THE Bahamas' lead World Trade Organisation (WTO) negotiator "can't imagine" that the next government would fail to complete the process of achieving full membership, arguing that this was vital to preventing other nations from "abusing" this country and its private sector.

Merchant market can 'revolutionise' local economy

THE Bahamas Trade Commission's co-chair yesterday threw his backing behind the proposed AsiaMart merchant emporium in Freeport, telling Tribune Business it could "revolutionise" the Bahamian economy and create "astronomical" benefits for local retailers, manufacturers and other entrepreneurs.

Stronger BFSB is needed for 'cutting edge' finance sector

THE Bahamas should seek to improve its ranking as an international financial centre by "strengthening" the private sector and giving it the tools to keep this nation "at the cutting edge", a leading accountant said yesterday, rather than expand the size of government through a Ministry of Financial Services.

The Tribune

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