July 29, 2013
John Rolle
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Cheque volumes fall 7.5% annually over past decade
The Central Bank’s governor yesterday said cheques cleared via the Bahamian banking system have decreased by 7.5 percent annually over the past decade with businesses, especially, dropping an instrument “very susceptible to fraud”.
Governor: ‘Credible’ growth plan key to satisfying Moody’s
The Central Bank’s governor yesterday said it was “within the Government’s reach” to lay out an economic growth strategy that convinces Moody’s not to further slash the Bahamas’ credit rating.
Central Bank gives Govt ‘an uppercut’
The Central Bank of the Bahamas yesterday delivered “an uppercut” to the Government’s fiscal projections, urging it to rein in spending amid a $266 million deficit for the first 10 months of the 2015-2016 fiscal year.
VAT to hit pre-existing contracts
Value-Added Tax (VAT) will be levied post-July 2014 against goods and services being supplied under pre-existing contracts, a senior government official confirmed last night.
VAT's $165m revenue slump 'far off range'
The Government yesterday slammed as “far off range” a study suggesting Value-Added Tax (VAT) implementation would produce a $165 million decline in its total annual revenue intake.
Official: VAT payable onpre-existing contracts
Value-Added Tax (VAT) will be charged on pre-existing business contracts from the July 1, 2014, implementation date onwards, a top government official confirmed yesterday.
'No 100% escape' from VAT's grip
There is “no 100 per cent escape” from the proposed Value-Added Tax (VAT), a senior official has warned, while acknowledging the private sector must realise the Government is “serious” about collecting all due revenues.
Ministry's 'strong support' for $100k VAT threshold
Increasing the compulsory Value-Added Tax (VAT) registration threshold to a $100,000 annual turnover has “strong support” within the Ministry of Finance, as it would still capture almost 98 per cent of economic activity.
Low turnout to meeting over VAT implementation
LOW public turnout to learn about the new Value Added Tax (VAT) implementation has prompted the Ministry of Finance to invite the media houses, talk show hosts, and college students to participate in one-on-one dialogue about the impact of VAT.
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