December 6, 2018
Finance Minister K Peter Turnquest.
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S&P: Bahamas to shrink by 16%
Standard & Poor’s (S&P) last night forecast that the Bahamian economy will shrink by an “unprecedented” 16 percent in 2020 as it further downgraded this nation’s sovereign creditworthiness.
Dutch demand 9% corporate taxation to escape blacklist
The Netherlands yesterday demanded that The Bahamas implement a corporate income tax at 9 percent or higher as the price to escape tax non-cooperation “blacklist”.
DPM: No monies for public sector minimum wage rise
The deputy prime minister yesterday revealed that the government has made no provision for a public sector minimum wage increase in this year’s Budget with Cabinet still discussing the issue.K Peter Turnquest, speaking ahead of the weekly Cabinet mee
Tax cheats warned: Don't exploit Dorian recovery incentives
Tax cheats and fraudsters were yesterday warned that the government’s revenue authorities will be “stepping up surveillance” to protect the post-Dorian Economic Recovery Zones from abuse. K Peter Turnquest, deputy prime minister, in tabling the orde
DPM: Opposition 'working hard' to attract downgrade
The deputy prime minister yesterday accused the opposition’s leader of “working his hardest” to attract the credit rating agencies’ attention, as he asserted there was “no sign” of a Bahamas downgrade. K P Turnquest, rejecting Philip “Brave” Davis’
DPM: Dorian won't break VAT promise
The government will likely need around $300m in bank and other commercial financing to meet post-Dorian needs, as the deputy prime minister pledged: “We won’t break our VAT promise to the people.” K Peter Turnquest told Tribune Business that the Min
Deputy PM Turnquest says new buildings will need ‘pre-approval’
Rebuilding in East Grand Bahama will require “pre-approval” of building plans by the Ministry of Works, according to deputy prime minister Peter Turnquest, stressing that the government has an obligation to ensure the building of “resilient homes”.
World bank drops Bahamas 'ease of doing business' ranking
AS THE World Bank has dropped The Bahamas a spot in its ease of doing business rankings, Deputy Prime Minister K Peter Turnquest has called its assessment a “misunderstanding”.The Bahamas has dropped one notch in the ease of doing business rankings -
DPM: $15m Dorian help 'sufficient'
The deputy prime minister yesterday said the $15m provided by the government to-date to assist up to 2,500 Dorian-ravaged businesses is “sufficient for the time being”.K Peter Turnquest, speaking as the government provided further details on how Abac
$18m payment for public servants affected by storm
THE overall cost of lump sum payments to public servants affected by Hurricane Dorian will be about $18m, Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday.He told reporters outside Cabinet: “The final cost is still outstan
‘Managing Dorian’ fall-out critical to avoid downgrade
The Bahamas’ ability to attract high-quality investment and manage restoration costs following Dorian will be critical to avoiding a sovereign credit rating downgrade, a cabinet minister says.
Aid packages for storm victims
THE government will create packages to assist those who have been affected by the devastation brought on by Hurricane Dorian to help people rebuild their lives and communities, said Deputy Prime Minister K Peter Turnquest.
'The perfect storm' for our economic viability
Hurricane Dorian was yesterday branded “the perfect storm” to derail an economic and fiscal turnaround that the government wanted to be natural disaster-free for “at least another year”. KP Turnquest, deputy prime minister, told Tribune Business
Turnquest hopes for early release from FATF process
GOVERNMENT is aiming to be released from the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG) process “at the earliest opportunity”, Finance Minister Peter Turnquest said yesterday, noting the country had “carried s
Union demands ‘a fly in the ointment’
Public sector pay negotiations are a potential "fly in the ointment" that may cause the Government to miss its 1 percent deficit target for 2019-2020, the deputy prime minister warned yesterday.
DPM: SBDC impact magnified five-fold
The deputy prime minister yesterday argued that every dollar invested in the government’s flagship small business initiative generates an economic impact more than five times’ greater.
Turnquest: No basis for criticism over GDP figures
ADMITTING officials don’t know why the country’s GDP performance fell below the International Monetary Fund’s forecast, Finance Minister Peter Turnquest said critics have no legs to stand on as consistent economic growth is apparent.
Govt ‘feeling pretty good’ with VAT collection at 56%
The government was yesterday said to be “feeling pretty good” about VAT’s performance despite collecting just 55.6 percent of the 2018-2019 full-year forecast during the first nine months.
Financial Intelligence ‘put away in corner and forgotten about’
A KEY agency in The Bahamas’ battle against financial crime had been “put away in a corner and forgotten about”, the deputy prime minister argued yesterday.
Extra funds for audit shortfall
FINANCE Minister K Peter Turnquest has confirmed the Office of the Auditor General will receive additional resources in the Minnis administration’s upcoming budget.
Sports audit - now recover the money
THE government will now consider whether to launch a forensic audit into the National Sports Authority for legal basis to recover funds, Finance Minister K Peter Turnquest said yesterday.
‘Tip of the iceberg’ on crypto ambition
The deputy prime minister yesterday voiced optimism that proposed fintech/crypto regulations will make The Bahamas a Caribbean leader, adding: “We’re knocking on the tip of the iceberg.”
Bahamas $750m bond missed global standard
The government last night said it “recognised the merits” of reform after the IMF revealed The Bahamas’ last US$750m sovereign bond issue did not meet evolving global standards.
DPM: Insurers will receive due VAT refunds
The deputy prime minister has pledged that VAT refunds will not be unduly “withheld” from the insurance industry, voicing hope the two sides will resolve their differences “in the near future”.
DEREK’S BILLIONS - IT’S A FAIRYTALE: Turnquest speaks out to rubbish 20-year-old ‘stolen fortune’ myth
FINANCE Minister K Peter Turnquest told Parliament allegations the government and a local bank thwarted Derek Rolle Kelly’s purported inheritance have no basis and are entirely untrue.
DPM: Politics won’t govern our reforms
The deputy prime minister yesterday conceded that the government will not reap “any immediate political benefits” from much-needed reforms to eliminate structural economic bottlenecks.
Minnis right to go on EU visit, says Turnquest
DEPUTY Prime Minister and Minister of Finance Peter Turnquest defended Prime Minister Dr Hubert Minnis’ travel to meet European Union officials after former Foreign Affairs Minister Fred Mitchell attacked the trip.
BUSINESS BITES: US government shutdown – a Trumpian catastrophe for everyone
The present shutdown of a large part of US Government operations is no minor blip in how the country is run.
DPM: ‘This is not the death’ of IBC sector
The deputy prime minister has asserted that the new regulatory structure “will not be the death” of International Business Companies (IBCs), as not all will have to pay business licence fees.
Turnquest unveils ‘one-fit’ framework
THE Minnis administration remains concerned that the goal post continues to shift when it comes to the Bahamas maintaining global tax standards, Finance Minister K Peter Turnquest said yesterday, adding this issue has been argued in international forums.
DPM: ‘Serious concerns’ over Dutch blacklist
The Bahamas “will have some serious concerns” if its inclusion on a Dutch “blacklist” means European Union (EU) countries are going further than the bloc’s own anti-tax evasion offensive.
Turnquest: WTO worries overblown
DEPUTY Prime Minister K Peter Turnquest has said that concerns over World Trade Organisation ascension are being “exaggerated,” further asserting that the government would work to “protect” the interests of local businesses.
S&P: ‘Reforms will take time to pay off’
The Government last night hailed its success in breaking “the perpetual cycle of credit rating downgrades”, despite Standard & Poor’s (S&P) warning its reforms will “take time to pay dividends”.
IMF gives govt vital ‘boost of confidence’
The IMF yesterday gave the Government a much-needed “boost of confidence” with an upbeat assessment of its economic and fiscal reform progress despite the “many challenges ahead”.
Dodge taxes and you’ll end up in court
TAX dodgers will be subject to criminal charges before the court under the government’s proposed amendment to the Penal Code.
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