October 30, 2018
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THE government’s finance experts don’t know exactly how the country’s economy will react to global fall out from the coronavirus, but officials are working on several internal models taking into account worst-case scenarios.
The Ministry of Finance’s top official yesterday said it was “encouraged that revenue collections are holding up” despite a $10.3m year-over-year decline in January. Marlon Johnson, the acting financial secretary, told Tribune Business that the init
The Ministry of Finance’s top official yesterday said the government had expected a “slow ramp up” by its tax compliance enforcers after the unit collected just $15m in the 2019-2020 first half.
The $130m year-over-year increase in first half VAT revenues proves that the 12 percent rate hike has “not dampened” consumer spending, a top Ministry of Finance official argued yesterday. Marlon Johnson, the Ministry of Finance’s acting financial s
A “sizeable proportion” of the $232.55m in foregone Dorian revenues relates to recovery zone tax breaks, the Ministry of Finance’s top official confirmed yesterday, Marlon Johnson, the acting financial secretary, said the government had taken “a ver
Bahamian merchants were yesterday scrambling to clear last-minute Christmas shipments due to combination of bad weather and compliance issues with Customs’ new system. Tribune Business was told that some companies had run into the perfect storm as d
The Ministry of Finance’s top official yesterday warned invoice fraudsters and tax evaders that their time is up, as he pledged: “The days of friend and favour are over at the border.” Marlon Johnson, pictured , acting financial secretary, said ther
The government is today expected to clarify the “confusion and frustration” surrounding the post-Dorian Economic Recovery Zones, amid warnings that the uncertainty is fuelling “a loss of confidence”. Marlon Johnson, the Ministry of Finance’s acting
The Ministry of Finance’s top official yesterday voiced optimism that the problems with Customs’ new electronic system will be largely resolved “in a matter of weeks” and “fade quickly into the past”.Marlon Johnson, its acting financial secretary, ad
The Ministry of Finance’s top official yesterday forecast that the national unemployment rate could surge back to over 13 percent next year due to the economy shrinking from Hurricane Dorian.Marlon Johnson, the acting financial secretary, gave the gr
The Ministry of Finance’s top official last night said Hurricane Dorian had reinforced “why fiscal discipline is so important” even though it is set to drive the national debt to almost $9bn. Marlon Johnson, the acting financial secretary, told Trib
The government last night unveiled draft legislation representing a “fundamental reset” of its public procurement processes in a bid to save taxpayers millions and aid small businesses.Marlon Johnson, the Ministry of Finance’s acting financial secret
The government will make its first drawdown on the $100m Inter-American Development Bank (IDB) disaster recovery loan facility “within the next two weeks”, a top official has confirmed. Marlon Johnson, the Ministry of Finance’s financial secretary,
CUSTOMS officials said yesterday they had reached a “major milestone” having integrated New Providence seaport to the Click2Clear Portal which will become its primary processing system on September 1.Superintendent Tyrone Sands, underscoring the impo
The Ministry of Finance’s top official is “very confident” that next month’s roll-out of Customs’ new system on New Providence will be “manageable” despite concerns voiced elsewhere.Marlon Johnson, acting financial secretary, told Tribune Business th
The Ministry of Finance’s top official yesterday pledged that VAT on real estate sales will be payable online during this fiscal year, adding: “It’s well beyond time to go digital.” Marlon Johnson, acting financial secretary, told Tribune Business t
The government is reversing taxation policy that threatened to destabilise the Bahamian second home market with legal reforms tabled alongside the 2019-2020 budget.
The government has no plans to write-off its $480m in real property tax arrears and will “pursue” all delinquents “with vigour”, its top finance official warned yesterday.
The government has introduced “discretion” into the crack down on corporate tax cheats who seek to evade their liabilities by reincorporating under a different vehicle or name.
The government is targeting a minimum $21m in extra annual revenue through a “world class” real property tax system that captures every home and commercial building on New Providence.
The Ministry of Finance’s top official yesterday said its Revenue Enhancement Unit (REU) could reclaim up to $100m per annum from tax dodgers once it begins operations in mid-May.
The Ministry of Finance’s top official yesterday voiced optimism that the government will not squander the “$108m headroom” created by the fiscal third quarter’s $40m budget surplus.
The Ministry of Finance’s top official yesterday revealed collections in the current “revenue-rich” quarter were “promising”, with the government’s fiscal “game plan” firmly on target.
Customs is moving to ensure the one-time registration for its new automated system is as “efficient and seamless” as possible following multiple complaints of delayed import clearances.
The government does not have the VAT refund process “down pat like we should”, a top official has admitted, although “some headway” was being made.
The government was last night said to be confident there will be “no deviation” from its $237m full-year deficit target despite incurring almost three-quarters of this sum in the first six months.
The Ministry of Finance’s top official yesterday admitted there is “substantial” revenue loss from fraudulent invoices that are impacting up to 29 percent of The Bahamas’ trade.
A top Ministry of Finance official yesterday said the government is already “beating” its five-day business licence turnaround pledge amid “kudos” from the private sector for the improvement.
CLICO (Bahamas) clients are unlikely to receive a much-needed Christmas gift after a top government official yesterday confirmed their latest payout is unlikely to be made in time.
The Government has eliminated the need for companies to provide upfront proof of National Insurance Board (NIB) compliance before they can obtain business licence renewals.
The Government’s 2017-2018 fiscal deficit overshot the deputy prime minister’s year-end forecast by $105m due to a late spending “ramp up”, a top official admitted yesterday.
The first-ever fiscal strategy report was yesterday branded “a sea change” that will hold current and future administrations to account for their stewardship of The Bahamas’ finances.
The Ministry of Finance’s top official yesterday “categorically rejected” fears that the new business licence regulations are the first step towards implementing a corporate income tax regime.Marlon Johnson, the financial secretary, told Tribune Busi
THE Ministry of Finance’s top official yesterday defended the new business licence regulations on the basis that too many companies’ financial statements “do not stand up to scrutiny”.Marlon Johnson, pictured, the financial secretary, said this was t
The Ministry of Finance’s top official yesterday said it was “not preparing to throw a party just yet” despite increased VAT revenues driving a 52 percent cut to the Government’s fiscal deficit. Marlon Johnson, acting financial secretary, told Tribun