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Halkitis says country’s fiscal position stronger than last year

ECONOMIC Affairs Minister Michael Halkitis said the country’s fiscal position is stronger than last year.

$6m 'breathing room' no long-term gas solution

Bahamian petroleum dealers yesterday argued that '"a short-term injection doesn't alleviate the problem" of fixed margins after a Cabinet minister disclosed the Government provided $6m in "relief" to the industry last year.

Govt unlikely to renew extended price control which has expired

THE Davis administration is unlikely to renew the order expanding the list of items added to the price control regime last year, Economic Affairs Minister Michael Halkitis suggested yesterday.

Fuel retailers optimistic but Halkitis says no change to come

THE Bahamas Petroleum Retailers Association’s (BPRA) president expressed optimism yesterday about resolving long-standing issues affecting gas retailers even as Economic Affairs Minister Michael Halkitis reiterated the government would not change fuel or tax margins to accommodate them.

Go Bonfire digital procurement platform has saved government $2.6m since launch

ECONOMIC Affairs Minister Michael Halkitis said government had saved about $2.6m since launching a new digital procurement platform in November.

Bahamas could gain $140m from 15% minimum taxation

The Bahamas could earn $140m in revenue from the global tax crackdown on major multinationals, a Cabinet minister disclosed yesterday, while suggesting the initiative is the first step towards “one tax rate for all”.

Minister: Out Island property tax for locals ‘will not happen’

A Cabinet minister yesterday “removed the fear” of many Family Islanders that real property tax was about to be levied on Bahamian-owned properties by pledging “authoritatively it will not happen”.

Halkitis fully confident on government budget forecasts

INSISTING that the country is moving in the right direction, Economic Affairs Minister Michael Halkitis yesterday dismissed criticism from the opposition that the government was too optimistic in its budget projections.

‘Heavy spending’ led to deficit rise

A Cabinet minister yesterday blamed an increased deficit on “very heavy spending commitments” incurred during the 2022-2023 fiscal year’s first half, but voiced confidence the Government will “meet or exceed” target.

Taxis and vendors on licence fast track

ECONOMIC Affairs Minister Michael Halkitis revealed yesterday that business licence applications for taxi drivers, straw vendors, and roadside vendors will be fast-tracked - while only 3,000 of 33,000 applications have been approved so far.

Minister demands food retailers ‘respect’ law

A Cabinet minister yesterday demanded that food retailers “respect” the law and adopt the Government’s expanded price control regime or face an enforcement crackdown that will see fines and penalties levied.

Minister: ‘We won’t tolerate’ price control law breakers

A Cabinet minister yesterday warned "we will not tolerate people disregarding the law" as food stores openly defied the Government's November 1 deadline to implement expanded price controls while many pharmacies closed.

Halkitis: Country is not in recession

ECONOMIC Affairs Minister Michael Halkitis said the government does not believe the country is in a recession, as he pointed to being in the midst of a “very strong rebound in the economy” led by tourism.

‘Break free’ from $500m deficits, 1% GDP growth

A Cabinet minister yesterday warned The Bahamas “has to break free from this cycle” of $500m-plus fiscal deficits and economic growth that has barely averaged 1 percent for the past 30 years.

‘Revenge tourism’ is driving big return

A CABINET minister says the government doesn’t want to stifle “revenge tourism,” as it is leading the economic rebound from the COVID-19 economic shutdown.

Don’t let WTO ‘hijack’ National Trade Policy

A Cabinet minister yesterday urged Bahamian businesses and consumers to “not get fixated” on World Trade Organisation (WTO) membership for fear it will “hijack” and “derail” efforts to develop a broader National Trade Policy.

Bahamas ‘telling the story’ to its investors

The Government is focused on “telling the story about The Bahamas” and its post-COVID recovery to ensure international investors and markets retain confidence in the country’s debt, a Cabinet minister said yesterday.

Government to push for private sector minimum wage increase

ECONOMIC Affairs Minister Michael Halkitis said government intends to push for a minimum wage increase in the private sector in the wake of rising costs in the country.

BUDGET: Halkitis hints at homeowner help

SOME relief to the public and incentives to promote homeownership will be some of the features of the Davis administration’s first full budget presentation today, according to Economic Affairs Minister Michael Halkitis.

Govt ‘not callous’ over price rises

ECONOMIC Affairs Minister Michael Halkitis insisted yesterday that the government was not “callous”, despite its decision to approve price increases of certain breadbasket brands.

Gas retailers ‘can expect announcements soon’

ECONOMIC Affairs Minister Michael Halkitis said gas retailers and consumers can expect to hear several announcements from the government in a few weeks relating to possible gas relief.

Minister rules out margin increase for petroleum dealers

Minister for Economic Affairs Michael Halkitis doubled down yesterday on “no margin increase” for petroleum dealers, arguing that it would go to the consumer and it would be “counterproductive”.

Overflight fees bring in up to $32m

ECONOMIC Affairs Minister Michael Halkitis estimates that The Bahamas stands to gain between $28m and $32m in revenue in overflight fees this fiscal year.

'Not feasible' to remove VAT on breadbasket items

ECONOMIC Affairs Minister Michael Halkitis maintained on Friday that removing value added tax on breadbasket items is not feasible at this time, noting the tax regime was a necessary initiative meant to reduce government borrowing and improve the nation’s overall “fiscal health.”

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