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Minister pledges 'no retreat' over breadbasket reforms
THE Minister of Health has pledged to stand firm on the proposed ‘breadbasket’ food reforms, ruling out a similar retreat to that made a year ago over “sugary sweet drinks”.Dr Duane Sands, minister of health, told Tribune Business that the Government
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INSIGHT: The money has to come from somewhere
THE debate about taxation got ugly last week – with arguments in the House of Assembly and Shanendon Cartwright MP risking being thrown out by the Deputy Speaker. So, what’s the issue?
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VAT exemptions 'no small order'
The DEPUTY prime minister yesterday conceded it was “no small order” for foods stores and pharmacies to reclassify products ahead of their value-added tax (VAT) “zero rating” on August 1.KP Turnquest acknowledged that the Minnis administration’s poli
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'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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Price control: Enough warnings, store owners will be prosecuted
THE Price Control Commission yesterday indicated that it is finished giving warnings to local food stores, particularly Super Value, for not having the necessary documents to justify “high prices” on extended breadbasket items.
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End to one-cent will drive breadbasket price change
Breadbasket items will undergo a “major price adjustment” in the coming months due to the Central Bank’s plan to end the Bahamian one-cent coin’s use as legal tender, a key regulator said yesterday. Danny Sumner, the Price Control Commission’s chair
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Biggest VAT increase from restaurants with zero rating elimination
Restaurants will likely be the sector that produces the biggest increase in VAT payments due to the elimination of zero ratings and exemptions, the Ministry of Finance’s top official has predicted.
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Prices regulator seeking more power as costs rise
The Price Control Commission’s chairman yesterday said recommendations have been presented to the Minnis Cabinet calling for it to be given greater powers over non-price controlled items.
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‘Bread price rise shows need to remove VAT’
FREE National Movement Deputy Leader Shanendon Cartwright MP said a leading wholesaler’s recent announcement about the increase in the cost of locally produced bread further exacerbates the need for the government to remove VAT on breadbasket items.
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Ex-PM renews attack on cost of living ‘crisis’
The former prime minister yesterday renewed his attack on the Government’s decision to reimpose VAT on so-called “breadbasket” food items by arguing this has “made worse” the cost of living crisis faced by many Bahamians.
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'Breadbasket' reform to Cabinet in 3-4 weeks
A CABINET paper on the proposed ‘breadbasket list’ reforms could be ready within three to four weeks, as part of long-term moves to prevent a healthcare budget “explosion”.Dr Duane Sands, minister of health, told Tribune Business that his ministry ha
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Andros 'can be breadbasket of the region'
MINISTER of Agriculture and Marine Resources Michael Pintard believes that Andros has the potential to be “the breadbasket not only of The Bahamas but the Caribbean and North America”.“Keep the faith, Andros can be transformed,” the minister told And
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‘Double-edged sword’ to FNM’s VAT exempt plan
The FNM leader was yesterday warned that exempting ‘breadbasket’ items and utility bills from Value-Added Tax (VAT) was “a double edged sword” that would raise the tax burden for vulnerable Bahamians.
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‘TAX THE RICH’ – Minnis: Charge wealthy property buyers and scrap breadbasket VAT
FORMER Prime Minister Dr Hubert Minnis yesterday suggested that the government increase taxes on wealthy property buyers and eliminate value added tax on breadbasket items to alleviate the burden on struggling Bahamians.
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Food store VAT exceeds forecast by double digits
Food stores’ early 12 percent VAT collections have exceeded predictions by double digits, with Super Value’s owner admitting: “We were all wrong about breadbasket sales.”Rupert Roberts told Tribune Business that VAT “zero rated” food products were up
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Coalition chief optimistic VAT cut to boost revenue
The Coalition for Responsible Taxation’s head yesterday voiced optimism that the 10 percent VAT slash will generate more revenue than the current structure once zero ratings are eliminated.
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Price controls threat to health food drive
The Government was yesterday warned that price controls threaten its healthier eating drive by making it “more attractive to invest in a fast food chain than a health food store”.
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Opposition’s last-ditch VAT change bid fails
A Cabinet minister last night slammed the Opposition’s bid to introduce last-minute changes to the VAT Bill as the two sides continued to trade blows over the rate cut and ‘zero ratings’ end.
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AML chief urges end to 'ridiculous' Price controls
AML Foods chairman yesterday reiterated calls for the Government to abolish price controls, arguing that high levels of competition in the food retail industry meant it no reason to “meddle”.
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‘Tremendous’ VAT pricing improvement
PRICE Control Commission (PCC) chairman E J Bowe said that there has been a ‘“tremendous improvement” in the overall compliance by merchants with price-controlled goods under Value-Added Tax (VAT), noting that the Commission has effectively carried out inspections on all of the major islands.
