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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.
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Consumers urge action to ease inflation’s effect
Consumers yesterday called for the Government to increase the minimum wage and remove VAT from breadbasket items to ease the pain inflicted by inflation-busting price hikes.
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Food security
Zimbabwe was known as the breadbasket of Africa until 2000 exporting wheat, tobacco, and corn to the wider world, especially to other African nations. However, today Zimbabwe is a net importer of foodstuffs from the Western World. Many farm owners and farm workers have been killed during violent takeovers.
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FNM chairman: Our budget will clear up PLP mess
FREE National Movement Chairman Carl Culmer has said the Minnis administration’s 2018-2019 budget will “solve” the “financial mess” left behind by the Progressive Liberal Party. There has been intense backlash to the government’s plan to raise the va
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BUDGET: VAT to rise from 7.5 percent to 12 percent
VALUE-added tax (VAT) will increase from 7.5 percent to 12 percent effective from July 1, Minister of Finance Peter Turnquest announced in the House of Assembly today.
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Exemptions to 'defeat the purpose' of VAT
THE private sector “is glad” the Government deferred its Value-Added Tax (VAT) campaign promises, as these would have “defeated the purpose” of the Bahamas’ chosen taxation model.Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederat
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VAT and pricing
THIS an open letter to the Acting Financial Secretary with respect to the Vat exemption for bread basket items.
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Super Value chief: Abandon all exemptions for 10% VAT
Super Value’s principal yesterday argued that a ten percent VAT could achieve the government’s fiscal goals if it abandons its multiple tax exemptions.Rupert Roberts, pictured, told Tribune Business that the Minnis administration should “claw back” t
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Leading banker hits out over VAT ‘maze’
The Government “created a maze” for the Bahamian private sector and consumers when it abandoned the low-rate, broad base VAT model, a prominent banker is arguing.
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Govt to ramp up social services initiatives amid Ukraine concerns
AS government plans to ramp up its social services initiatives in anticipation of implications due to the ongoing war, officials want to ensure that the ministry responsible for assistance has a sufficient budget to help people in need.
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Bosses already scheming around minimum wage
I would like to thank Prime Minister Philip Brave Davis for increasing the minimum wage from $210 to $260. This is something that the Free National Movement should’ve done after increasing VAT from 7.5 percent to 12 percent. In an age of inflation and VAT on breadbasket items, the extra $50 is a much-needed help.
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‘Dramatic brain drain’ hampers health policy
The “dramatic brain drain” in nursing has meant Bahamian healthcare’s human resources have not kept pace with public policy creation, a Cabinet minister is arguing.
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‘Fantastic’ food tariff cuts won’t fully offset inflation
The Budget’s tariff cuts “can’t compensate” fully for the 20 percent increase in food prices since late 2021, Super Value’s principal said yesterday, although they may cover “half of what was lost” by the return of breadbasket VAT.
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HOW FAIR ARE PRICES WE’RE HAVING TO PAY? As inflation rises, stores facing question of how much margin they make
A FORMER Price Control Commission chairman says the inflation on goods has been compounded by a markup system that is not consumer friendly.
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EDITORIAL: Tax for bread but not for yachts?
THIS one is going to be a little hard to justify for the administration.
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Law does not support Price Control demands
A well-known businessman yesterday said the law did not support the Price Control Commission’s demands for every food store to hold documents justifying prices for ‘breadbasket’ items.
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Price regulators back ‘no gouging’ on eggs
Consumer protection regulators have confirmed there is no “price gouging” on eggs despite complaints that costs have doubled in just two weeks.
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Realtor questions VAT break for ‘rich’ buyers
A realtor yesterday questioned why the Government is effectively giving a break to “rich” overseas real estate buyers while raising VAT on the poor by taxing ‘breadbasket’ food items again.
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Food retailers warning on price control 'catastrophe'
Many Bahamian food retailers will suffer “catastrophe” unless there is some Price Control relief prior to Value-Added Tax (VAT), the Retail Grocers Association’s president has warned, after talks with the Government kicked-off on Friday.
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Accountant ‘surprised’ if any Budget tax hike
A Bahamian accountant yesterday said he would “definitely be surprised” if the Government introduced new and/or increased taxes in tomorrow’s Budget given that it would only worsen the cost of living crisis for vulnerable Bahamians.
