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Payroll errors costing taxpayers near $120m
Salary and payroll errors are costing Bahamian taxpayers around $120m per year, the Government’s top finance official disclosed yesterday, as he blamed the wastage on too many systems that are not linked to each other.
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PM: Consumer Protection Bill will help ‘reimagine economy’
The Prime Minister yesterday said strengthened consumer protection laws are a key component in the Government’s plan to “reimagine the Bahamian economy”.
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ArawakX hit by claim of ‘criminal infraction’
The Bahamas’ first-ever crowd-funding platform has a solvency deficiency of “at least $2.4m”, regulators charged yesterday, while accusing it of “governance irregularities, regulatory breaches and possible criminal infractions”.
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ArawakX ‘to be reported’ to police amid $4m insolvency
The Bahamas’ first-ever crowd funding platform is suffering from a near-$4m insolvency, its provisional liquidators have asserted, as they prepare to report “multiple criminal infractions” to the police.
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ORG calls for swift action on implementation of the Freedom of Information Act
THE Organisation for Responsible Governance (ORG) wants swift action on implementing the Freedom of Information Act, calling it a critical tool.
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Consumer watchdog says complaints triple
The Consumer Protection Commission’s (CPC) top executive yesterday said complaints have almost tripled compared to 2022 as Bahamians become more aware of its role in resolving their grievances.
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Fiscal Council limbo sparks ‘alarm’ over accountability
Governance reformers yesterday voiced “alarm” that the uncertainty surrounding the Fiscal Responsibility Council highlights a growing “trend” where public accountability and transparency “lack priority” within government.
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Central Bank in multiple exchange control eases
THE Central Bank last night unveiled multiple reforms to further relax The Bahamas’ exchange control regime that it believes will not create any “material” risks for the US dollar peg and wider economy.
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FTX Bahamas warns of $143m US DOJ battle
FTX’s Bahamian liquidators say it is increasingly likely they will have to battle the US Justice Department in the courts to recover $143m given that prospects of an amicable resolution have become “more remote”.
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Gov't backed off 10-day VAT filing for large firms
The Bahamian private sector yesterday said cutting the VAT filing deadline for firms with annual turnover exceeding $5m has been "wholly rejected as unworkable" despite the Government backing off its original 10-day target.
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EY Bahamas announces new Bahamian CPAs
EY Bahamas yesterday announced that two young Bahamian employees, Crispin Hanna and Justin Campbell, have earned their Certified Public Accountant (CPA) designations.
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Gaming Board to be ‘fair and clear’ on Chances grievance
The Gaming Board’s chairman yesterday pledged that the regulator will be “fair and clear” in addressing a web shop operator’s concerns that its funds are being improperly used.
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BISX-listed firm ‘resolves’ qualified audit fear woes
A BISX-listed firm last pledged it has "resolved" technology woes that forced it to seek more time to publish its 2022 financial statements and prevent a 'qualified' audit opinion for a second consecutive year.
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Chamber ‘carefully monitoring’ frustrations over DIR tax portal
The Chamber of Commerce’s chairman last night said it is “carefully monitoring” mounting private sector frustration caused by the struggle to access the Department of Inland Revenue’s online tax portal.
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Families of victims killed by police call for justice and accountability at vigil
THE families of those killed during police-involved shootings renewed their calls for justice, accountability and closure for the beloved victims during a candlelight vigil ceremony on Friday.
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RBC acts to reverse ‘double payments’
ROYAL Bank of Canada (RBC) last night pledged it is “working diligently” to reverse payments where customers were charged double for the same transaction.
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Pintard raises cost overrun concerns over GB complex
The Opposition’s leader yesterday challenged the “complicated arrangement” that has resulted in the Government engaging two contractors for the Eight Mile Rock administration complex.
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Abaco slams Water Corp’s Dorian back-billing cut-offs
Furious Abaco residents yesterday slammed the Water & Sewerage Corporation’s move to launch mass pre-Christmas disconnections over bills dating back four years to Hurricane Dorian as “very inhumane”.
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ArawakX: Wind-up to cause ‘serious harm’ on BOB battle
The Bahamas’ first-ever crowd-funding platform will suffer “serious harm” if it is placed into provisional liquidation before it can pursue or settle its legal battle with Bank of The Bahamas over the freezing of its accounts.
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Taxable transactions plunged by $1.26bn at COVID's peak
Taxable goods and services transactions plummeted in value by $1.264bn during the COVID pandemic's peak due to lockdowns and other economic restrictions, it has been revealed.
