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DPM: Business Licence fee is ‘inherently unfair’

THE Government is examining how to adjust a Business Licence fee that the Deputy Prime Minister yesterday branded “inherently unfair” to firms with high turnover and low profit margins. K Peter Turnquest, who is also minister of finance, described as “misinformation” any suggestion that the Government has committed to the European Union (EU) that it will introduce a corporate tax or income tax.

Economist backs spending cuts to end ‘major wastage’

A University of the Bahamas economist yesterday backed government spending cuts on the grounds there has been “a great deal of wastage”. Rupert Pinder, addressing a Rotary Club of West Nassau luncheon, said: “We cannot overemphasise the importance of economic growth. You can cut spending until the cows come home, but what is really going to put this economy on a strong footing is growth. I am a proponent for cuts in public spending because I think there has been a great deal of wastage.

PM: ‘No time to rest on laurels’ over EU

THE Prime Minister yesterday said the Bahamas has “no time to rest on our laurels”, given the European Union’s (EU) concerns over the absence of corporate income taxation. Dr Hubert Minnis told the House of Assembly that the EU’s Code of Conduct group had written to the Government expressing concerns that this nation’s tax system did not comply with its ‘blacklisting’ criteria.

A Cabinet minister yesterday moved a parliamentary motion to create a select committee that will probe the the Bahamas Telecommunications Company’s (BTC) 2011 privatisation.

‘Much work’ ahead over business ease

The Bahamas has “a lot of work to do” before it sees a dramatic improvement in the ease of doing business, the Opposition’s finance spokesman said yesterday, adding: “There’s just too much government bureaucracy.”

‘Nothing to celebrate’ on $99m borrowing

The Opposition yesterday argued there was “nothing to celebrate” in the Christie administration’s revelation that it is only borrowing $99 million to fund the 2016-2017 fiscal deficit, its finance spokesman saying it had over-burdened Bahamians with taxes to achieve this.

FNM deputy questions Mortgage Relief ‘sense’

The Christie administration’s revised Mortgage Relief Plan does not make much sense “on the face of it”, according to the Opposition’s finance spokesman, who questioned what return the Government would get for its $20 million ‘investment’.

Two-destination Cuba travel 'bit of a stretch'

A 'two-destination' travel arrangement that would see visitors to Cuba also travel to the Bahamas could be a “bit of a stretch”, the FNM's deputy leader believes.

Bahamas must get balanced tourism

The Bahamas must ensure it strikes the right balance between its cruise and stop-over business, the FNM's deputy leader reiterating that it provide a competitive and unique product.

FNM deputy queries quality of Baha Mar building materials

The Opposition’s deputy leader yesterday expressed concern over Baha Mar slamming China State Construction, the lead contractor for its $3.5 billion development, and questioned whether there were material quality issues as well.

Second shipping firm in fee rise

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A SECOND shipping company yesterday announced fee increases to offset the costs associated with its move to the new Arawak Cay port, with retailers telling Tribune Business any fre