Income-type tax ‘likely inevitable’, warns ex-minister
A FORMER financial services minister believes it is “probably inevitable” that the Bahamas will have to introduce some form of low-rate income tax, warning: “We’re not in the clear yet.”
Enterprises Bill compared to ‘fighting cancer with band-aid’
A well-known businessman has compared the Government’s Commercial Enterprises Bill to “fighting cancer with a band-aid”.
‘Absolutely imperative’ Baha Mar doesn’t fail
BAHA Mar’s transformation into a sustainable mega-resort is an “absolute imperative” for the Bahamas and its economy, the Chamber of Commerce’s chief executive says.
Property Fund ‘gap’ as PwC to vacate Providence House
THE BISX-listed Bahamas Property Fund is preparing for temporary vacancy at its last fully-occupied property, following a $2.206 million third quarter hit caused by a timing adjustment.
Gov’t narrows inner city taxation breaks
The Government yesterday appeared to narrow its planned VAT and inner-city ‘tax breaks’, while seeking to deliver on campaign promises of accountability, transparency and good governance.
VAT gives Bahamas unwanted world lead
Bahamian businesses have suffered the largest worldwide increase in the time they are forced to spend on tax compliance as a result of Value-Added Tax’s (VAT) implementation, a World Bank report has found.
Govt tax crackdown exposes ‘desperation’
The Christie administration’s much-trumpeted tax crackdown has exposed its “desperation” over the strained fiscal position, the Democratic National Alliance’s (DNA) leader yesterday charging: “The Government is broke.”
Govt told: ‘Cut inefficient taxes across the board’
The Government was yesterday urged by a leading governance reformer to reduce “inefficient taxes across the board” so that it could make room for potential Value-Added Tax (VAT) rate increases.
Tax delinquents warned to brace for ‘shock treatment’
Major tax defaulters were yesterday warned to brace for “shock treatment” from the Government’s recently-unveiled tax crackdown, the Bahamas Chamber of Commerce’s (BCCEC) chairman giving his “strong support” to the initiative.
Governor to ‘bridge gap’ between banks, web shops
The Central Bank’s governor has reaffirmed his commitment to “bridge the gap” between the commercial banking industry and web shop operators, and help ease his licensees’ compliance concerns.
Tax crackdown: Govt hits 6,000 businesses, 5,000 property owners
The Government last night unveiled its promised crackdown on tax defaulters, promising to first pursue the largest, wealthiest delinquents - some 6,000 businesses and 5,000 high-end property owners.
Governor: Data, privacy regimes may need reform
The Bahamas may have to reform its data and confidentiality regimes to mitigate the threat posed by the loss of correspondent banking relationships to the financial sector and wider economy, the Central Bank’s governor has warned.
QC: Legalisation of web shops has defied the critics
The web shop industry’s legalisastion has produced the opposite effect to the predictions of many critcs, a well-known QC has argued.
Freeport investment law blasted as ‘anti-business’
Freeport’s new tax incentives law was yesterday branded an “abomination” and “anti-business” by an FNM Senator, who argued that it will undermine both the city’s founding agreement and economic growth.
BOB rights offering takes Govt further down ‘wrong road’
The Government has been pushed further down “the wrong road” on Bank of the Bahamas by the recent $40 million rights offering, an outspoken shareholder said yesterday.
Govt told: ‘Stop bragging’ about $852m VAT funds
The Opposition’s finance spokesman yesterday urged the Government to “stop bragging” about its $852 million VAT revenues, as this represented monies sucked away from Bahamian consumers and businesses.
Bahamas can’t afford ‘another five years’ of secretive governance
The Bahamas cannot afford “another five-year cycle” of unaccountable government spending, a governance reformer warned yesterday, arguing that a Fiscal Responsibility Act should have “preceded” Value-Added Tax (VAT).
‘Farcical’: Govt picks up ‘entire’ $40m BOB issue
Bank of the Bahamas’ 3,000 minority shareholders have demonstrated their “complete lack of confidence” in the bank after forcing the Government to pick up its “entire” $40 million rights offering.
Consumer chief set to investigate BPL bill spike
The Consumer Protection Commission’s chairman last night promised to investigate the “double” and “triple” energy bill increases many consumers are now experiencing as a result of Bahamas Power & Light’s (BPL) post-Matthew billing practices.
‘Light at end of tunnel’ on Govt mobile buyout
Between 40,000-50,000 Bahamians could own a stake in the second mobile operator’s majority shareholder, with efforts to buy out the Government now glimpsing “light at the end of the tunnel”.
McCartney: ‘Look elsewhere’ for Baha Mar purchaser
The Democratic National Alliance’s (DNA) leader yesterday said Baha Mar’s potential purchaser would not be granted a casino licence if the Gaming Board “did proper due diligence”, as he accused the Government of “playing with fire”.
TUC chief: Labour law reform ‘unlikely’ before next election
The Trades Union Congress’s (TUC) president yesterday said it was “highly unlikely” that the controversial labour law reforms will be enacted before the upcoming general election, with little progress in negotiations at the National Tripartite Council.
Corporate redress regime upheld with $33m verdict
The Supreme Court has prevented the Bahamas being perceived as “a parochial, quirky jurisdiction” for international business through its recent ruling on a $33 million insolvency dispute, a former attorney general said yesterday.
BIFF ‘taken for ride’ over Dingman deal
The Bahamas International Film Festival’s (BIFF) founder yesterday said she was left “embarrassed”, and felt “taken for a ride”, after Jamie Dingman failed to deliver on his promised acquisition of the organisation.
Govt urged to clarify $1m residency threshold
The Government was last night urged to clarify whether the new $1 million investment threshold for accelerated permanent residency consideration represented an increase or decrease from the previous benchmark.
GB Power urged: Don’t seek quick $25m recovery
Grand Bahama Power Company (GBPC) and its majority owner were yesterday urged not to target “the shortest period of time” to recover their $25 million in Matthew restoration costs from storm-devastated consumers.
Bahamas urged to ‘review’ corporate income tax merits
The Bahamas was yesterday urged to examine the benefits of implementing a ‘low rate’ corporate tax, and whether this would unlock potential “benefits” from double taxation agreements.
Drug wholesalers yet to feel PHA’s 20% spend rise
Major Bahamian pharmaceutical wholesalers last night said they were yet to feel the benefits of the Public Hospitals Authority’s (PHA) 20 per cent ‘local’ spending increase, with two reporting a decline in government sales this year.
BTC mobile competitor ‘not planning to lose’
The Bahamas’ second mobile operator says it is “not planning to lose”, as it kicked-off its market entrance with the introduction of the ‘Aliv’ brand, promising to deliver a superior experience and customer plans.
GB Power: Consumers to pay $25m storm cost
Grand Bahama Power Company’s (GBPC) plan to recover its $25 million in Hurricane Matthew restoration costs from consumers was last night blasted as “highly irregular and unfair” by one of the island’s MPs.
‘Penny wise and pound foolish’
A well-known surgeon has branded the Public Hospitals Authority’s (PHA) move to exclude Bahamian wholesalers from the pharmaceutical drugs supply chain as “penny wise and pound foolish”.
QC slams ‘free lunch’ for Port and Hutchison
A well-known QC has slammed the Government’s Freeport incentive legislation for “giving a free lunch” to those who can most afford it - Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) two family shareholders.
PHA: 20% local spend rise rebuts ‘wipe out’ fears
The Public Hospitals Authority (PHA) yesterday said the 20 per cent increase in spending with Bahamian pharmaceutical wholesalers over a two-year period proves that fears it is intent on “wiping out” the industry are groundless.
Baha Mar expat staff face October 31 wait
Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach.
Sixty-day termination notice ‘recipe for woe’
The National Tripartite Council’s co-chairman has branded the proposed ‘60-day advance notice’ that employers must give of impending redundancies as “a recipe for putting your business in trouble”.
Liquidator targeting Govt’s $720k oil fee
Some $720,000 in oil exploration license fees that were paid to the Bahamas Government are being targeted by a Cayman-based liquidator, who has written to two Cabinet ministers seeking their assistance in recovering the funds.
Unions’ strike threat ‘like child’s tantrum’
Trade unions have been urged not to “throw a child’s tantrum” over the Sandals situation, the Chamber of Commerce’s chairman warning against any strike action that would “cripple” businesses.
OECD attacks like ‘unofficial blacklisting’ of the Bahamas
A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”.
800 job applications for new mobile player
Cable Bahamas had received around 800 applications for jobs with the nation's second mobile provider by end-last week, it was revealed yesterday, and is confident the new operator can beat its financial targets.
Ex-minister: Dingman case 'waste of judicial resources'
Trying the $1.1 million damages claim against Jamie Dingman's failed Nassau restaurant empire in New York will be "a waste of judicial resources", a former Cabinet minister is arguing.
Receiver dismisses 'uninsurable' Baha Mar allegations
Baha Mar's receiver yesterday dismissed claims by firebrand FNM MP, Dr Andre Rollins, that the $3.5 billion development is both "uninsurable" and will cost a further $1.8 billion to complete.
Buyers 'pull back' on Moody's threat
International buyers are "pulling back" due to uncertainties caused by Moody's threatened downgrading of the Bahamas to 'junk' status, realtors have warned.
Mortgage finance 'biggest hurdle' to housing recovery
Mortgage financing access remains "the biggest hurdle" to reviving the domestic real estate market, causing up to three deals for the same property to fall through.
Chamber chief says 'space for third mobile operator'
The Bahamas Chamber of Commerce's chief executive believes "there is space for another mobile player", and is urging the Government to issue a third licence come 2019.
‘No way’ Bahamas can be cut to junk
There is “no way” that Moody’s can cut the Bahamas to ‘junk’ status because it is still meeting all its debt obligations as they become due, a former finance minister argued yesterday.
Govt ‘encourages’ Bahamian group’s landfill ‘win-win’
The Government is seeking a “holistic” solution to the New Providence landfill’s numerous challenges, and is encouraging a Bahamian consortium to advance its proposal for taking away 25 per cent of existing waste streams.
Bran: US gives ‘kick in hip’ to Govt policies
The US has delivered “another kick in the hip” to the Government’s conduct of economic policy with its latest transparency concerns over public sector contracts, the Democratic National Alliance’s (DNA) leader charged yesterday.
Landfill chief: ‘Don’t read anything’ into our CEO transition
Renew Bahamas’ principal shareholder yesterday said “nothing can be read” into his stepping down as the New Providence landfill manager’s chief executive, as concerns persist over its financial health.
Realtors targeting $40m sales to wake ‘sleeping giant’
Bahamian realtors yesterday said they were targeting “$40-odd million” in total sales as they bid to awaken the ‘sleeping giant’ that is the Lyford Hills project, which is being developed by ex-Cabinet minister Tennyson Wells.
Green economy gives ‘opportunities galore’
The Government would help create a “far greater” number of “meaningful” Bahamian jobs if it abandoned its current development approach in favour of the ‘green economy’, a well-known QC believes.
