‘No free ride’ over $1.2bn debt spend
The Government’s plan to spend more than $1.2 billion over the next three fiscal years on servicing the Bahamas’ national debt was yesterday backed by a top private sector executive, who warned: “There’s no free ride.”
Turnquest queries Budget’s ‘trickery’
The Opposition’s deputy leader yesterday questioned whether there was “some trickery” in the Budget numbers for the current and future fiscal years, noting that recurrent spending actually exceeded projections for 2014-2015.
Bay Street fears over VAT refund scheme are eased
Bay Street’s “very serious concerns” over the proposed VAT refund scheme for duty-free shopping were yesterday said to have eased, with the Government now looking at exempting genuine tourists from the 7.5 per cent levy.
‘Premature’ to hand back VAT windfall
A top private sector executive yesterday warned it might be “premature” for the Government to start ‘handing back’ its Value-Added Tax (VAT) windfall via other tax breaks, arguing that deficit reduction was the priority.
‘Don’t get giddy’ over beating deficit target
The Government was yesterday urged not to become “giddy” over beating its 2014-2015 fiscal deficit projections by almost 31 per cent, as the Prime Minister moved to return “the dividends from the successful Value-Added Tax (VAT) regime” to hard-pressed Bahamians.
Chamber chief: Growth forecasts ‘stretch targets’
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday described as “stretch targets” this nation’s GDP growth projections for the next two years, even though the Government appears not to have revised its forecasts.
Gov’ts $100m homes scheme slammed as ‘fiscal schizophrenia’
The Government’s plan to finance the construction of 1,000 new homes through a $100 million Bahamas Mortgage Corporation (BMC) bond issue was yesterday described as “fiscal schizophrenia” by its immediate past chairman.
Bahamas’ credibility ‘quickly destroyed’ by fiscal rule now
The Bahamas would see its credibility “quickly destroyed” if it attempted to impose so-called ‘fiscal rules’ in the near term because the Government’s financial management systems will be unable to cope, an International Monetary Fund (IMF) affiliate has warned.
All registrants to pay VAT monthly
A top private sector executive yesterday questioned whether planned amendments to the Value-Added Tax (VAT) Act are due to concerns that non-monthly filers are spending the taxes they collect on the Government’s behalf.
Traveller’s Rest now ‘back in the family’
AN iconic western New Providence restaurant will create 12 jobs when it reopens this Thursday, Tribune Business can confirm, as ‘Traveler’s Rest’ returns to its family owners.
Budget must ‘show real fiscal discipline’
An outspoken businessman yesterday urged the Government to “demonstrate real fiscal discipline” in today’s Budget by showing the impact Value-Added Tax (VAT) revenues are having in reducing the fiscal deficit.
Baha Mar makes intervention plea to $2.4bn lender
Baha Mar last night urged its Chinese financier to use its “strong ties” with the project’s main contractor to get the $3.5 billion development back on track, arguing that it has “a vested interest” in ensuring its success.
Contractor slashes workforce by 90%
THE Bahamian construction industry was yesterday described as nearing a “critical point”, with one well-known contractor telling Tribune Business that his operation had cut staffing levels by 90 per cent or more than 100 persons.
Insurer frets at 4-5% pt motor loss ratio rise
A leading insurer yesterday said it is “taking a very close look” at its motor portfolio, which is suffering from a “squeeze” that has driven loss ratios 4-5 per cent above their historical average.
FNM ‘sure’ to ask Miller BEC bidding questions
The Opposition’s deputy leader yesterday said he was “sure” it would ask questions about BEC’s executive chairman seemingly running his own bidding process for the Corporation, describing the situation as “highly, highly irregular”.
