Superwash: VAT payment down 35% for February
Superwash’s president yesterday said its Value-Added Tax (VAT) payment for February was down 35 per cent month-over-month, as the burden shifts to utilities and others who billed for January a month later.
Bidder ‘outside’ BEC process submits offer
A bidder from ‘outside’ the formal Bahamas Electricity Corporation (BEC) reform process yesterday confirmed it had submitted a formal offer to take over and restructure the energy monopoly, although it remains “in limbo” on the outcome.
Quarterly VAT filers: 75% compliance target
A Value-Added Tax (VAT) Task Force co-chair yesterday expressed hope that “at least 75 per cent” of quarterly filers would achieve first time compliance, as it targets “a level playing field” among all taxpayers.
IMF ‘stresses’ need for foreign reserves boost
The International Monetary Fund (IMF) last night “stressed” to the Bahamas the need to increase its foreign exchange reserves, while effectively calling for no change in interest rates.
IMF implies Bahamas growth peak at 2.8%
The International Monetary Fund (IMF) last night implied that the Bahamas will not achieve the short-term GDP growth rates needed to make a significant dent in its 15.7 per cent unemployment rate, warning that this nation “faces several challenges” to boosting its economy.
IMF: VAT ‘on target’ to hit projections
The International Monetary Fund (IMF) last praised the Government’s Value-Added Tax (VAT) reform as “on course” to hit revenue targets, while urging it to implement “far-reaching reforms” at state-owned corporations.
Gov’t in talks over ‘interim’ jitney code
The Government yesterday said it was in discussions with jitney operators over a Memorandum of Understanding (MoU) to provide an “interim code of operation” for the industry, until the public bus system’s unification is complete.
Potter’s Cay in $3.1m upgrades
Potter’s Cay Dock is set to undergo a $3.1 million upgrade it was announced yesterday, with the project to be carried out over the next 16 months.
Local dive operators reject foreign ‘double tax’ offer
A foreign dive operator’s offer to pay double the legal charter fee has been rejected by his top Bahamian counterparts, who argue that this sum pales against the “30 per cent or more of revenue” that they pay in taxes.
Litigation concern on Baha Mar delays
Fears were mounting yesterday that the continued delays to Baha Mar’s opening could spark litigation between the parties involved, a Caribbean tourism expert warning they had “better get their act together” to avoid lasting damage to the project and the Bahamas.
WTO benefits: ‘Better appreciation’ needed
The Bahamas needs to better understand the costs and benefits associated with becoming a full World Trade Organisation (WTO) member, the Chamber of Commerce’s chairman yesterday warning it could not compromise its $8 billion economy to protect one industry.
‘Lessons must be learnt’ from Baha Mar’s chinese woe
Lessons must be learned from Baha Mar’s construction woes to ensure other Chinese-led investment projects avoid similar delays, a leading contractor yesterday noting the same company is poised to begin the British Colonial Hilton’s $200 million redevelopment.
Attorney demands promotional body for Grand Bahama
A leading Freeport attorney yesterday demanded that the Grand Bahama Port Authority (GBPA) and Hutchison Whampoa be required to finance a Professional Marketing Organisation (PMO) to internationally promote what he described as “the forgotten island”.
BTC slammed with $1.581m fine over network outage
The Bahamas Telecommunications Company (BTC) was last night hit with a $1.581 million fine for last March’s network outage, the sector regulator finding it did not take action to maintain a “functioning” communications system.
Long Island is ‘like nation’s step child’
Long Island feels “like the step child of the Bahamas”, its Chamber of Commerce president yesterday warning an absence of growth and infrastructure is forcing businesses to close down.
