Credit unions: Greater regulation no negative
Bahamas Co-operative League (BCLL) executives yesterday said the sector will not be negatively impacted by enhanced regulatory scrutiny, noting that the shift in oversight to the Central Bank has been in the making for many years.
‘No reason’ to forego foreign-owned taxes
The Opposition’s deputy leader yesterday said he saw no reason why the Government should not be able to collect on the $156.6 million in real property taxes said to be owed by foreigners, adding that this simply highlights the “slackness in the system”.
Housing woe ‘paralyses’ construction industry
Small Bahamian contractors have been left virtually “paralysed” due to a stagnant housing market, with the sector seeing little trickle down from the larger foreign direct investment (FDI) projects.
Foreigners owe $156.6m in unpaid property tax
Foreigners owning vacant land in the Bahamas owe the Government more than $156.623 million in unpaid real property taxes, with a report recommending the greatest of these debtors be the “logical” first enforcement targets.
Port Lucaya owner eyes further $2m investment
Port Lucaya Marketplace’s new owner plans to invest “at least $2 million” over the next five years to transform the facility into an upscale shopping and entertainment centre, with seven prospective new tenants in the process of signing leases.
WTO to end property tax advantages for Bahamians
The Bahamas will have to eliminate its nationality-based real property tax exemptions that discriminate in favour of locals before it becomes a full World Trade Organisation (WTO) member, a report warning the current system is “not in accordance with international practice”.
Fiscal fall-out fears on delay over Baha Mar
The FNM’s deputy leader fears the Government’s 2014-2015 fiscal projections will be thrown off by Baha Mar’s delayed opening, given that the mega resort’s four hotels are only likely to open fully in May at the earliest.
Baha Mar not ‘great white knight’ to cure all ills
The $3.5 billion Baha Mar project should not be viewed as the “great white knight” cure for all the Bahamas’ economic ills, a leading private sector executive says, arguing that meeting guest expectations - not an opening date - should be its priority.
Sandals unveils new training programme
Sandals’ Bahamian employees will over the next 12 months have a chance to exploit the resort chain’s latest training initiative.
Credit union legislation is not ‘worker friendly’
A trade union leader has called on the Government to “stay” the enactment of the Bahamas Co-operative and Credit Union Bill to provide time for impacted members to understand its ramifications.
Call for Baha Mar ‘breathing space’
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman has called for the $3.5 billion Baha Mar project to be given some “latitude” over the failure to have the development fully open and completed by March 27.
BEC anticipating $3m monthly from Baha Mar
The Bahamas Electricity Corporation (BEC) anticipates receiving $2.5-$3 million in monthly payments from the Baha Mar development once it fully opens, it executive chairman has disclosed.
Baha Mar likely below full open
The $3.5 billion Baha Mar project’s planned launch next Friday is likely to be much less than a full opening, Tribune Business understands, with none of the three branded resort properties ready to unlock their doors.
QC blasts ‘red herring’ over VAT flat rate
A well-known QC yesterday blasted the Government’s decision to prevent small Freeport businesses from accessing the Value-Added Tax (VAT) ‘Flat Rate’ scheme as an attempt to secure data it had no legal right to obtain.
AG to US: Support money laundering claim with proof
The Attorney General yesterday gave a frosty response to US government suggestions that money laundering prosecutions/convictions are almost non-existent, urging it to report and clarify any concerns before making them public.
