Real estate sales decline ‘significantly’ in January
Real estate sales for January 2015 were down “significantly” compared to last year following a pre-Value-Added Tax (VAT) high in December, according to the Bahamas Real Estate Association’s (BREA) president.
Dive operator slams ‘insulting’ association
A foreign-based dive operator is blaming his decision not to renew his Bahamas Diving Association (BDA) membership on “inflammatory and insulting” statements by its leadership, adding that his business pays the Government more than $50,000 annually.
Gaming discrimination ‘has to be addressed’
Lingering discrimination “will have to be addressed” so that domestic Bahamian web shop operators are ultimately placed on “a level playing field” with their foreign-owned casino counterparts, a former attorney general is arguing.
BOB gains webshop deposit ‘clearance’
Bank of the Bahamas yesterday confirmed it had received “clearance” from its US correspondent bank to accept deposits from a legalised webshop gaming industry, thus clearing a major obstacle to achieving a key Government policy objective.
‘No doubt’ BoB will be profitable by end-2015
Bank of the Bahamas’ managing director yesterday said he had “not one doubt” the institution will return to profitability by December 2015, despite its shareholders incurring a collective $9.895 million net loss for the current year’s first six months.
Web shops agree to pay Freeport Business Licences
Web shop operators have agreed to pay the Government retroactive Business Licence-type taxes on their Freeport operations despite believing they are ‘exempt’ from such levies under the Hawksbill Creek Agreement.
Port Lucaya sees marina ‘lock out’
The Port Lucaya Marketplace’s new owner yesterday said he had “no alternative” but to lock the adjacent marina operator out of its fuel farm and other facilities, citing “hundreds of thousands of dollars” in unpaid rent.
Web shop regulation ends ‘serious flaw’
Legalising the web shop industry removes a “serious flaw” in the Bahamas’ anti-money laundering regime just prior to an inspection by international watchdogs, one of its key legal advisers said yesterday.
FNM deputy blasts BAMSI oversight control absence
The Opposition’s deputy leader yesterday said it was “inconceivable” that a project such as BAMSI had not been subject to proper oversight, calling it “unacceptable” that taxpayers may be exposed to $3 million in additional costs as a result of the fire-damaged dormitory.
‘Broad base’ gives Gov’t VAT forecast confidence
The Government appears to be “headed in the right direction” on achieving its $300 million Value-Added Tax (VAT) annual revenue target, a top finance official adding that the “fairly broad base” of registrants gives the Government comfort its projections will be met.
VAT fears drive 176% December autos spike
Value-Added Tax (VAT) fears drove a 176 per cent year-over-year spike in December 2014 new car sales, a Bahamas Motor Dealers Association (BMDA) representative said yesterday, as the new tax casts “a pall” over the industry and wider economy.
Contractors: No extra $3m BAMSI fire costs if sector regulated
Top contractors yesterday argued that taxpayers would not be exposed to almost $3 million in extra costs as a result of the BAMSI fire if the Government had ended the construction industry’s 15-year wait for legislation to regulate it.
Wilson: BTC has ‘no choice’ on downsize
A leading critic of the Bahamas Telecommunications Company’s (BTC) privatisation has defended its controlling shareholder’s decision to further downsize the workforce, arguing: “What choice do they have?”
Chamber targets April SME Help Desk launch
The Chamber of Commerce is aiming to launch its Small Business Help Desk by mid-April, yesterday saying it aimed to provide a non-financial “helping hand” when it came to the support services required by entrepreneurs.
Chamber plans push for Business Licence change
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday pledged to continue lobbying the Governent for changes to the Business License regime and fee structure by 2016, its chief executive suggesting this could be considered a “trade-off” given the private sector’s role in Value-Added Tax (VAT) administration.
