Judge brands environmental protection flaws ‘ominous’
A Court of Appeal judge has branded flaws in Bahamian law, which allow developers to obtain approval for major investment projects and infrastructure works without first producing an Environmental Impact Assessment (EIA), as “ominous” and “worrisome”.
Insurance ‘confusion’ over first VAT returns
Large insurance industry players were caught up in “confusion” over whether it was necessary for them to complete Value-Added Tax (VAT) returns for January despite their ‘exempt’ status, Tribune Business was told yesterday.
VAT shifting buyers towards used autos
A well-known auto dealer yesterday said consumers had shifted towards used vehicles post Value-Added Tax (VAT), while new car sales remained relatively flat.
Fred: Canadian banks ‘not going anywhere’
The Foreign Minister said yesterday that Canadian banks were making “good money” in the Bahamas, and that despite incurring significant losses in recent years they were not going anywhere.
First VAT returns: ‘Much comfort’ on $300m goal
The first-ever Value-Added Tax (VAT) returns have given the Government “a lot of comfort” that it will generate the forecast $300 million in annual revenues, Tribune Business has been told.
Cable plans launch of $60-$100m pref issue
Cable Bahamas is planning to imminently tap the capital markets with another multi-million dollar preference share issue, Tribune Business can reveal.
Ex-GBPA attorney slams ‘amateurish’ Freeport promotion
A former Port Authority attorney has slammed the “aimless” and “most amateurish manner” in which Freeport has been promoted, blaming this as a key factor in the city’s failure to attract major investments over the past decade.
VAT ‘fruitless’ without enforcement back-up
Value-Added Tax (VAT) will become “a fruitless exercise” unless the Government acts immediately against companies that breach its new tax law, a top private sector executive has warned.
RoyalStar predecessor ordered: Pay out $700k
RoyalStar Assurance’s predecessor has been ordered to pay $700,000 to a Freeport apartment complex developer, reversing an earlier court ruling in a 22-year dispute.
‘Absolutely no excuse’
There is “absolutely no excuse” for any of the 6,000 Value-Added Tax (VAT) registrants to claim they have not been provided with the necessary information to enable them to complete accurate returns.
Drug plan: 91% of buys made in private sector
The model established by the National Prescription Drug Plan (NPDP) provides lessons for structuring the proposed National Health Insurance (NHI) scheme, given that 91 per cent of its purchases are made from private sector pharmacies.
Wilson: ‘Get VAT behind us’ prior to NHI Taxation
A leading businessman yesterday said the Bahamas had to “get Value-Added Tax behind us” before introducing new levies to finance the proposed National Health Insurance (NHI) scheme, which he praised as in the country’s “best interests”.
‘No compelling rationale’ for exchange control end
There are “no compelling arguments” that support eliminating the Bahamas’ exchange controls regime now, a former finance minister yesterday suggesting this nation had far more important policy priorities.
Freeport ‘stagnated’; Cayman attracted $6bn
A well-known attorney yesterday called for Freeport’s population to double within 20 years, questioning why it had “stagnated” as its fellow hurricane-hit island, Cayman, attracted $6 billion in investments over the past decade.
Freeport committee to report in 8 weeks
The Government-appointed six-member committee that will lead discussions on Freeport’s expiring investment incentives and long-term future is aiming to complete its report in eight weeks, its chairman yesterday admitting this was an “overly ambitious goal”.
