'Criminal' wait for Bay Street height decision
The 10-month wait for a government decision on whether to lift downtown Nassau’s height restrictions was yesterday branded “criminal”, a leading realtor saying it was depressing property values and inhibiting investment proposals critical to the area’s revival.
Carnival eyes own Bahamas property
Carnival Cruise Lines is still looking to develop a Bahamas-based property of its own to diversify passenger experiences, its chief executive yesterday telling Tribune Business this destination was important to the cruise line’s future.
VAT 'not as difficult as people make out'
A well-known businessman yesterday said Value-Added Tax (VAT) implementation would not “be as difficult as people make it out to be”, warning that the Bahamas would be forced into currency devaluation without tax and fiscal reform.
BTC starts Out Island roll-out
The Bahamas Telecommunications Company (BTC) has unveiled the first of four Family Island retail stores that it will roll-out over the next two months.
Downtown awaits 'three loop shuttle' approval
The Downtown Nassau Partnership (DNP) is awaitingthe Government’s response to its proposed “three loop shuttle system”, its project manager yesterday disclosing that approval would lead to the introduction of revenue-raising parking meters.
BFSB selects Fair as lifetime honoree
The Bahamas Financial Services Board (BFSB) has selected Ian D. Fair as the recipient of its 2014 Lifetime Achievement Award, which recognises outstanding and sustained performance within the industry.
'Daunting task' for VAT education team
The VAT Education Task Force has “a daunting task” to ready all businesses for the new tax by January 1, one of its members admitted yesterday, but was already devising strategies to speed the process up.
Bad loans breach $1.4bn threshold
Total commercial bank loan arrears breached the $1.4 billion mark at end-August 2014, the Central Bank of the Bahamas has revealed, with almost 23 per cent of all outstanding credit now in default.
Port Backs licensees on 'Freeport services VAT'
The Grand Bahama Port Authority (GBPA) has sided with its licensees and the island’s Chamber of Commerce, after receiving a legal opinion that Value-Added Tax (VAT) should not be levied on services transactions in Freeport.
Contractor 'grind' over Baha Mar pay delays
Bahamian contractors yesterday disclosed it was “a grind” to obtain timely payment for work done on the $3.5 billion Baha Mar project, with waits up to 90-120 days hitting cash flow and eating into already-thin profit margins.
VAT policy conflict with Price Control
The Government’s revised Value-Added Tax (VAT) ‘inclusive pricing’ conflicts with the Price Control Act, a leading retailer yesterday warning it would create “tremendous consumer confusion” and unnecessary multi-million dollar spending.
Appeal Court eliminates PI condo sale obstacle
The Court of Appeal has removed one obstacle to the potential sale of a multi-million dollar Paradise Island condominium project, upholding the grant of a key easement right to it.
Gov't urged: Clarify VAT treatment for physical office IBCs
The Government was yesterday urged to clarify the Value-Added Tax (VAT) approach to International Business Companies (IBCs) with a physical presence in the Bahamas, and if financial institutions can ‘apportion’ inputs between different tax treatments.
'Tragic' Bahamas surpassed by trade model it pioneered
The Grand Bahama Chamber of Commerce’s president yesterday said it was “tragic and ironic” that other countries had used the model pioneered by Freeport to surpass this nation as international free trade zones.
FATCA to catch trust companies, trustees
Financial institutions must determine their classification under the US Foreign Account Tax Compliance Act (FATCA), a US-based attorney said yesterday, warning that they could be subject to penalties or excluded as a Non-Financial Foreign Entity (NFFE).
