VAT 'recipe for disaster' with no Contractor Bill
A Bahamian contractor said yesterday that levying 7.5 per cent Value-Added Tax (VAT) on the sector without first passing the Contractors Bill would be a “recipe for disaster”, telling Tribune Business: “We are in no manner, shape or form prepared for this.”
Tourism minister gets APEX award
Obie Wilchcombe, the minister of tourism, has become the latest APEX award recipient. It was presented to him following the three-day International African American Hotel Ownership and Investment Summit in Miami.
GB adds flights from two more US cities
The Vacation Express/ Bahamasair Summer Flight programme has added two cities, with flights from Memphis and Nashville, Tennessee, starting on August 11 and September 5, respectively.
Gov't warned VAT registrant firms could 'explode'
A Tax Coalition co-chair yesterday warned that the number of VAT registrants could “explode” beyond the Government’s projected 4,000, with many companies voluntarily doing so to claim input credits.
Fraud examiners name new director
Kendrick Christie, president of the Bahamas Chapter of Certified Fraud Examiners (CFE), has congratulated Gaylord Taylor, an associate member, who was appointed to its Board of Directors.
Resort targets local fisherman purchases
It started with sweet potatoes, onions and peppers, grew to soursop and limes, and the Melia Nassau Beach resort is now expanded its efforts to support Bahamian businesses by purchasing fish, conch and fresh crawfish from Bahamian fishermen.
Doctors chief: VAT policy 'another nail in coffin'
Doctors Hospital’s president has blasted the Value-Added Tax (VAT) Bill’s “discrimination” against private healthcare, adding: “It’s just one more nail in the coffin.”
Miller brands $600m waste plant's output 'fiction'
The Bahamas Electricity Corporation’s (BEC) executive chairman has branded as “fiction” and “far-fetched” the assertion by Stellar Energy that its waste-to-energy plant could produce 75-80 Mega Watts of power daily, telling Tribune Business: “The capacity just isn’t there”.
New VAT Bill blocks political meddling
The revised Value-Added Tax (VAT) Bill contains new clauses seemingly designed to prevent political interference in the pursuit of delinquent taxpayers, while also preventing such persons from leaving the Bahamas.
Bahamians urged: Don't comply with VAT until banks, web shops taxed
Bahamians have been urged not to comply with Value-Added Tax (VAT) until “the politicians pay their dues”, and the banks and web shops have been made ‘VAT-able’.
100 farmers hit through tobacco grow 'scrapping'
Up to 100 farmers could be impacted by a Bahamian cigarette manufacturer’s decision to “scrap” its Andros tobacco growing plan, its chairman telling Tribune Business that conventional agriculture will also take a hit.
Chamber to lobby for auto duty reduction
The Tax Coalition will lobby the Government for a 5-7.5 percentage point reduction in auto industry duty rates, its co-chair arguing: “We can’t afford for that industry to fall apart.”
'Too early' to talk of VAT rate increase
A senior Ministry of Finance official says it is “too early” to discuss whether the Government will have to increase the 7.5 per cent Value-Added Tax (VAT) rate, adding that this nation’s World Trade Organisation (WTO) accession process does not “in and of itself” translate into a rise.
Gov't now expecting 4,000 firms for VAT
The Ministry of Finance is expecting “at least” 4,0000 businesses to become mandatory Value-Added Tax (VAT) registrants, a senior official expressing confidence it has the infrastructure to handle these numbers.
Gaming industry to still feel VAT
The gaming industry will feel the impact of Value-Added Tax (VAT) in addition to whatever industry-specific structure the Government decides to impose, a senior Ministry of Finance official says.
