Exemption elimination saves Super Value $7m
Super Value’s owner yesterday confirmed the decision to ‘exempt’ no goods from Value-Added Tax (VAT) would save his company $5-$7 million in extra costs per annum, with the sector’s “biggest objection” to the new tax now removed.
Airport Authority 'negligent' over stolen aircraft
The Court of Appeal this week upheld a verdict that the Airport Authority was negligent over the 2007 theft of a Western Air plane, but rejected the company’s call for damages to be increased to $3.235 million.
ART OF GRAPHIX: The art of having a constant focus
Albert Einstein says: “Creativity is just intelligence having fun.” Marie Evans, who has splashed and dabbed her paint brush across her canvas for many years, epitomises this description. And she is now sharing her passion as a Fine Art artist.
Business Licence consolidation 'give and take'
The Government’s move to eliminate Value-Added Tax (VAT) on transactions between companies in the same corporate group is a concession to Business Licence reforms pushing the same entities into a higher tax bracket, Tribune Business was told yesterday.
BTC targeting global dropped call standard
Newly-appointed Bahamas Telecommunications Company (BTC) chief executive, Leon Williams, is aiming to reduce the carrier’s dropped call levels to below the international standard of 1.8 per cent.
VAT Briefs
While commercial property sales involving occupied buildings will see 7.5 per cent Value-Added Tax (VAT) levied on the sales price, Financial Secretary John Rolle yesterday said companies would be able to claim a ‘credit’ for it, or ‘net it off’, in their VAT returns.
Miller and second law firm deny Stellar involvement
BAHAMAS Electricity Corporation (BEC) executive chairman Leslie Miller said yesterday that he knows "nothing" about the company seeking to build a $600 million waste-to-energy plant and ultimately sell power to the corporation.
Wholesaler's supervisors enjoy leadership training
Kelly’s Freeport’s supervisors have completed an intense leadership training programme conducted by Billie Bowe, president and chief executive of Benchmark Consulting Services .
Allen denies acting for $600m waste plant
Urban Renewal’s co-chair yesterday denied that himself or his law firm were representing Stellar Energy over its controversial $600 million-plus waste-to-energy plant, despite the company’s website listing them as its attorneys.
'Tax and social focus' of Gov't stunting growth
The Bahamas’ economic growth outlook is being slashed because the Government is “too focused on its social agenda and raising taxes”, a well-known businessman warned yesterday.
Harbour expansion makes oil recovery plant site 'unsafe'
Hutchison Whampoa’s Freeport Harbour expansion plans have made the proposed location for an oil recovery plant “unsafe and unsuitable”, although its developer is progressing on recovering 200,000 waste oil barrels at South Riding Point.
Christie Gov't urged: Alter 'backroom deal' perceptions
The Government was yesterday urged to rapidly change the public perception that “too many backroom deals are going on”, a leading businessman suggesting this was another reason why economic growth rates were stagnating.
$600m plant's principal: No waste tender needed
The principal behind a controversial $600 million waste-to-energy plant proposal has told Tribune Business there is “no need” to put this project out to competitive public tendering, arguing that this was already taken care of by the BEC reform process.
Tourism needs 2.5% VAT for 'revenue neutral'
A 2.5 per cent Value-Added Tax (VAT) rate is required for a “revenue neutral” impact on the Bahamian hotel and tourism industry, with the sector “objecting in the strongest terms” to numerous provisions in the initial legislation.
9,000 jobs lost under 15% VAT
The initial 15 per cent Value-Added Tax (VAT) would have “eliminated” 9,000 Bahamian jobs and caused a $380 million drop in tourism sales in 2015, an industry study estimated.
