Bahamas near bottom at 40% 'tax capacity'
The Bahamas is currently operating at just 40 per cent of its tax capacity, the Government’s US consultants have warned, ranking this nation near-bottom of 98 countries.
VAT rate rise 'criminal' if no compliance
A former Bahamas Chamber of Commerce president yesterday it was “criminal” for the Government to already be talking about increasing the 7.5 per cent Value-Added Tax (VAT) rate prior to getting the existing tax system’s compliance levels to 80 per cent.
BEST CALLED FOR ENVIRONMENTAL BIMINI BOND
The Government’s environmental adviser recommended that Resorts World Bimini post a performance bond to cover any beach enhancement costs resulting from its cruise ship terminal/jetty as far back as summer 2013, documents lodged with the Supreme Court reveal.
Future 'zero rate' urged for business financial services
The Government has been told to consider ‘zero rating’ financial services supplied to Bahamian businesses once a Value-Added Tax (VAT) regime has been in place for several years.
Fiscal rule urged to 'maintain credibility'
The Government’s US consultants called for the Bahamas to implement a ‘fiscal rule’ to “maintain credibility” with bondholders and the international capital markets, given the switch to a lower revenue-yielding Value-Added Tax (VAT).
'Struck by abuse' of 15% VAT's exemptions
The New Zealand tax consultants were “struck by the potential for abuse” created by the “substantial list of exemptions” under the Government’s initial 15 per cent Value-Added Tax (VAT) model.
Eleuthera in call for 'duty level playing field'
The Eleuthera Chamber of Commerce’s president said yesterday he was “somewhat disappointed” the island had not been included under the Family Island Development Act extension, arguing South Eleuthera, epsecially, was “just as challenged” as other locations benefiting from the duty exemptions.
VAT 'damage done' to yacht charters
THE “damage has already been done” to the yacht charter business for 2015, with uncertainty surrounding Value-Added tax (VAT) prompted some clients to go elsewhere, the Marina Operators of the Bahamas (MOB) chief said yesterday.
The 'pay-off' from pre-event planning
I just threw an awards banquet that was very successful in terms of what I needed it to do.
Doctors makes 'major investment' in therapy
Doctors Hospital Health System (DHHS) has acquired the latest monoplace system for Hyperbaric Oxygen Therapy (HBOT), its president describing it as “a significant investment in the future” of both the company and Bahamian patients.
Judge lifted Bimini dredge bar despite 'compliance concern'
Despite expressing “concern” over whether Resorts World Bimini was in “full compliance” with the requirements of its dredging permit, a Supreme Court judge ruled that the developers had made a “prima facie” case that the approval was valid.
Natural disaster block to fiscal controls 'absurd'
A Tax Coalition co-chair yesterday slammed as “absurd” a former finance minister’s suggestion that ‘fiscal rules’ or spending caps could not be implemented in the Bahamas because they would impede hurricane relief and other unanticipated emergencies.
Gov't to expand Excise Stamps to alcohol imports
The Government was yesterday warned that plans to extend its Excise Stamp programme to combat alcohol smuggling could be “a lot more complicated” than the initiative underway in the tobacco industry.
'Set VAT rate in stone for 2 years'
A Tax Coalition co-chair yesterday called for the 7.5 per cent Value-Added Tax (VAT) rate to be “set in stone for two years”, branding a policy of successive revenue-grabbing increases as his “greatest fear”.
VAT rate rise 'likely soon'
A senior government official has confirmed to Tribune Business that the Value-Added Tax (VAT) rate is likely to be increased “in the not too distant future”.
