VAT 'less clean' to oversee than Customs duties
A Value Added Tax (VAT) will be “less clean” for the Government to oversee due to its several thousand collection points, a leading Bahamian accountant yesterday describing its administration as the “biggest challenge”.
URCA rejects Cable's basic TV concerns
Cable Bahamas’ argument that its basic cable television service should not be included within its Universal Service Obligation (USO) has been rejected by regulators, although they clarified that the latter offering need not be more than six channels.
Banks says it, clients not hit by withholding
Bank of The Bahamas International yesterday said neither it nor its merchant clients will not be subject to the ‘28 per cent withholding tax’ that has begun to impact credit card transactions with firms who did not report their non-US status by December 31, 2012.
FATCA regulations ‘push’ Bahamas in Gov’t deal heading
The Bahamas will likely see “a bit of a push” to comply with the US Foreign Account Tax Compliance Act (FATCA) through an Intergovernmental Agreement (IGA), as this seems to impose less onerous reporting requirements on its core wealth management business.
‘Web shop regulator’ already under-funded
The Gaming Board, which will be expected to regulate a legalised webshop industry and/or National Lottery, has been “under-funded” for many years, with requests for additional monies falling on deaf ears.
‘Devastating effect’ from 28% credit card withholding
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday warned that new US laws implementing a potential ‘28 per cent withholding tax’ on credit card transactions could have a “devastating impact” on the private sector, as one business told Tribune Business it had seen some $20,000 in payments held back.
Over 40% night growth makes Bahamas top Expedia market
EXPEDIA, the world’s largest online travel company, generated more than 140,000 room nights for Bahamian hotels in 2012, a company executive telling Tribune Business this country was its “fastest growing market” last year.
Aviation chief ‘most concerned’ on B’air policy
A leading Bahamian airline executive yesterday said he was “most concerned” about the lack of direction and confusing policy statements by government officials over plans for the aviation sector and Bahamasair’s development.
Tourism set to grow religion’s 10-15% group market share
THE Ministry of Tourism is committed to greater investment and involvement in religious tourism, its director-general saying it aimed to grow the sector’s 10-15 per cent share of the Bahamas’ overall group business.
Sandals readies for Baha Mar’s arrival
SANDALS executives said yesterday that while they expected some staff turnover when the $2.6 billion Baha Mar resort becomes operational in late 2014, it was confident its strong brand power would sustain the business.
DPM to host key Oceania meeting
Deputy Prime Minister Philip Davis will host this Friday’s meeting between the feuding developers and homeowners at Exuma’s Oceania Heights development, a sign that the Government may be moving seriously to broker a resolution to the dispute.
Scotia branch to be ‘small business hub’
Scotiabank (Bahamas) says its $1.3 million Carmichael Road branch will “serve as a major small business hub” in New Providence’s fastest growing community.
Govt urged: Push Port, Devco over Freeport marketing
A prominent attorney yesterday urged the Government to require that the Grand Bahama Port Authority (GBPA) and DevCo form a marketing organisation to promote Freeport to international investors, arguing that both had ‘pocketed’ millions in tax savings without providing something in return.
GB Power capital raising ends $19m ‘current deficit’
Grand Bahama Power Company’s (GBPC) successful $32 million preference share issue will eliminate a $19.205 million deficit that previously existed between its current assets and liabilities, with its net income performance already showing the benefits of its revised tariff structure.
AML chief ‘bit frustrated’ at Carl’s Jr wait
AML Foods chief executive yesterday admitted he was “a little frustrated” at the wait for construction approvals for its first Carl’s Jr outlet, while disclosing that store upgrades to its existing franchise would account for $500,000 of its upcoming $1.8 million capital expenditure programme.
