Gov’t to cut foreign debt portion in half
The Government is aiming to slash the portion of its debt held in foreign currency by more than 50 percent, a Cabinet minister said yesterday, as he reaffirmed the key components of its liability management strategy.
‘No disconnect’ despite $200m surplus increase
The Bahamian economy’s “exceptional” post-COVID rebound justifies revisions of more than $200m in key Budget projections, top officials asserted yesterday, despite Opposition fears of a “disconnect” that will undermine fiscal credibility.
$100m SOE subsidy cut goes in opposite direction
The Government has temporarily shelved plans to slash subsidies to state-owned enterprises (SOEs) as it seeks Parliamentary approval to borrow $251.4m for clearing unpaid bills prior to the 2021-2022 fiscal year-end.
‘About time’ high-end tax loopholes closed
Realtors yesterday said it was “about time” that the Government doubled the annual real property tax cap and sought to close “loopholes” that enable high-end condominiums in hotel rental pools to largely avoid tax.
Blacklist ‘factor’ fear on bank Business Licence
A commercial bank chief yesterday questioned whether the Government’s plan to reimpose Business Licence fees on the sector could revive a situation that caused The Bahamas’ 2018 blacklisting by the European Union (EU).
Debt strategy was Budget’s ‘big miss’
A governance reformer yesterday argued that the Budget presentation’s “big miss” was its failure to detail how The Bahamas will tackle its $10.5bn national debt and annual interest costs set to hit a record $589m.
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CG knows the importance of Medevac care
In 2021, Coralisle Group Ltd. (parent company of CG Atlantic Medical & Life) conducted more than 120 medical evacuations of CG Members to overseas hospitals where they received critical, often lifesaving emergency care. CG Atlantic Medical & Life has managed many oversees medical evacuations, including inter-island medical air evacuations.
Hotel union set to break away from umbrella body
The hotel union has served notice that it plans to break away from its umbrella union, the National Congress of Trades Unions of The Bahamas (NCTUB), with “immediate effect”, it was revealed yesterday.
Up to $40k VAT refund for first-time home purchasers
The Prime Minister yesterday unveiled multiple measures designed to boost Bahamian home ownership including an up-to $40,000 refund of VAT paid by first-time buyers on construction services and building materials.
PM targets 20% cut for electricity costs
The Prime Minister yesterday revealed the Government is targeting a further 20 percent reduction in electricity costs to below $0.20 per kilowatt hour via a combination of renewable energy and liquefied natural gas (LNG) related reforms.
Don’t allow COVID apathy to ‘strangle economic rebound’
A top hotelier yesterday warned The Bahamas “must not allow apathy” to undermine the COVID fight, while admitting the surge in cases will make the Government “more tentative” over the further restriction easing sought by tourism.
‘Buy good real estate but a cheap vehicle’
Suggestions that today’s Budget will seek to “promote home ownership” and green energy yesterday generated calls for an attitude overhaul and a variety of tax reforms from participants in both sectors.
Bahamas ‘can’t be complacent’ on 15% corporate tax push back
The Bahamas “cannot be complacent” despite yesterday being granted more time to determine its approach to the G-7/OECD-led push for a minimum 15 percent global corporate income tax rate.
FNM and unions unite on $4m ‘overpayment’
A Cabinet minister’s assertion that the Government’s finance officers awarded themselves a $4m pay rise without any Cabinet or other approvals yesterday united the FNM and trade unions in opposition.
‘Hardship’ threat over VAT medical bill move
The Government is threatening to cause “additional hardship” for thousands of Bahamians who enjoy private medical insurance through VAT-related reforms that will increase medical bills and treatment costs.
