COVID cuts corporate revenues by up to 70%
Corporate Bahamas saw the COVID-19 pandemic slash its 2020 revenues by up to 70 percent, with business licence filings placing the average fall-off between 40 to 50 percent.
Govt backs ‘mandatory’ property insurance call
The government has “agreed” that property insurance must be mandatory throughout The Bahamas with Dorian-related reinsurance inflows giving the external reserves a $1.3bn boost.
Revenue gap ‘shrinks’ but deficit still $736m
Tourism and the economy’s gradual re-opening enabled the government to narrow the gap between its revenue forecasts and outturn despite a $736.1m first half deficit, it was revealed yesterday.
Gross govt borrowing leaps four-fold to $2bn
The government’s gross borrowings leapt four-fold year-over-year to more than $2bn during the six months to end-2020, it was revealed yesterday, exceeding what was projected for the full fiscal year.
Arawak Cay chief issues early Sunday closing call
Arawak Cay's president is urging the Government to enforce the popular Fish Fry destination's closure on Sundays from 6pm for four months to combat patrons failing to abide by COVID-19 protocols.
'Make current taxes work before the income option'
The private sector is urging the Government to eliminate wasteful spending, and collect all revenues currently on the books, before it hits businesses with new and/or increased taxes.
Canada in new ‘stumbling block’ for tourism’s revival
Canada's decision to halt all flights by its airlines to The Bahamas until April 30 was yesterday branded "another stumbling block along the road to recovery" for this nation's battered tourism industry.
Police seize over $20k fake currency
Police seized more than $22,000 in counterfeit Bahamian currency last year even though the ratio of fake notes to genuine bills appears to be dropping.
Govt ‘discussing’ income tax reform
The government has already started discussing potential income tax reforms, the IMF revealed yesterday, although it has admitted any changes will take “years” for The Bahamas to implement.
IMF calls for austerity in the ‘hundreds of millions’
The International Monetary Fund (IMF) yesterday exposed the harsh austerity Bahamians face post-COVID by urging the government to increase its “net income” by more than $300m over four years.
IMF fears 13,500 missed benefits
Some 13,500 "informal economy" workers may have missed out on COVID unemployment benefits, the IMF said yesterday, adding that "execution fell short" on some government assistance initiatives.
Auditor General set to probe COVID spending
The government has pledged that the Auditor-General will probe all COVID-19 related spending and revenue losses in bid to uncover any “irregularities”, the International Monetary Fund (IMF) revealed.
Finlaysons lose battle to halt $2.2m tax debt sale
The Finlayson family yesterday lost its bid to overturn a Supreme Court order compelling the sale of a downtown Bay Street property to settle a near-$2.2m tax debt owed to the government.
Baha Mar chief urges rapid vaccination for tourism revival boost
Baha Mar’s president yesterday urged the government to fully vaccinate The Bahamas against COVID-19 “as quickly as possible” so as to give tourism’s recovery a “competitive advantage”.
US travel advisory ease a ‘big boost’
The Bahamas Hotel and Tourism Association’s (BHTA) president yesterday hailed the US easing its health travel advisory on the country as “a big boost” for the economy’s largest industry.
