VAT increase impacts Independence sales
The value-added tax (VAT) rate increase has affected consumer confidence and purchasing for this year’s Independence celebrations, a well-known businessman has revealed.Scott Farrington, president of Suntee Uniforms and Promotional Marketing, told Tr
Medicinal marijuana's $500m economic 'blow'
A MARIJUANA advocate yesterday estimated the sector could be worth “more than half a billion dollars” to The Bahamas by 2025, its chairman urging: “Either run to it or be dragged kicking and screaming”.Terry Miller, chairman of the Bahamas Cannabis R
'Toxic' BOB borrower loses $2.1m appeal
A seafood supplier’s bid to obtain $2.1m in damages from Scotiabank (Bahamas) for lost profits was this week rejected as “unmeritorious” by the Court of Appeal.Jerome Forbes and North Andros Food Services, who were among the first 13 “toxic” borrower
Fiscal Responsibility needs 'more teeth for accountability culture'
A governance reformer yesterday renewed calls for the Fiscal Responsibility Bill to be given “more teeth until we get a culture of accountability” in the public service.Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told
Multi-million debt payout from top insurers
Two major insurers yesterday revealed multi-million dollar debt payout plans, with both pointing to low interest rates and strong balance sheets to justify the move.Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business th
Bahamas faces July 16 FATF completion target
Global standard-setters will receive The Bahamas’ final report on the elimination of deficiencies in its financial regulatory regime on July 16, the Attorney General confirmed yesterday.Carl Bethel QC told Tribune Business that the government was “fi
Carnival band owners looking ahead to 2019
BAHAMAS Carnival band owners have already begun forward planning and marketing for 2019’s Road March, its outgoing president branding this year a “success” despite government’s non-involvement.“Carnival was a success. We have already started the forw
IAN FERGUSON: Work can be no fun under the sun
Summer is a great time to be outdoors, either for work or play. People head to the beach, begin construction and go outdoors to soak up the sun’s rays. The heat means this time can be quite brutal for many employees who, by virtue of their assignment
Inland Revenue tackles contractors' vat queries
The Department of Inland Revenue (DIR) has moved to answer contractors’ concerns over the VAT rate increase and the extended transition period provided to the industry.Keith Worrell, a VAT consultant with the Department, informed attendees at the Bah
Post Office collapse 'killing our economy'
Businesses yesterday blasted the “really disgraceful” collapse of The Bahamas’ postal system for “killing our economy”, with some revealing they only received February’s mail yesterday.Anthony Howorth, a well-known financial services provider, told T
Tourism 'misses mark' in loss to beauty queen
The Ministry of Tourism’s latest bid to dismiss a former Bahamian beauty queen’s breach of contract claim was yesterday rejected by a US judge because it “misses the mark”.Judge Nancy Atlas, sitting in the south Texas federal court, delivered another
Contractor chief warns over vat mortgage hit
THE Bahamian Contractors Association’s (BCA) president yesterday said it will “initiate” talks with banks on the rewriting of mortgages to offset the 12 percent VAT hike’s impact.Speaking with Tribune Business following the BCA’s monthly luncheon at
'Entrench new culture' on fiscal responsibility
The government must “entrench a new culture” within the civil service if the Fiscal Responsibility Bill is to succeed, the Inter-American Development Bank (IDB) warned yesterday.The multilateral lender’s assessment of the proposed legislation, led by
Aliv: 'We've been like an earthquake'
Aliv’s top executive yesterday hailed its introduction of the latest 4.5G technology as “a regional first”, and said: “We’ve been like an earthquake for the market.”Damian Blackburn, pictured, told Tribune Business that the mobile operator was contin
Sponge revival delay via Matthew, election
The impact from a $1.2m project to revive the Andros sponging industry has been “less than anticipated” so far due to Hurricane Matthew and the 2017 general election.The Inter-American Development Bank (IDB), in an assessment of the project’s progres
