'Challenged' to reject local bid's power takeover
The government’s election promises mean it will “be challenged” to reject a Bahamian group’s bid to take over power supply to East and West End, an advocacy group chief is arguing.Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC)
Govt to alter VAT 'exempt' for real estate
The government appears poised to reverse the budget’s VAT “exempt” treatment of real estate, following lobbying from top developers such as Albany and Baker’s Bay.KP Turnquest, deputy prime minister, told Tribune Business to “stand by” for a potentia
Budget 'fixed' unfair property tax anomaly
The government reformed the real estate “transfer tax” structure because it was “inherently unfair” to give companies preferential tax treatment over individuals on property purchases.KP Turnquest, deputy prime minister, pictured, told Tribune Busine
Palm Cay unveils new $100m offer
Palm Cay is today releasing its latest real estate offering, a $100m condominium and penthouse complex overlooking the community’s marina and ocean access.Named One Marina due to its location, the residential community’s latest real estate offering w
Realtors still hopeful over VAT extension
THE Bahamas Real Estate Association (BREA) remains hopeful it can secure an extension of time to implement the value added tax (VAT) increase, its president arguing: “It is not too much to ask for.” Christine Wallace-Whitfield told Tribune Business:
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
