Budget to force price rise for healthy foods
Food stores will likely hike their non-breadbasket food prices due to the impact the new VAT exemptions will have on consumer behaviour, the Chamber of Commerce’s chairman is warning.Michael Maura told Tribune Business that the Budget effectively “in
Auto dealers: budget leaves 'two dominant'
New auto dealers are hoping for a last-minute compromise with the government over budget reforms that could result in just two companies “dominating the market”.Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Busin
Insurers want same VAT treatment for all
The Bahamas Insurance Association’s (BIA) chairman has called for all property and casualty products to receive the same VAT treatment, adding that exempt status is “not the way to go”.Emmanuel Komolafe admitted to Tribune Business that he was “caugh
Home Fabrics invests $2m in GB expansion
Home Fabrics, the Bahamian fabric distributor, is expanding to Freeport through a $2m investment that will initially create ten jobs.Kwasi Thompson, minister of state for Grand Bahama, congratulated Benjamin and Laura Pinder on the venture in unveili
Sterling specialist to address conference
Sterling Global Financial’s Brandon Caruana is the latest addition to the inaugural Bahamas Blockchain and Cryptocurrency Conference line-up.Designed to attract investors, entrepreneurs, service providers and tech companies, the three-day conference
'Primitive' boater fees in revenue leak fears
MARINA operators are calling for a more modernised system for the payment of boating permits and fees due to a “fair amount” of revenue leakage under current arrangements.Basil Smith, the Association of Bahamas Marinas (ABM) executive director, told
Web shop pay cut threat over anti-VAT demo
Island Luck employees were seemingly threatened with the loss of a day’s pay if they did not attend yesterday’s anti-VAT and gaming tax protest in Rawson Square.
Govt deals: 2/3 of firms need 'personal contacts'
Two-thirds of Bahamian businesses have needed to use “personal contacts” to close or speed-up government deals, showing why “red tape” and corruption are among the country’s top woes.A Bahamas Chamber of Commerce and Employers Confederation (BCCEC) s
Gov't targets $100m non-VAT revenue rise
The Government is predicting non-VAT fee and tax increases will generate an extra $100 million in the new fiscal year, amid warnings that “the fiscal chickens have come home to roost”.K P Turnquest, Deputy Prime Minister, yesterday told the National
BPL targets $2m monthly VSEP savings
BAHAMAS Power and Light (BPL) will save up to $24m annually through a voluntary separation (VSEP) exercise that attracted 319 applicants, the utility’s chairman said yesterday.“We had a total of approximately 300 people who applied to be separated fr
Second home 'havoc' on triple-digit tax rise
The Government was yesterday warned it “will create havoc” if it imposes triple-digit tax increases on hundreds of foreign second home owners via planned real property tax reforms.Attorneys and realtors united in “outrage” over a seemingly innocuous
IAN FERGUSON: How small businesses can adjust to VAT hike
The Bahamas is embroiled in a heated, and somewhat divisive, national conversation regarding taxation. Many, including the private sector, are concerned about the adverse impact this might have on consumer spending patterns and, ultimately, our alrea
Retailers slam 'unacceptable' warning on taxation changes
Bahamian retailers yesterday said a one-month transition was not enough time to adjust to a 12 percent VAT, blasting the lack of consultation with the sector as “unacceptable”.Tara Morley-Nolan, the Bahamas Federation of Retailers (BFR) co-chair, sai
'Tremendous anxiety' over WTO accession
The Chamber of Commerce’s chairman yesterday warned there was “tremendous anxiety” over the WTO accession amid the absence of analysis on its likely impact.Michael Maura, addressing the National Conclave of Chambers of Commerce, said the private sect
Gov't facing long haul to be 'business friendly'
THE government still has “a great deal to do” to be viewed as business-friendly, with few businesses seeing any improvement in their interaction with public sector bureaucracy.Michael Maura, pictured, the Bahamas Chamber of Commerce and Employers Con
