50 jobs go as web shops shut own after tax hike approved
The Asure Win web shop yesterday blamed the budget’s tax hikes for the closure of 11 sites, and termination of 50 staff, by the end of June amid warnings the sector is not “hyperprofitable”.
Bahamas' disaster costs face 28% cut
The Bahamas will cut its disaster recovery costs by 28 per cent it takes out its $100 million ‘contingent loan’ facility, the Inter-American Development Bank (IDB) is asserting.The IDB, in its proposal for the emergency financing, argued that its fac
Back-to-school fear on duty waiver delay
The government was yesterday urged to boost Back-to-School retailers by moving duty-free exemptions forward one month to a July 1 implementation.Edison Sumner, the Bahamas Chamber of Commerce’s chief executive, told Tribune Business that the date cha
BIA chair: Late revision shows 'untidy' budget process
The Bahamas Insurance Association’s (BIA) chairman yesterday branded the budget process “untidy” following the government’s last-minute reversion to its original VAT “exempt” position.Emmanuel Komolafe told Tribune Business that, following talks with
Govt warned: Don't hike taxes again before 2021
The government was yesterday warned off any further tax hikes before 2021, amid continuing private sector concerns it has allowed too little time to adjust to 12 percent VAT. Edison Sumner, pictured, the Bahamas Chamber of Commerce’s chief executive,
Regulators exploring regime for blockchain
Bahamian financial regulators are exploring the creation of appropriate regulatory regimes for the emerging blockchain technology and cryptocurrency sectors.Their efforts come as The Bahamas hosts industry leaders, financiers, block signers and miner
Contributory civil service pensions 'good first step'
THE government’s decision to make civil service pensions “contributory” for new hires was yesterday branded “a good step”, although it will do little to address its unfunded multi-billion dollar liabilities.Robert Myers, the Organisation for Responsi
'Blacklist' threat highlights builder self-regulation need
The BAHAMIAN Contractors Association’s (BCA) president yesterday accused the government of effectively assuming the role of the industry’s self-regulatory Board in threatening to “blacklist” companies over incomplete work.Leonard Sands hit out after
Culinary Team readies for Caribbean contest
Dinner guests gathered at Baha Mar to savour offerings by the Bahamas National Culinary Team, who are preparing to compete at the upcoming “Taste of the Caribbean” competition.The Bahamas Hotel and Tourism Association hosted the annual event to build
'We can't trust future govts over fiscal fix'
The government’s fast-paced fiscal fix is being driven by its lack of trust in future administrations to correct multi-million dollar “imbalances”, the deputy prime minister revealed yesterday.KP Turnquest admitted to Tribune Business that the govern
Bahamasair loses Supreme Court 'jurisdiction' challenge
Bahamasair’s challenge to the Supreme Court’s “jurisdiction” to hear employee unfair dismissal cases has been rejected by the Court of Appeal.The national flag carrier’s bid to overturn an award made to Omar Ferguson, a former customer service agent,
Bahamas attracts $767m investment in past year
THE Bahamas has attracted more than $700m in foreign capital investment over the past 12 months, the prime minister said yesterday.Dr Hubert Minnis, during his contribution to the 2018/2019 budget debate, said: “Total foreign capital investment in Th
Eight-month VAT transition is 'best thing for builders'
The Bahamian Contractors Association’s (BCA) president yesterday hailed the eight-month VAT ‘transition’ for existing projects as “the best thing the Government can do for construction”.Leonard Sands told Tribune Business that the Minnis administrati
Breadbasket 'zero rate' delayed until August 1
The VAT “zero rating” of breadbasket food items has been delayed until August 1 to allow merchants time to adjust their systems and pricing, a top official revealed yesterday.Marlon Johnson, the Ministry of Finance’s acting financial secretary, told
Gov't 'can't sustain' $50m rent payment
THE GOVERNMENT “cannot sustain” the $50m it spends annually on renting commercial facilities, the prime minister said yesterday.Dr Hubert Minnis, delivering his contribution to the 2018/2019 budget debate, told Parliament: “We are spending $50m annua
