$360m arrears 'dive in' not in national interest
The government’s rush to pay-off its $360m arrears is “not in The Bahamas’ best interest”, a former finance minister yesterday warning of the VAT hike: “The timing couldn’t be worse.”James Smith, who held the post from 2002-2007, told Tribune Busines
Hotels 'push' on VAT amid 39% revenue growth
The 39 per cent increase in 2018 first quarter room revenues illustrates what was at stake when the hotel industry yesterday met the Government over its planned VAT hike.The Central Bank of The Bahamas’ monthly report for April, released last night,
Insurance chief 'speechless' at govt's VAT contradiction
The Bahamas Insurance Association’s (BIA) chairman was yesterday left “speechless” after the government seemingly contradicted itself over VAT’s elimination from residential property premiums.Emmanuel Komolafe, pictured, said he was now questioning t
Sands: No escape on fiscal 'come to Jesus'
The Bahamas would not have escaped its fiscal “come to Jesus moment” even if the Christie administration had been prudent with its VAT windfall, a Cabinet Minister argued yesterday.Dr Duane Sands, pictured, minister of health, told Tribune Business t
Surplus bank funds breach $2bn barrier
Bahamian commercial banks had more than $2bn in funds they were unable to find qualified borrowers for at end-April 2018, it was revealed yesterday.The Central Bank of The Bahamas’ monthly report for the month, published yesterday, disclosed that exc
Sterling meets Gov't on hurricane hole project
Sterling Global Financial’s executives met with the Ministry of Works to review plans for their $250m redevelopment of Paradise Island’s Hurricane Hole property.Desmond Bannister, minister of works, and Melanie Roach, director of public work, reviewe
Tourism team heads to caribbean week
The Minister of Tourism and Aviation will lead the Bahamian delegation to the Caribbean Tourism Organisation’s (CTO) Caribbean Week event in New York this week.Dionisio D’Aguilar will be accompanied by Joy Jibrilu, the Ministry’s director-general, an
$400m extra in VAT?: 'Not a chance in hell'
There is “not a chance in hell” that the 60 percent VAT rate increase will generate the extra $400m revenue the government is targeting, a prominent businessman is warning.Sir Franklyn Wilson told Tribune Business that it was “unwise” for the Minnis
Web shops: Tax rises attempt to seize industry
The government has been accused of trying to seize control of the web shop industry through tax increases that will “decimate” all operators and 3,000 jobs in less than a year.The Bahamas Gaming Operators Association, in a furious post-budget counter
DPM says 'open to all' 12% VAT alternatives
The Deputy Prime Minister last night said the government “remains open to all viable” alternatives to a 12 percent VAT, despite private sector fears that “the train has already left the station”.KP Turnquest indicated to Tribune Business he was willi
DPM pledges public service 'right sizing'
The deputy prime minister yesterday pledged a medium-term “right sizing of the public service”, amid warnings the government cannot delay forced civil service terminations for ever.KP Turnquest, pictured, responding to charges that the budget did to
Fin Secretary: Bahamas must avoid Barbados' 'frog in pot' fate
The Bahamas must escape “the frog in the pot” scenario if it is to avoid Barbados’s descent into an International Monetary Fund (IMF) bail-out of its unsustainable 175 percent debt burden.Marlon Johnson, the acting financial secretary, last night tol
Unions plan push for VAT-offset wage rises
Trade unions leaders “absolutely” plan to push for wage and benefit increases to offset the impact of a 60 percent VAT hike on Bahamians.Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribune Business that middle and lowe
Breadbasket's VAT 'zero rating' brings retail relief
Government ministers and officials yesterday brought relief to food retailers by confirming that the budget’s “breadbasket” items will be treated as “zero-rated” for VAT purposes.However, their property and casualty insurance counterparts were not so
VAT's 60% increase a $400m 'death wish'
The government’s 60 percent VAT rate rise was yesterday labelled “a death wish”, amid fears it will plunge The Bahamas into recession by sucking an extra $400m from the economy.Private sector leaders told Tribune Business they were stunned by the dec
