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The Bahamas should levy Value-Added Tax (VAT) on all forms of gaming, with consultants urging it to follow New Zealand’s lead by taxing players through the gross sum bet.
Baha Mar yesterday said its rapid replacement of the Mondrian brand with SLS Hotels provided evidence of “the unstoppable momentum” behind the $2.6 billion project.
A US judge has rejected the Securities & Exchange Commission’s (SEC) bid to re-plead ‘fraud’ allegations against a Bahamian broker/dealer, branding its claims as “unavailing” and failing to prove there was any cover-up of an alleged $11 million ‘pump and dump ‘scheme.
Aren’t you a little tired of being perfect all the time? Does art always have to be so pretty and seamless? What if you tried posing for a shot in the rain?
Some 35 business owners attended a three-day training initiative on Grand Bahama to boost the trade capacity of small companies.
A well-known credit union yesterday said it had enjoyed a “pretty good year” in 2013, with “record breaking” 14 per cent growth in its membership coupled with a just under 8 per cent increase in total assets.
The Bahamas should include a ‘doubtful debts allowance’ in its Value-Added Tax (VAT) legislation, the two Zealand consultants suggesting that this “seems necessary” to alleviate “significant cash flow difficulties”.
The creation of a national forestry estate would mark a “significant and “unprecedented” move for the Bahamias in the management and protection of its natural resources, a top official said yesterday.
The Bahamas is currently operating at just 40 per cent of its tax capacity, the Government’s US consultants have warned, ranking this nation near-bottom of 98 countries.
A former Bahamas Chamber of Commerce president yesterday it was “criminal” for the Government to already be talking about increasing the 7.5 per cent Value-Added Tax (VAT) rate prior to getting the existing tax system’s compliance levels to 80 per cent.
The Government’s environmental adviser recommended that Resorts World Bimini post a performance bond to cover any beach enhancement costs resulting from its cruise ship terminal/jetty as far back as summer 2013, documents lodged with the Supreme Court reveal.
The Government has been told to consider ‘zero rating’ financial services supplied to Bahamian businesses once a Value-Added Tax (VAT) regime has been in place for several years.
The Government’s US consultants called for the Bahamas to implement a ‘fiscal rule’ to “maintain credibility” with bondholders and the international capital markets, given the switch to a lower revenue-yielding Value-Added Tax (VAT).
The New Zealand tax consultants were “struck by the potential for abuse” created by the “substantial list of exemptions” under the Government’s initial 15 per cent Value-Added Tax (VAT) model.
The Eleuthera Chamber of Commerce’s president said yesterday he was “somewhat disappointed” the island had not been included under the Family Island Development Act extension, arguing South Eleuthera, epsecially, was “just as challenged” as other locations benefiting from the duty exemptions.
THE “damage has already been done” to the yacht charter business for 2015, with uncertainty surrounding Value-Added tax (VAT) prompted some clients to go elsewhere, the Marina Operators of the Bahamas (MOB) chief said yesterday.
I just threw an awards banquet that was very successful in terms of what I needed it to do.
Doctors Hospital Health System (DHHS) has acquired the latest monoplace system for Hyperbaric Oxygen Therapy (HBOT), its president describing it as “a significant investment in the future” of both the company and Bahamian patients.
Despite expressing “concern” over whether Resorts World Bimini was in “full compliance” with the requirements of its dredging permit, a Supreme Court judge ruled that the developers had made a “prima facie” case that the approval was valid.
A Tax Coalition co-chair yesterday slammed as “absurd” a former finance minister’s suggestion that ‘fiscal rules’ or spending caps could not be implemented in the Bahamas because they would impede hurricane relief and other unanticipated emergencies.
The Government was yesterday warned that plans to extend its Excise Stamp programme to combat alcohol smuggling could be “a lot more complicated” than the initiative underway in the tobacco industry.
A Tax Coalition co-chair yesterday called for the 7.5 per cent Value-Added Tax (VAT) rate to be “set in stone for two years”, branding a policy of successive revenue-grabbing increases as his “greatest fear”.
A senior government official has confirmed to Tribune Business that the Value-Added Tax (VAT) rate is likely to be increased “in the not too distant future”.
Commonwealth Bank’s president said yesterday it anticipates a short-term spike in delinquencies when Value-Added Tax (VAT) is implemented on January 1, having estimated the previous model would have increased its own annual costs by $4 million.
A Bahamian broker/dealer has blasted attempts by US regulators to re-plead previously dismissed fraud allegations against, arguing that its “boilerplate claims” would only create “a pointless burden and expense” for all.