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Hotel industry executives yesterday backed the Government’s decision to cut the Value-Added Tax (VAT) rate in half as keeping the sector “globally competitive”, despite its rejection of their own 6 per cent recommendation.
THE Free National Movement (FNM) yesterday expressed concern that the Christie administration was effectively “double taxing” Bahamian companies for at least six months, after the Prime Minister suggested there would not be an immediate reduction in Customs duties simultaneous with Value-Added Tax’s (VAT) January 1 implementation.
Private sector executives yesterday warned that “the devil’s in the detail” when it came to fiscal reform, despite expressing satisfaction that the Government’s revised Value-Added Tax (VAT) proposal was more in line with their recommendations.
The Prime Minister yesterday confirmed that Access Industries, the conglomerate controlled by Ukrainian-born billionaire Len Blavatnik, had received government approval to acquire Paradise Island’s One & Only Ocean Club.
THE Christie administration is setting a “dangerous precedent” by effectively overruling the decision of the Bahamian people and forging ahead with legalisation and regulation of web shops, the FNM Opposition charged yesterday.
Prime Minister Perry Christie yesterday said he rejected advice from the Government’s consultants to introduce “a permanent fiscal rule” requiring an increase in the Value-Added Tax (VAT) rate if debt targets were missed.
The Government is forecasting a more gradual reduction in its Budgetary financing gap as a result of the restructured Value-Added Tax (VAT), and will not eliminate its total GFS deficit by the 2015-2016 fiscal year as originally projected.
TOURISM MInister Obie Wilchcombe said yesterday that the “softness” in tourism activity in 2013 was expected, with this nation already seeing an uptick in activity highlighted by its “best April” in roughly six years.
COMMERCIAL airlines were “ecstatic” yesterday over the Government’s decision to eliminate the $75 processing fee and significantly reduce the Customs attendance fees, a senior executive adding that the Government ultimately stands to collect more from the $4 departure tax increase .
As a proud Bahamian I cannot begin without congratulating the Local Organising Committee, Minster Danny Johnson and his Ministry, the athletes and everyone else who contributed to making the IAAF World Relays a success. Well done, and it was a testament to teamwork and collaboration.
PRIME Minister Perry Christie revealed yesterday that the sale of the Abaco Club at Winding Bay was expected to close this summer upon completion of a new Heads of Agreement (HOA) with the buyer.
The Bahamas Motor Dealers Association’s (BMDA) president yesterday urged the Government to “roll back” Business Licence fees to the pre-2010 rate of 0.5 per cent, disclosing that his group had to “scrape together” $500,000 to cover this year’s increase.
A senior official has effectively admitted that the Government was told by its attorneys to issue the contested Bimini dredging permit because it was essential to combat the legal challenge to the Resorts World cruise terminal project.
Exuma’s February Point project is aiming to hire a further 120-140 persons when construction work ramps up within the next two months, its owners yesterday telling Tribune Business the project was “moving a little faster than we anticipated”.
Exuma’s February Point project is aiming to hire a further 120-140 persons when construction work ramps up within the next two months, its owners yesterday telling Tribune Business the project was “moving a little faster than we anticipated”.
BAHA MAR said yesterday that it has received more than 14,000 job applications to-date, a senior executive noting that up to 700 hires would come from its Leadership Development Institute (LDI) initiative.
Satellite TV and Internet streaming “are not effective substitutes” for Cable Bahamas’ TV service, a survey finding less than 10 per cent would switch to then if the BISX-listed provider increased prices 5-10 per cent.
An Abaco-based activist group says the Treasure Sands developer has agreed to stop clearing land on property that may be the remains of Carleton, the first Loyalist settlement in Abaco.
Exuma’s February Point project is aiming to hire a further 120-140 persons when construction work ramps up within the next two months, its owners yesterday telling Tribune Business the project was “moving a little faster than we anticipated”.
“I love it when a plan comes together.”
ABACO businesses yesterday said they were “thrilled” at the opening of the new Marsh Harbour airport, one noting that the new terminal would likely facilitate more direct flights and create greater economic benefits.
Scotiabank (Bahamas) has made its annual donation to the Training Centre for the Disabled to assist with student text books, visual aids, field trips, uniforms, start-up kits and special apparatus for disability.
Real estate sales in western New Providence have hit “a record-breaking pace”, Tribune Business was told yesterday, with one prominent development having found buyers for $21 million worth of property in just seven-eight months.
The 2014-2015 Budget will likely eliminate “a lot of the uncertainties” surrounding the schedule and details of tax/fiscal reform, a top Ministry of Finance consultant yesterday warning there could be “no retreat” from change.
Resorts World Bimini yesterday alleged it will suffer a “minimum” $2.352 million loss if the Privy Council-ordered bar on dredging remains in place until June 4.