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Bahamian law has been repeatedly ignored to the benefit of wealthy developers due to a “culture of subservience” among civil servants, attorney Fred Smith, QC, told the Supreme Court.
Hard Rock Café (Nassau) is set to reopen at its former Charlotte Street location “in the next few weeks” the franchise’s parent company announced yesterday, revealing that the building’s landlord will be the new franchisee.
THE Retail Grocers Association head suggested yesterday that the price control abolition issue was “all politics”, claiming that successive governments had passed on abolishing price control for fear it would be used as a political football against them.
FISHERMEN are preparing to forward a list of queries to the Ministry of Finance relative to how the industry “as a whole” will be impacted by the proposed Value-Added Tax (VAT), the head of the Bahamas Commercial Fishers Alliance also expressing concern that they were not getting “fair market value” for certain products.
EXEMPTIONS under the proposed Value Added Tax (VAT) systems would “not be in the best interest of the government or businesses” according to the head of the Retail Grocers Association, who argued that the potential to recover only 20-25 per cent of their inputs would eventually drive some retailers out of business.
THE Tax-Coalition’s co-chair has expressed concern as to whether the government will be able to deal with the volume of business who would likely look to become Value-Added Tax (VAT) registrants, noting that the government could face “big problems” if it was unprepared to deal with the volume of registrants.
A “one rate, no exemptions” Value-Added Tax (VAT) framework has worked “extremely well” in New Zealand according to tax experts from that country, noting that such a move would broaden the tax base and minimise compliance costs.
THE government’s tax reform process would engender “greater confidence” if it followed exactly the same model of private sector engagement as New Zealand, the tax coalition’s co-chair stating, “We’re on a completely different path”.
MAJOR Nassau/Paradise Island hotels saw a “slight increase” in room occupancy rates during the first quarter of this year, the Bahamas Hotel and Tourism Association (BHTA) noting the the first quarter’s performance was affected by an “unusually large” number of flight cancellations and a reduction in room inventory.
THE government is expected to meet next week to “wrap up” a Heads of Agreement to pave the way for a reported $30 million Four Seasons branded luxury resort development in Eleuthera.
AN Abaco-based timber company said yesterday that its operation had come to a “dead stop” after duty concession issues led to the delay of a shipment of $400,000 worth of vital equipment, its principal telling Tribune Business, “We’re stuck and can’t do anything”.
THE vacation home rental market in the Bahamas can be tapped for further growth, according to a local businesswoman who described it as a “lucrative opportunity” and urged the formation of an association to ensure proper rental standards and repeat business.
THE Cotton Bay Estates developers expect to have a hotel and golf course constructed by next April according to Prime Minister Perry Christie who noted that $90 million had been invested in the development to date.
A leading auto dealer said that he had seen a “big boom” in high-end vehicle purchases coming off last month’s BMDA car show, telling Tribune Business, “I can’t keep them in stock”.
THE Bimini Big Game Resort & Marina saw a “sellout” Easter weekend, its general manager describing it as “one of the highlights of April”.
CABLE Bahamas said yesterday that it was looking to add another 1,500 customers to its broadband network, executives noting that the company had gained a 26 per cent market share in landline services in just two years.
CABLE Bahamas said yesterday that it was “pretty pleased” with the growth level on its recently acquired Florida business, its president and CEO telling Tribune Business that the the communications provider had already contracted its 2014 growth in the first quarter of this year.
By Diedre Bastian
A leading Bahamian airline executive yesterday said that it made “no business sense” for Bahamasair to continue to expand to less profitable out island routes, noting that the government-subsidised airline created an “uneven playing field’ for domestic carriers.
THE Bahamas has secured “sponsored exemptions” from the US Foreign Account Tax Compliance Act (FATCA) for Foundations, Financial Services Minister Ryan Pinder recently revealed, telling Tribune Business that six vendors had made the preliminary short list to build a FATCA reporting system.
NASSAU Airport Development Company (NAD) executives saw an almost three per cent performance increase “across all sectors” during the four day Easter period compared to the same holiday period last year, its CEO telling Tribune Business that that the airport operator was looking forward to a “robust” summer traveling season as well.
PINEAPPLE Airline executives said yesterday that the airline was looking expand its existing fleet with larger aircraft and resume service on several of its previous routes.
ROGUE taxi operators could tarnishing the industry’s reputation according to a union leader who yesterday renewed calls for the industry to become self regulated, telling this newspaper, ”We don’t know who is in the business”.
St. Petersburg, Florida, USA – TAGLaw, an international alliance of independent law firms, has recently named Delaney Partners as its member for the Bahamas. John K. F. Delaney QC, former Attorney General of the Bahamas, founded Delaney Partners, which has quickly established itself as a leader in offshore services and a variety of financial practice areas.
CABINET Ministers are currently deliberating over recommendations made regarding the restructure of the Bahamas Electricity Corporation, Deputy Prime Minister Philip “Brave” Davis has confirmed.