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The Bahamas’ gross domestic product (GDP) could shrink by $200-$600 million if Value-Added Tax (VAT) is introduced “in isolation”, a well-known doctor said yesterday.
THE Central Bank has teamed with the commercial banking sector to reduce cash and promote greater efficiency in how banking is conducted, its Governor said, adding that the Bahamas was witnessing notable growth in cashless transactions.
Freeport has mistakenly interpreted comments by the Grand Bahama Port Authority’s (GBPA) chairman and president into believing it has “dodged the bullet on VAT”, something the private sector says is incorrect.
The Court of Appeal has blasted a legal battle involving ‘breach of trust’ claims against CIBC Trust Company (Bahamas) as a prime example “of how litigation ought not to be conducted”, bemoaning the failure to apply “rigorous case management” from the outset.
The Government is subtly signalling it will miss its target Value-Added Tax (VAT) implementation deadline and introduce it at a lower rate than the advertised 15 per cent rate, a well-known businessman said yesterday.
CLICO (Bahamas) liquidator is trying to determine whether its affiliate’s $1.45 million property investment in Haiti can be recovered, having previously branded it a write-off.
The Prime Minister’s fiscal reform ‘olive branch’ to the private sector “would appear duplicitous and rings hollow” because there is not enough time to conduct proper studies on Value-Added Tax (VAT) alternatives.
An Abaco-based timber harvesting company expects to bring its first line of inventory to market within the next two weeks, telling Tribune Business it had received a strong reception in the Bahamian market already by securing pre-sales of 15,000 board feet.
Lynden Pindling International Airport (LPIA) yesterday dropped its short-term parking fees by 33 per cent in response to customer feedback.
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The Minister of Tourism has branded average 33 per cent occupancy levels among Family Island hotels as “unacceptable” at the launch of an online marketing business.
Palm Cay yesterday announced it has opened reservations for Phase 2 of its much-anticipated luxury condominiums, The Anchorage.
The Bahamas International Securities Exchange (BISX) spent the afternoon on Monday, February 17 with the Grade 12 Economics and Commerce classes at R. M. Bailey Senior High School.
THE Bahamas could “kiss the yacht charter business goodbye” if the Government decides to levy a 15 per cent Value-Added Tax (VAT) on the industry, the Marina Operators president yesterday urging: “We really need to get this settled.” “Obviously it’s caused a lot of uncertainty in the industry,” said Peter Maury, president of the Marina Operators of the Bahamas (MOB).
The Government would have to implement the private sector’s favoured payroll tax at a rate between to 20-25 per cent to hit its revenue targets, the Financial Secretary saying this meant the average Bahamian worker would see more than $200 per month taken from their salary.
Scotiabank (Bahamas) yesterday said it had “exceeded expectations” with the almost-20 per cent year-over-year net income increase it enjoyed in 2013, with the improvement largely driven by “stabilisation” in its non-performing loan portfolio.
GRAND Bahama Shipyard has “sufficient worries” over Value-Added Tax (VAT) and the likely impact it would have on the cost of living for its 700 employees, fearing this will put pressure on the hourly rates it pays its workforce.
Many Bahamian food retailers will suffer “catastrophe” unless there is some Price Control relief prior to Value-Added Tax (VAT), the Retail Grocers Association’s president has warned, after talks with the Government kicked-off on Friday.
The Bahamas’ most prestigious private school has lost its appeal over having to pay more than $26,000 in severance pay to its principal’s former assistant.
The Government has been urged to regulate the unmanned aerial drone industry, an innovative Bahamian start-up fearing others may enter the market and not play by the rules.
For the $200 million beachfront and marina community rising on Nassau’s southeastern shore, there was a steady stream of traffic at the booth they shared with the Bahamas Ministry of Tourism from opening to closing daily.
Coldwell Banker Lightbourn Realty has launched a Concierge and Property Management division, making it a full service real estate company.
THE Government has not provided any “empirical analysis” to-date that would dismiss alternative forms of taxation being proposed by the private sector, a Tax Coalition co-chair adding that Value-Added Tax (VAT) “should not be sold as a perfect system”.
The Central Bank of the Bahamas has warned that “potential softness” in key visitor source markets is creating some downside for the tourism industry’s 2014 performance, with the sector “relatively flat” in January.
The Water & Sewerage Corporation is confident 2014 will be “the real banner year”, as it targets a further one million gallon per day reduction in water losses and the release of $15 million in construction contracts.