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The Central Bank believes planned legislative amendments will enhance the “transparency and effectiveness” with which it and Bahamas-based institutions administer $63.5 million worth of dormant accounts.
FREEPORT – The Minister of Health wants a stem cell clinic established at the Princess Margaret Hospital, so that poor Bahamians can have access to such treatments.
FREEPORT - Draft regulations governing stem cell research and therapy in the Bahamas are now complete and should be presented to Parliament by the end of February, the Minister of Health says.
A top dive operator yesterday feared it might have reached “a tipping point” after being forced to raise its prices 10 per cent, as it warned of “civil unrest” over the increasing number of foreign boats exploiting Bahamian waters.
The Bahamas Federation of Retailers (BFR) yesterday questioned how one of the Government’s leading Value-Added Tax (VAT) consultants could “lecture” Bahamians on the need to pay taxes when he was in default on his own.
A Bahamian-owned tobacco manufacturing start-up yesterday said it was targeting $5-$10 million in first year gross sales, but warned this and employee hires could be “significantly impacted” if no Excise Tax exemption was forthcoming.
The Bahamas’ Caribbean rivals “would love us to implement Value-Added Tax (VAT”, a Tax Coalition co-chair believes, because any increase in costs further undermines this nation’s ‘US proximity’ advantage.
Another Cabinet minister yesterday added his voice to those calling for legalising a Bahamian web shop industry, suggesting the $20-$100 million in annual taxes it might generate could lessen what was needed from Value-Added Tax (VAT).
GRAND Bahama may not see any substantial growth or investment in its industrial sector in the short-term until there is greater certainty over how Value-Added Tax (VAT) will affect Freeport, and issues relating to the Budget’s new Customs fees are resolved.
FREEPORT - FREPOR’s first stem cell therapy clinic will be ready by early summer to administer treatment to “no option” patients suffering from severe symptoms of coronary heart disease.
Grand Isle Resort & Spa yesterday said it is courting Bahamian business in 2014, offering discounts on villas and a competitive airfare through its strategic alliance with Sky Bahamas.
A wireless Internet Service Provider (ISP) yesterday said it plans to offer the Bahamas’ first ever ‘Pay as You Go’ residential Internet service.
DOWNTOWN has the potential to become one of the most powerful destinations in the region if ‘Old Nassau’ is revived’ a well-known architect believes, noting that this nation has lost roughly 30 per cent of its tourism stopover business in less than a decade.
FREEPORT - A Cabinet Minister yesterday reaffirmed the Government’s commitment to developing a stem cell research industry in the Bahamas, saying it could inject hundreds of millions of dollars annually into the Bahamian economy.
Bahamian small businesses will likely incur Value-Added-Tax (VAT) compliance costs that are double those of their UK counterparts, a Tax Coalition co-chair estimated yesterday, describing this as “out of control”.
A Tax Coalition co-chair yesterday questioned why the Bahamas was rushing to “immediately” replace $300 million worth of Customs duties, when the rules-based trading regimes it is joining allow such change to be phased in.
A Bahamas-based loss adjuster will today face a winding-up petition in the Supreme Court for allegedly failing to pay $72,040 in costs to a firm that once provided management services to it.
A Cabinet minister yesterday slammed the private sector’s payroll tax proposal as “disastrous” for job creation, suggesting the Government would require a rate higher than 5 per cent.
THE PRIME Minister yesterday expressed concern over whether the Bahamas was getting its “fair share” from the commercial banking sector, given that it accounted for the dominant share of their Caribbean business.
The Government anticipates having the Bahamas Bureau of Standards (BBS) fully operational by year-end 2014, aiming to enhance the reputation of Bahamian-made products and ensure this market is not flooded with inferior imports.
The Government is aiming to begin talks with its Trinidad counterpart over a possible relationship between Caribbean Airlines and Bahamasair, in a bid to increase regional connectivity and tourism distribution.
The Bahamas “doesn’t want to be setting a precedent” for the fastest-ever Value-Tax (VAT) implementation in the Caribbean, a Tax Coalition co-chair said yesterday, after it was revealed that similar nations took four years.
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Vacancy rates for ‘Class B’ office space on New Providence have increased by 2 per cent since 2011, a leading realtor yesterday saying: “It’s not an encouraging outlook.”
Satellite Bahamas and its principals, the Garraway brothers, yesterday disclosed they had reached “a tentative settlement agreement” with DIRECTV over the latter’s multi-million dollar lawsuit against them.