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THE Bahamas International Securities Exchange (BISX) yesterday made another addition to its investment fund roster, adding the listing of Queluz Brazil Funds SAC Ltd’s Class A shares.
Thousands of Bahamas Telecommunications Company (BTC) pre-paid cellular customers will see their calling costs increase 15 per cent under Value-Added Tax (VAT), with the carrier itself set to incur a “substantial” $1 million bill just to make its systems compliant.
The Government has been urged to fix its main Planning law “sooner rather than later”, a leading developer warning that otherwise all development projects will become bogged down in “never ending Judicial Review” actions.
The Government’s biggest private sector supporter believes it would be “unwise” to ignore the “widespread opposition” to Value-Added Tax (VAT), as he appeared to back the merits of a payroll tax alternative.
The Deputy Prime Minister allegedly twice failed to live up to promises made to environmental activists to halt the controversial Blackbeard’s Cay project, court documents have alleged.
Bahamian retailers yesterday warned that Value-Added Tax (VAT) could be a “death sentence” for many local businesses, with several industry operators already having told staff to look for new jobs come July 1.
THE Government has been urged to pressurise the Canadian-owned banking institutions to offer Bahamians more shares in their local subsidiaries, calling it “mind boggling” that they were still almost exclusively owned by non-Bahamians.
LEVYING Value-Added Tax (VAT) on duty-free merchandise was yesterday described as “counter-productive” to boosting tourist spending, with retailers calling on the Government to lower the existing tax burden on such goods.
REDUCED fees on debit card transactions could significantly boost commerce in the Bahamas, a leading businessman noting that credit card purchases effectively ruled out roughly 80 per cent of the shopping public.
The Government has allegedly admitted to environmental activists that it cannot enforce its own Planning laws because it would “go bankrupt” in trying to do so.
AML Foods chairman yesterday reiterated calls for the Government to abolish price controls, arguing that high levels of competition in the food retail industry meant it no reason to “meddle”.
A Tax Coalition co-chair yesterday said the Central Bank had sent up a “big red flag” over Value-Added Tax’s (VAT) likely impact on consumer spending, adding that the fiscal numbers had not hit position “where we can beat our chests with success”.
Blackbeard’s Cay’s developer yesterday warned that the legal action challenging the project’s permits could jeopardise “over 100 jobs” and its $8 million investment, plus send a bad message to other investors.
BAY Street merchants yesterday voiced concerns that the imposition of Value-Added Tax (VAT) on “duty free merchandise” would not only affect their competitiveness but discourage local purchases as well.
Cable Bahamas yesterday said it was hoping number portability will drive it to a 30-35 per cent fixed-line voice market share by 2014 year-end, describing its penetration levels to-date as “remarkable”.
A two-day Small Island Developing States Conference (SIDS), which is set to kick-off on February 19, will be the highlight of the Ministry of Tourism’s ‘Sustainable Tourism Month’. The Ministry has designated February as Sustainable Tourism Month, in keeping with the 50th anniversary of the country’s number industry.
Mario Carey, president and chief executive of Mario Carey Realty (MCR), is moving to diversify foreign direct investment (FDI) source markets after being named the exclusive brokerage for the BISX-listed Sapphire Venture Fund .
The minister of financial services has kicked off a new taxation course with his lecture on ‘Fundamentals of Taxation’.
Research has long indicated that incentives work. Teachers, school administrators, leading company executives, politicians and many others in leadership roles have discovered that providing positive reinforcement, whether tangible or intangible, secures a higher degree of satisfaction for those they serve.
Satellite Bahamas allegedly used more than three times’ the number of accounts initially thought to pirate DIRECTV’s signal, with the programmer having added the wives of the company’s two principals as defendants.
The MINISTER of State for Finance yesterday lauded the Government’s recent $300 million foreign currency bond issue as a huge success, confirming it had attracted subscriptions for 20 times that amount.
The Bahamas Telecommunications Company (BTC) has demanded a full percentage point cut in Communications Fee rates, warning that the Government’s grab for surplus regulatory revenues has “diminished goodwill” in the sector.
Bahamian retailers yesterday urged the Govern to “reinvest” itself in the Value-Added Tax (VAT) consultative process, calling the tax’s problematic implementation elsewhere in the Caribbean “absolutely relevant” to this nation.
Tribune Business reported on Tuesday, February 5, that James Gomez, the Grant Thornton managing partner, was removed as receiver of Orchid Bay by a mid-January Supreme Court Order from Justice Stephen Isaacs. It also reported that he was trying to be “reinstated” as such.
Palm Cay has quadrupled its Bahamian staff in less than a year, with the new hires helping to create an “extraordinary success”.