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THE Central Bank of the Bahamas said yesterday it was facing an “unstustainable” employee pension contribution rate of 20 per cent, following strong union objections over recent adjustments made to it.
THE Bahamas must play a greater role in global fisheries management, the Bahamas Commercial Fishers Alliance head said yesterday, warning that failure to combat illegal poaching issue could devastate this nation’s exports in a similar manner to Belize.
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Value-Added Tax (VAT) poses “no risk at all” to the Bahamas’ competitiveness as an international financial centre (IFC), a Cabinet Minister said yesterday, although offshore banks are still pushing to be ‘zero rated’ rather than ‘exempt’.
The Bahamian Contractors Association’s (BCA) president yesterday said Value-Added Tax (VAT) “could not have come at a worse time”, given that it was forecast to increase construction costs by up to 12-15 per cent.
THE Exuma Chamber of Commerce believes the establishment of an Advisory Council for the island will help create “synergy” between major development projects and local businesses, its chief executive telling Tribune Business there was a need to ensure that better dialogue regarding investments.
The Immigration Department was yesterday accused of “systematically driving business from this country”, as the Government moved swiftly to contain any negative fallout from Tuesday’s detention of a top UBS (Bahamas) executive.
The Bahamas Telecommunications Company (BTC) has complained that the 113 per cent call termination “premium” enjoyed by its rivals has placed it at a competitive disadvantage, allowing them to offer consumers ‘below cost’ pricing.
CIBC FirstCaribbean International Bank (Bahamas) last night warned lay-offs were imminent as the bank moves to cut regional staffing costs by 10 per cent, with at least 12 employees having already accepted voluntary separation packages to-date.
THREE Bahamian businesses have received merchant incentive awards for achieving the highest volume of MasterCard sales in the 2013 Priceless Bahamas programme.
A top government official addressed the Kiwanis Club of Nassau A.M. on January 13 in a continuing effort to communicate the benefits of Value-Added Tax (VAT) in the Bahamas.
The Bahamian financial services industry yesterday urged the Government to adopt “a more calibrated and sensitive approach” to Immigration enforcement following Tuesday’s detention of a senior UBS (Bahamas) banker.
COMMONWEALTH Bank Limited yesterday said its Oakes Field branch is on schedule to re-open in late January following a $2.1 million renovation and expansion that is increasing its busiest location’s size by nearly 50 per cent. Bank executives credit CGT Construction with “keeping the job on track” following a contract signing in early August, when the contractor pledged to aim for a 26-week construction timeline, noting that the project would create 30-40 temporary jobs.
The Bahamas has received “a huge vote of confidence” after the Government’s $300 million foreign currency bond issue was 20 times’ oversubscribed, with investors accepting an interest rate almost one percentage point lower than anticipated.
The Baker Tilly accounting firm’s global head yesterday described Value-Added Tax (VAT) as “the most complex of taxes”, mandating that its Bahamian affiliate become “an expert” on the issue.
The Baker Tilly accounting firm’s global head yesterday said the Bahamas has “all the ingredients to become a world class international financial centre”, but it needs to get the message out.
A former Bahamas Bar Association president yesterday said “concerns” over attorney ethics and client billing practices will be addressed at a March 24 seminar.
A leading accountant yesterday said fiscal reform was inevitable, telling Tribune Business: “You cannot run the modern Bahamas on a tax system 40-50 years old.”
FAMILY Island investment projects will not succeed if local communities are unable to keep pace with them, a private sector executive said yesterday, urging the Government to foster the growth of local businesses via incentives offered to foreign investors.
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A public-private partnership arrangement is to be implemented for the development of 900 acres near George Town, the Prime Minister revealing that the Government had decided to make an “intervention” for the purposes of securing future Bahamian involvement.
Resorts World Bimini has awarded the second phase of the multi-million dollar South Bimini airport upgrade has been awarded to Bahamian company, Airport Maintenance Services (AMS).
Resorts World Bimini yesterday said there would be “no impact” on its daily cruises to the island despite a US court’s refusal to overturn a ban on its vessel’s night-time sailing.
The Bahamas must “move very quickly” to fulfill its potential as the Caribbean’s arbitration hub, a leading attorney yesterday warning that ever-increasing competition was already “on our heels”.
The Tax Coalition’s co-chair yesterday described Prime Minister Perry Christie’s pledge that he would not allow tax reform to slow the economy as “fantastic”, telling Tribune Business the organisation hoped to make “some real headway” shortly.