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The private sector and government were yesterday warned to prepare for major changes to the Bahamian workforce at the managerial level, with Baha Mar alone aiming to fil 700 of these position.
Super Value’s owner fears that import tariff reductions demanded as part of the Bahamas’ World Trade Organisation (WTO) entry may force him to stop manufacturing the supermarket chain’s ‘own brand’ bathroom tissue, and send 20-30 factory workers home.
Valuing the Bahamas Electricity Corporation’s (BEC) environmental liabilities at $100 million is a “conservative” estimate, a well-known attorney warning it was a “pipe dream” to believe the Government would realise top price from its partial privatisation.
THE Government should implement a 4 per cent sales tax and target a 3 per cent spending reduction as an alternative to Value-Added Tax (VAT), a senior accountant has urged.
A fund liquidator is unable to ‘claw back’ an alleged $13.148 million “fraudulent preference” because the International Business Companies (IBCs) Act does not allow proceedings to be served on creditors outside the Bahamas.
A citizens’ group organised in opposition to Value-Added Tax (VAT) is aiming to rally support to petition the Government over alternative forms of taxation, claiming the current plan would create a disproportionate economic burden on the middle and lower classes via regressive taxation.
Super Value’s owner has slammed the proposed sanctions regime for delinquent Value-Added Tax (VAT) payers as “very distasteful”, fearing just one mistake by staff could result in his jailing or loss of passport.
The Bahamas would slash its debt-to-GDP ratio by five percentage points within three years of hitting a 60 per cent peak, the International Monetary Fund (IMF) believes, if the Government can hit its fiscal consolidation targets.
Two-thirds of regional hotels responding to KPMG’s 2013 Caribbean benchmarking survey aim to initiate expansions within the next 18 months, although Value-Added Tax (VAT) reforms and access to financing remain key concerns.
Draft legislation is proposing a ‘light touch’ regulatory regime for credit unions with assets under $1 million, the Central Bank noting that the sector’s total assets have increased by 39 per cent since 2007.
THE Bahamas Hotel Catering & Allied Workers Union (BHCAWU) says it is “unfortunate” that the Bahamas Hotel Employers Association (BHEA) decided to publicise their industrial agreement dispute, its vice-president telling Tribune Business the union was set to meet with its membership this week to determine the way forward.
The Nassau Institute has long enjoyed its role as the libertarian, free-enterprise thorn in the side of governments, whether FNM or PLP, battling every statist attempt to seize more power and reduce individual liberty.
Two years after its name made headlines around the world as the resort where the world’s most sought-after runaway, the Barefoot Bandit, was captured, Harbour Island’s Romora Bay Club & Resort is preparing for a different kind of attention.
The successful bidder(s) for the Bahamas Electricity Corporation (BEC) will inherit potentially massive environmental liabilities, it was revealed yesterday, in addition to a $350 million debt mountain and $81 million employee pension fund deficit.
The Bahamas Electricity Corporation’s (BEC) 109 complaints per 1,000 customers are triple those for any other Caribbean utility, with the energy monopoly among the region’s worst in other key categories.
THE NASSAU Container Port’s (NCP) operator said yesterday it was a “slap in the face” for the World Bank to determine that it took 13 days to import goods into the Bahamas through it.
Commonwealth Brewery yesterday expressed concern that alcohol smuggling into the Bahamas had increased year-over-year, a development that threatened to “destabilise” the market and pricing for legitimate operators.
CIBC FirstCaribbean International Bank (Bahamas) has been subpoenaed by attorneys acting for several former City Markets employees to produce all financial records relating to the defunct supermarket chain’s pension plan, Tribune Business can reveal.
THE Nassau Container Port’s operator yesterday said it was expecting the $2.6 billion Baha Mar development to “blow the lid off” container throughput volumes over the next 12 months.
SMALL Bahamian shipping companies are being offered port charges disciunts of up to 50 per cent, the Arawak Port Development (APD) Company’s chief executive telling Tribune Business the incentives would facilitate Family Island shipping and sustain Bahamian operators.
New Providence will still have to effectively subsidise the Family Islands even after the Bahamas Electricity Corporation (BEC) is split into two, with the latter’s existing power costs already some 26 per cent higher.
Sun Oil Ltd hosted a liquefied petroleum gas (LPG) Safety Workshop conducted by US propane distributor, Targa Resources.
The Bahamas Hotel and Tourism Association (BHTA) worked with the sector’s human resources professionals to stage a half-day workshop for staff at Long Island’s Cape Santa Maria Resort.
The Tax Coalition’s co-chairman yesterday blasted the proposed sanctions for Value-Added Tax (VAT) non-compliance as exposing an “absurd” double standard, warning the Government it was placing “undue pressure on the private sector”.
Satellite Bahamas and its principals, the Garraway brothers, are seeking US court “protection” to stay DIRECTV’s discovery demands, which are seeking a list of all clients it allegedly provided ‘pirated’ services to.