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The Bahamian real estate market is “definitely on an upswing” with inquiry volumes up 10-20 per cent, a leading realtor said yesterday, while warning that 2014’s positive outlook could be derailed if Value-Added Tax (VAT) implementation “goes terribly”.
THE UNION representing Bahamas Telecommunications Company (BTC) line staff said yesterday it was “extremely concerned” about the potential impact its majority shareholder’s $100 million cost savings push will have on jobs, warning it would “not sit idle and let them do what they want”.
A former Bahamas Real Estate Association (BREA) president yesterday said altering his business model was yielding signs of positive results, after ending a two-year “retreat” to his home office at Love Beach.
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Butterfield Bank (Bahamas) chairman yesterday described as “complete news to me” the Internal Revenue Service’s (IRS) probe into alleged tax evasion using accounts at the bank and its regional affiliates.
Value-Added Tax (VAT) is a levy on profit in terms of the difference between the input cost and the amount billed. The Bahamian model is still evolving. No doubt, there will be more exemptions and exceptions. That said, we will undoubtedly be implementing it. The only doubt is when this will happen.
The Bahamas International Securities Exchange (BISX) yesterday announced the listing of its second SMART fund in the shape of the Internazionale Investment Fund.
Commonwealth Bank yesterday unveiled a 35 per cent year-over-year comprehensive net income increase to $39.3 million for the first nine months of 2013, largely due to reductions in non-performing and charged-off loans.
THe historic Bimini Big Game Club & Marina is already sold out for its upcoming third Wahoo tournament, its general manager telling Tribune Business yesterday: “It’s our biggest Wahoo event so far”.
A co-chairman of the Bahamas Chamber of Commerce & Employers’ Confederation’s (BCCEC) ‘Tax Coalition’ says the Government must ensure the right systems are in place to prevent revenue leakage under its proposed Value-Added Tax (VAT), adding: “The one thing we cannot afford is a failure”.
The Bahamas Financial Services Board (BFSB) held its third and final Landfall event for 2013 in Miami on Thursday, November 7, in a bid to present a comprehensive picture of what the Bahamas has to offer the Latin American market.
Around 30-40 per cent of applicants for the first-time buyer Stamp Duty exemption on real estate transactions could lose the concession if they fail to respond to the year-end “cut-off” date imposed by the Government.
The volume of inquiries for western New Providence real estate has increased by 30 per cent in the last three months, a well-known realtor yesterday disclosing that gated community purchases were generating up to 9 per cent investment returns.
THE Government was yesterday urged to present a clear plan for what it intends to do with the $500 million revenue ‘windfall’ generated by Value-Added Tax (VAT) and other reforms, a leading accountant warning of “concern and disbelief” that this would ignite a spending spree.
BISX-listed Consolidated Water last night warned Bahamian investors there would be a material impact on its financial performance if the Government decided not to renew its contract to operate the Windsor reverse osmosis plant, something that would force it to take an impairment hit to its $3.45 million ‘goodwill’.
Bahamian dive operators were last night “shaking in our boots” over the likely impact from Value-Added Tax (VAT), their president telling Tribune Business it would cost his firm “the lion’s share” of a segment that accounts for 80 per cent of his business.
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THE Government’s Value-Added Tax (VAT) roll-out is “out of sync”, a leading private sector executive said yesterday, charging that its public relations campaign in the absence of legislation and regulations was “creating hysteria in the marketplace”.
The Bahamas Trade Commission’s chairman yesterday said opening up this nation’s economy would have the “opposite” impact to many people’s fears, expressing confidence that it would boost incomes and employment.
Around 100 Biminites attended a Town Hall meeting on Resorts World’s cruise terminal/jetty projects, where residents aired a mixture of support and environmental concerns.
The Government yesterday said foreign investors were unlikely to be deterred from coming to the Bahamas by new international rules requiring them to supply their fingerprints as part of the due diligence process.
The Government yesterday granted ‘full approval’ for the $8.2 million purchase of Exuma’s February Point project by a group headed by US investor John McGarvey, Tribune Business can reveal.
The Government was yesterday urged to “shake the tree harder” with the existing system before turning to Value-Added Tax (VAT), a key player in the fledgling Bahamian Federation of Retailers warning this nation was unlikely to buck the region’s “unsuccessful implementation” trend.
Sands Beer’s manufacturer yesterday said “all these unknowns” over Value-Added Tax (VAT) and its own industry-specific taxes were preventing it from moving ahead with a 15-year growth strategy, as it urged the Government to avoid “one big calamity”.
Standard & Poor’s (S&P) believes weak economic growth and revenue performance will cause the Government to overshoot its 2013-2014 fiscal deficit targets by a sum equivalent to 1 per cent of gross domestic product (GDP).