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Some industry stakeholders have already seen the draft Value Added Tax (VAT) legislation, a Cabinet minister yesterday confirming it would be available for full public consultation soon.
Value-Added Tax (VAT) registrants will be allowed to bring in goods duty-free two months prior to implementation in a bid to “soften” the tax’s impact, a Customs officials revealed yesterday, with the Government proposing to operate ‘transitional’ bonded warehouses.
Companies will be allowed to make ‘upfront’ VAT input credit claims prior to the sale of a particular item, a senior Ministry of Finance consultant said yesterday, noting that they would not necessarily be put “out of pocket”.
A Bahamian attorney was among a panel of practitioners sharing their expertise in compliance, cyber crimes, fraud and corruption at the Caribbean Regional Compliance Association (CRCA) conference in St Maarten last week.
Royal Bank of Canada (RBC) has announced the re-opening of two key branches in western New Providence. The RBC Airport and RBC Lyford Cay branches have both been rebuilt in new locations.
By Scott Farrington
A departure tax increase that would replace some of the 2013-2014 Budget’s new and increased aviation fees appears to be “an acceptable position” for all sides, said Tourism Minister Obie Wilchcombe, telling Tribune Business that the Government was expecting a “greater return” with respect to air arrivals.
Bahamian marina operators fear Value-Added Tax (VAT) will “stunt” growth of the vital yacht charter business, and are warning they will “be put out of the market” if the new tax is levied on their fuel sales.
Bahamian tour and dive operators fear Value-Added Tax (VAT) may put them at a competitive disadvantage against the cruise lines and other foreign rivals, who will escape having to levy it on their customers.
The principals behind the Nassau Palm hotel’s purchase have expanded their Bahamian resort acquisition ambitions beyond the British Colonial Hilton to now target the South Ocean Resort, Tribune Business can reveal.
A senior Ministry of Finance official has described estimates that the proposed Value-Added Tax (VAT) would increase consumer prices by around 10 per cent as an “exaggeration”, with the Government set to imminently release its own projections.
Bahamian retailers will meet tomorrow to further their bid to create an industry Federation, with sector players warning it would be “catastrophic” not to warn the Government about Value-Added Tax’s (VAT) likely impact.
CABLE Bahamas says it is “geared up” and “ready to go” once number portability comes into effect next month, describing its 20 per cent fixed-line market penetration over two years as “pretty phenomenal”.
The Government is trying to “get Bahamasair back in” to service Treasure Cay, the minister of tourism describing the carrier as “critical” to increasing airlift and connectivity to the Family Islands.
Hope Town Harbour Lodge has appointed veteran luxury hotelier Allen Davis as manager of the historic property that was purchased by a group of Bahamian investors in June 2012.
By NEIL HARTNELL
The Bahamian Brewery and Beverage Company has taken its wholly-owned nationwide retail network to eight by adding a Jimmy’s Wines and Spirits location in Marsh Harbour, Abaco.
A lawsuit against the Government and developerds could be filed on behalf of North Abaco residents opposed to dredging at the site of a proposed boutique hotel and fishing lodge Tribune Business was told yesterday.
Co-chairs for the private sector’s Tax Coalition yesterday praised indications that the Prime Minister was open to pushing back Value-Added Tax’s (VAT) implementation day as “fantastic”, warning it was “paramount” that the economy be protected.
Fears were expressed last night that home/property owners fees in gated communities and condo complexes could rise as much as 32 per cent with Value-Added Tax’s (VAT) implementation, one management company warning it would have “a big impact”.
The Bahamas Telecommunications Company (BTC) has “critically” maintained top-line revenues despite slashing mobile and broadband Internet prices by 20-30 per cent post-privatisation, its majority shareholder said yesterday.
A top bank executive yesterday estimated that the planned Value-Added Tax (VAT) would increase Bahamian consumer prices by around 10 per cent, with this and higher Business Licence fees increasing his institution’s operating expenses by an annual $2.5 million.
THE Government has made a “poor case” as to why this nation must implement a Value-Added Tax (VAT), a leading businessman said yesterday, questioning: “If not VAT, then what’s the plan?”
Bahamas Financial Services Union (BFSU) has been in talks with CIBC First Caribbean International Bank Bahamas (FCIB) over “ways and means” to potentially avoid forced redundancies, its head confirmed to this newspaper yesterday.
The word ‘virtual’ has become synonymous with progress and advancement in the corporate environment.