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PRIME Minister Perry Christie yesterday hit back at critics of the Government’s proposed Value-Added Tax (VAT), accusing them of “distortion” and urging the International Monetary Fund (IMF) to publicly back his administration’s plans.
AML Foods yesterday unveiled a 61.8 per cent profit decline for its second quarter, blaming a combination of internal issues and a 5-6 per cent decline in per head consumer spending from mid-year 2013.
The Securities Commission’s acting top executive has warned that Value-Added Tax (VAT) will extend the regressive nature of the Bahamian tax system, with the Government unwilling to tackle the income tax “sacred cow”.
KERZNER International has swapped the former Hurricane Hole Marina site with Atlantis’s new owner, Brookfield Asset Management, exchanging it for other real estate assets.
Atlantis’ new $5 million sports book has been going “gangbusters” since it opened three weeks ago, Brookfield Hospitality’s president and managing director said yesterday.
For many years there has been a public outcry over the need for improved customer service relations in the Bahamas. Most people now see the direct correlation between service levels and the bottom line. Generally speaking, companies who do not deliver great customer experiences do not perform very well in the marketplace.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has appointed Keshelle Kerr as the new executive director of the Chamber Institute.
Long Island yesterday became the second Bahamian island to declare private aviation visits were at “an all-time low”, with Stella Maris’s fixed-based operation (FBO) owner revealing fuel sales had slumped to their worst level since he acquired the business 15 years ago.
The Government yesterday estimated it would lose over 1,000 mandatory Value-Added Tax (VAT) payers in increasing the registration threshold to $100,000, but would still “capture” almost 98 per cent of economic activity.
Grand Bahama Port Authority (GBPA) licensees have been advised that the new 1 per cent Customs administrative processing fee and Environmental Levy breach the Hawksbill Creek Agreement (HCA) and should be challenged in the courts.
A Cabinet Minister yesterday indicated the Government was modifying some parts of its Value-Added Tax (VAT) plans, agreeing it would be “inconsistent” with the Government’s election promises to levy it on electricity bills.
High-ranking officials who are entitled to a new car every three years at taxpayer expense have been kicked on to a vehicle leasing programme as part of the Government’s drive to cut spending, it was revealed yesterday.
THE Ministry of Financial Services is set to issue a tender for the development and implementation of a Foreign Account Tax Compliance Act (FATCA) reporting system, its director said yesterday, adding that it was working towards a December deadline to have its draft legislation released for industry consultation.
Value-Added Tax (VAT) will not place Bahamian restaurants at a competitive disadvantage against their hotel-based counterparts, a Cabinet Minister asserted yesterday, because they target two different customer bases.
What does your brand colour say about your business? Do you know that colour is the first thing our brain registers before words or shapes? Meaning that colour is registered by the brain before images or typography.
A senior International Monetary Fund (IMF) executive yesterday effectively backed the Bahamas’ decision to implement a Value-Added Tax (VAT) regime, describing it as a “very efficient” form of taxation.
THE MINISTER of Financial Servcies said yesterday that “serious players” in the captive insurance industry were looking to set up a physical presence in the Bahamas, and this nation could soon look to establish a “dominant position” in the segment.
The “sole purpose” behind a developer’s legal action was to delay CIBC FirstCaribbean International Bank (Bahamas) in realising its $37 million security on a controversial 12-storey Paradise Island condominium project.
Sands Beer’s manufacturer has urged the Government to increase the ‘tax differential’ advantage it enjoys over Commonwealth Brewery by 100 per cent for a “guaranteed” 15-year period, having been “assured” the authorities will not force it to close down.
The Government is losing the public relations battle over Value-Added Tax (VAT) through its “cloak and dagger” tactics, a leading businessman warning yesterday he had to believe the Nassau Institute study’s conclusions in the absence of other evidence.
The Government has received a “formal application” from the Barbados-based SOL Group for its approval of the Esso (Bahamas) acquisition, a Cabinet Minster yesterday confirmed, while promising to consult with the latter’s Bahamian retailers before any decision was taken.
Bahamian contractors were yesterday said to be “very concerned” about Value-Added Tax’s (VAT) potential impact on construction prices, one warning that many were already “hanging on by a thread”.
THE Bahamas has been ranked 39th out of 152 nations included in the Economic Freedom of the World: 2013 Annual Report, which has been released today by the Nassau Institute.
Tangela Russell, financial controller at the Sterling Financial Group, has passed the Series 7 exam after training with Nassau-based The Nastac Group.
A Freeport-based call centre set to open this fall yesterday suggested it could createup to 600 jobs, although it will start with 100 or one-sixth of that amount.