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The Marina Operators of the Bahamas (MOB) interim chief yesterday warned that a 15 per cent Value Added Tax (VAT) could cost this nation hundreds of millions of dollars, effectively “driving business out of the country”.
Brokers, agents, appraisers and developers from throughout the country will participate in the first ever Bahamas Real Estate Association (BREA) Inter-island Webinar & Conference, scheduled for this morning at the Balmoral Club.
Commonwealth Bank’s shareholders have voted unanimously to return all 10 directors to the Board at its Annual General Meeting.
Bahamian tourism is “starving” because it has both failed to develop a unique product, a well-known architect believes, and not invested in creating key “attractions”.
The Bahamas has likely suffered a “minimum” $30 million loss as a result of the heavy flooding that hit New Providence last month, a top insurer has estimated.
A private equity group plans to invest $8 million in upgrading the Nassau Palm Resort after completing the downtown Nassau property’s acquisition on Friday.
Most Bahamian construction firms are staring at a 150 per cent increase in their Business Licence tax rate, a senior industry executive warning the Government it was “trying to kill the goose that laid the golden egg”.
A relaxed workplace can, and will, benefit your business by enhancing job satisfaction and reducing stress. Stress can cause early burnout, health problems, inability to focus and workplace conflicts.
AML Foods is facing a $2 million increase in its annual tax bill due to the Budget, a sum equivalent to 60 per cent of its projected net income.
Around 200 persons have taken advantage of the Government’s real property tax (RPT) amnesty to-date, a Cabinet Minister has disclosed.
RUBIS plans to “ramp up” its brand promotion in the next two to three weeks, as it gets set to re-name 31 Texaco locations beginning this August.
A Bahamian manufacturer is eyeing a “significant” 66 per cent Business Licence fee rate increase as a result of the proposed 2013-2014 Budget changes, although this is more than offset by the sector’s continued import duty exemptions.
The number of Nassau/Paradise Island retailers participating in MasterCard’s Priceless Bahamas programme has increased by 55 per cent since it started in 2008, this year’s version featuring 56 merchants with 70 locations.
MINISTER of Financial Services, Ryan Pinder, yesterday said his ministry was heavily involved in the development of a Bahamian yacht registry, in a bid to create jobs and develop the Family Islands.
The Government has actually increased taxpayer subsidies for some state-owned corporations despite previous indications these could be cut by up to 10 per cent for the 2014-2015 fiscal year.
Baha Mar faces “a lot of pressure” to drive economic and fiscal recovery, a Moody’s analyst yesterday questioning whether there was enough tourist demand to fill the net 2,100 room increase at Cable Beach.
The “national interest” means the Government has no reason to leave the Bahamas Telecommunications Company (BTC) alone, despite its projections of a 129 per cent increase in the dividends it will earn from the carrier.
Standard & Poor’s (S&P) yesterday urged the Government to detail the $162 million in recurrent spending cuts that will enable it to beat 2012-2013 deficit projections, questioning how it had achieved this when revenues under-performed by 11 per cent.
A top businessman yesterday said the Bahamian economy was “poised to have a good inning”, with stock market investors having seen a collective $176 million increase in the value of their investments year-to-date.
The Government’s 2013-2014 Budget “hit a lot of the right notes” for one Wall Street analyst, who yesterday told Tribune Business the plans should prevent the Bahamas’ debt metrics “spiralling out of control”.
The Christie administration is set to smash the $1 billion borrowing mark for its first two years in office, it was revealed yesterday, with the Bahamas likely to hit a 67 per cent total debt-to-GDP ratio by end-June 2014.
A leading businessman yesterday backed the Government’s move to “hit the banks hard” with new and increased taxes, arguing that the Canadian-owned institutions had helped to bring this upon themselves.
The Bahamas Real Estate Association’s (BREA) president yesterday said he was “over the moon” due to the Government’s decision to extend the first-time buyer Stamp Duty exemption for another five years, telling Tribune Business: “It’s Christmas.”
Bahamian new car dealers yesterday warned that the Government’s latest tax proposals would further drive consumers towards used autos, with the constant reforms creating “turmoil” in the market.
The Government yesterday unveiled a “devil’s in the detail” Budget for the 2013-2014 fiscal year, unveiling a 44-strong package of tax reductions and increases that will impact a wide cross-section of the private sector.