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RBC Wealth Management, located at Lyford Cay, has been recognised as the best provider of private banking services in the Caribbean, according to Euromoney, a global banking publication.
A well-known consultant yesterday said long-planned small business development legislation would be “like a 40th anniversary gift to the Bahamas” if it was brought into law, as the Government works “feverishly” to get it enacted
Bahamian suppliers are “amazed” that the Public Hospitals Authority (PHA) has effectively accused their entire industry of employing “unethical business practices”, despite them accepting profit margins well below the permitted 32 per cent contract maximum.
THE Bahamas Telecommunications Company (BTC) is set to invest several million dollars in building-out 15-18 new cell phone tower sites nationwide within the next 14-18 months, having already switched 25 per cent of its fixed-line customers over to the Next Generation Network (NGN).
CONSTRUCTION work on stage three of the Lynden Pindling International Airport (LPIA) is 40 per cent complete, with more than $12.8 million having been injected into the Bahamian economy through the procurement of local services.
INVESTMENT analysts are intrigued by the now-defunct Bahamas Supermarkets’ decision to hold a shareholder meeting today, with most anticipating it is intended to complete the company’s formal winding-up and dissolution.
PLANS to implement a Value-Added Tax (VAT) by July 2014 are “overly aggressive”, the Bahamas Chamber of Commerce’s (BCCEC) chief executive has warned, arguing that the private sector be given “at least two years” to prepare if the new tax is to work “properly”.
WE have often heard that the only thing constant in life is CHANGE.
REVIEWS of draft Bills that will create a Credit Bureau and bring Bahamian credit unions under the regulatory supervision of the Central Bank of the Bahamas will both be complete “in the coming months”, the latter’s Governor told Tribune Business.
A Panama-based logistics provider has expressed interest in establishing a Freeport-based warehouse to serve the North American market, with Grand Bahama Port Authority (GBPA) officials moving to build on the recent Trade Mission to that nation in discussions with other entities.
The owner of Freeport’s Circle Mall yesterday described the Supreme Court’s decision to “dismiss” an application to place it into court-appointed receivership as “my birthday present”.
The US Government cannot seize $8.106 million in assets that belonged to convicted con man, Derek Guise Turner, because they had already been declared the “property” of Loretta Butler-Turner’s family and other defrauded Bahamian victims.
A $265 million decline in year-over-year net foreign investment (FDI) into the Bahamas is not as bad as it seems, the Central Bank’s governor yesterday saying that stripping out the BTC privatisation proceeds produced a more “modest” 7.6 per cent fall.
The Government’s fiscal plans will eliminate just its recurrent - not the total - deficit, a Cabinet Minister yesterday explaining this would still be “a major step forward” if achieved.
A CABINET Minister yesterday called Bahamian attorneys to “raise the level of commercial practice”, backing the notion that permitting foreign specialist attorneys to practice from this nation would boost the financial services industry.
A LEADING businessman yesterday said the Government must have a serious plan to collect all revenue due under a Value Added Tax (VAT) system, citing the $400 million-plus owed in outstanding real property tax (RPT) as a “classic example” tax collection ineptitude.
POTENTIAL first-time home buyers were yesterday urged to “act now” and capitalise on the first-time buyer Stamp Duty exemption, the Bahamas Real Estate Association’s (BREA) president telling Tribune Business: “There is no guarantee it would be in place tomorrow”.
A FORMER Bahamas Chamber of Commerce president said yesterday it was “not at all surprising” that some 35,000 properties that should be subject to real property tx (RPT) assessments were not in the Government’s database, again calling for this tax’s collection to be outsourced to the private sector.
A former Bahamian Cabinet Minister has partnered with international investors in a bid to either acquire the South Ocean Resort or its casino licence, Tribune Business can reveal.
THE Government is proposing to implement a Value Added Tax (VAT) on July 1, 2014, at a rate of 15 per cent, the Minister of State for Finance said yesterday, adding that the hotel industry would be subject to a lower 10 per cent rate.
AROUND one-third of the properties that should be subjected to Real Property Tax assessments are not in the Government’s database, it was revealed yesterday, with 25 per cent of those that are benefiting from the ‘owner-occupied’ exemption.
More than 80 per cent of Bahamian companies, numbering more than 15,000, will not be mandated to pay Value Added Tax (VAT), with financial services and health/education among the industries exempt from paying it.
The Bahamas’ two leading communications operators have urged the Utilities Regulation & Competition Authority (URCA) to move rapidly to alter retail pricing regulations they slammed as “invasive, arbitrary and expensive”.
The Public Hospitals Authority (PHA) yesterday reiterated that it had no policy to exclude Bahamian medical equipment and pharmaceutical suppliers from its Critical Care Block expansion tenders, stating it had spent almost $124 million with local distributors over the past five years.
THE Government is proceeding with plans to establish a Central Revenue Agency (CRA) that will collect all taxes bar Customs duties, a Cabinet Minister saying that together the two departments would receive 90 per cent of all due revenues.