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A new car dealer yesterday told Tribune Business that his sales would “go up 30-40 per cent overnight” if the Government would revert back to the industry’s old tax structure, adding that until that happened: “We’ll all be in trouble.”
The BAHAMAS Electricity Corporation (BEC) prefers net billing to net metering, its general manager yesterday pledging that the utility would work with the Government to implement the legislative reforms necessry to facilitate renewable energy growth.
A direct ferry service from South Florida to Bimini is scheduled to start next month, a move the company believes will “open the doors” to the island by bring ing in as many as 1,200 passengers per week.
Bahamian companies with an annual gross turnover of less than $50,000 have been exempted from new laws requiring firms to keep accounting records for five years, as this nation comes into line with the Organisation for Economic Co-Operation and Development’s (OECD) demands.
Compliance will be “one of the greatest challenges” the Bahamas faces in implementing a Value-Added Tax (VAT) or some other form of tax reform, a leading accountant yesterday saying this nation needed to “get serious” about penalising offenders and generating better business data.
A SENIOR financial executive said yesterday that countries such as the Bahamas should look at hedging structures to reduce the impact of crude oil price fluctuations.
The Free National Movement (FNM) had planned to implement a Value Added Tax (VAT) within “two to three years” if it had been re-elected in May 2012, a former Cabinet Minister yesterday saying it would “not have been fooling around with a gaming referendum”.
Bahamian auto dealers yesterday urged Customs to crack down on wrecked and damaged car imports, warning that they were facilitating high levels of vehicle theft.
THE Bahamas Electricity Corporation (BEC) is spending more than $350 million per year on fuel supplies, its general manager telling Tribune Business yesterday that the fuel charge on consumer bills currently accounts for 60-70 per cent of the total.
The Bahamas can become the “21st century International Arbitration seat for the Americas”, a leading practitoner said yesterday, adding that it would take a five-year process for it to establish itself as such.
A leading web shop operator yesterday said the industry’s current financial numbers “don’t mean a hill of beans”, arguing that the sector’s performance would change markedly in a regulated environment,
The Government yesterday estimated that it will recover 80 per cent, or $20 million, of the revenues it loses annually to tobacco smuggling via its Excise Stamp initiative, and disclosed it was looking at similar measures to combat illegal alcohol imports.
A major web shop operator said yesterday he would do everything in his power to ensure that a gaming industry initial public offering (IPO) becomes a reality if the industry is legalised, telling Tribune Business he would be willing to offer as much as a 49 per cent stake in his own enterprise.
The Ingraham administration demitted office in May 2012 after leaving all the Government’s short-term credit facilities “maxed out”, a Cabinet Minister saying borrowing of this nature rose by 78.7 per cent during its five-year term.
A human capital specialist from Deloitte Consulting will be a featured speaker at the Bahamas Financial Services Board’s (BFSB) upcoming International Business & Finance Summit (IBFS) in Bimini.
A Value Added Tax (VAT) will be “less clean” for the Government to oversee due to its several thousand collection points, a leading Bahamian accountant yesterday describing its administration as the “biggest challenge”.
Cable Bahamas’ argument that its basic cable television service should not be included within its Universal Service Obligation (USO) has been rejected by regulators, although they clarified that the latter offering need not be more than six channels.
Bank of The Bahamas International yesterday said neither it nor its merchant clients will not be subject to the ‘28 per cent withholding tax’ that has begun to impact credit card transactions with firms who did not report their non-US status by December 31, 2012.
The Bahamas will likely see “a bit of a push” to comply with the US Foreign Account Tax Compliance Act (FATCA) through an Intergovernmental Agreement (IGA), as this seems to impose less onerous reporting requirements on its core wealth management business.
The Gaming Board, which will be expected to regulate a legalised webshop industry and/or National Lottery, has been “under-funded” for many years, with requests for additional monies falling on deaf ears.
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday warned that new US laws implementing a potential ‘28 per cent withholding tax’ on credit card transactions could have a “devastating impact” on the private sector, as one business told Tribune Business it had seen some $20,000 in payments held back.
EXPEDIA, the world’s largest online travel company, generated more than 140,000 room nights for Bahamian hotels in 2012, a company executive telling Tribune Business this country was its “fastest growing market” last year.
A leading Bahamian airline executive yesterday said he was “most concerned” about the lack of direction and confusing policy statements by government officials over plans for the aviation sector and Bahamasair’s development.
THE Ministry of Tourism is committed to greater investment and involvement in religious tourism, its director-general saying it aimed to grow the sector’s 10-15 per cent share of the Bahamas’ overall group business.
SANDALS executives said yesterday that while they expected some staff turnover when the $2.6 billion Baha Mar resort becomes operational in late 2014, it was confident its strong brand power would sustain the business.