October 30, 2018
Marlon Johnson
Stories this photo appears in:
Customs ‘will operate within the law’ on GB
The Ministry of Finance’s top official has pledged that Customs will make whatever adjustments are necessary to ensure its Click2Clear system “operates within the law” in Freeport and wider Grand Bahama.
‘Very confident’ of hitting fiscal goals while deficit triples
The Ministry of Finance’s top official yesterday said the government remains “very, very confident” it will meet this fiscal year’s $1.327bn deficit target after running up $878m in “red ink” year-to-date.
Gross govt borrowing leaps four-fold to $2bn
The government’s gross borrowings leapt four-fold year-over-year to more than $2bn during the six months to end-2020, it was revealed yesterday, exceeding what was projected for the full fiscal year.
Gov'ts reversal over 'substance' file compliance
The Government made an abrupt about-turn within 48 hours in extending the deadline for corporate Bahamas to comply with "substance reporting" demands by one month to end-January 2021.
Gov't targets end March for COVID expenditure halt
The Government is predicting that it will be able to end all COVID-19 assistance initiatives by end-March 2021 - a forecast that a top official yesterday admitted is "fraught with risk".
'Taxing' to hit $100m Gov't spending cuts
The Ministry of Finance's top official yesterday admitted it will be hard-pressed to achieve the $100m in recurrent spending cuts it is targeting over the next six months, conceding: "It will be very taxing."
Patron winnings tax 'on a game, not Bahamians'
The Ministry of Finance's top official yesterday argued that the imminent web shop patron winnings tax is a levy "on a specific type of game" rather than an attempt to discriminate against Bahamians.
$1.5bn debt repayment in a year? 'No problem'
The Ministry of Finance's top official yesterday said he "foresees no challenge" over the Government meeting almost $1.5bn in debt principal repayments coming due within the next 12 months.
Sovereign default 'outside the realm' of fiscal possibility
A top Ministry of Finance official has dismissed assertions by a top Caribbean economist that The Bahamas is at risk of a sovereign debt default as early as 2021 as "outside the realm of fiscal possibilities".
Extra $225m raise 'signals confidence'
The Government last night said it exploited "more favourable market" conditions to "re-open" its recent $600m bond and raise a further $255m in US dollars at a lower interest rate.
Bahamas faces 'now or fail' predicament
The Economic Recovery Committee's (ERC) co-chair yesterday said none of its proposals will cure The Bahamas' ills by themselves, amid warnings that the country must "reform now or fail".
Work visa not planned as true 'needle mover'
The Economic Recovery Committee's co-chair yesterday said the proposed work/study visa was "never intended to be a needle mover" that would replace lost multi-billion tourism earnings.
'Substantial appetite' anticipated for visa despite Barbados lag
The Economic Recovery Committee’s co-chair yesterday predicted there will be “substantial appetite” for The Bahamas’ proposed annual work/study visa even though it lags rivals such as Barbados. Marlon Johnson, who is also the Ministry of Finance’s a
Web shop taxes set to generate 43.5% increase
The government is betting that the “full effect” of the revised web shop gaming tax structure will generate a 43.5 percent year-over-year increase in the upcoming fiscal year, a top official said yesterday. Marlon Johnson, the Ministry of Finance’s
Govt halts $130m civil service spend
The government has halted the $130m initiative designed to upgrade civil service skills and transform its delivery of public services to the Bahamian people, the 2020-2021 budget reveals.A close examination of the government’s spending allocations re
VAT, business licence filings back to April 15
The government has pushed back the deadlines for March’s VAT filings and business licence fee payments until April 15, a senior official confirmed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business
Finance experts unsure how economy will react to impact of coronavirus
THE government’s finance experts don’t know exactly how the country’s economy will react to global fall out from the coronavirus, but officials are working on several internal models taking into account worst-case scenarios.
Govt revenue 'holding' as January falls $10m
The Ministry of Finance’s top official yesterday said it was “encouraged that revenue collections are holding up” despite a $10.3m year-over-year decline in January. Marlon Johnson, the acting financial secretary, told Tribune Business that the init
'Slow ramp up': Tax cheat combat unit collects first $15m
The Ministry of Finance’s top official yesterday said the government had expected a “slow ramp up” by its tax compliance enforcers after the unit collected just $15m in the 2019-2020 first half.
$130m VAT increase allays fears over hike
The $130m year-over-year increase in first half VAT revenues proves that the 12 percent rate hike has “not dampened” consumer spending, a top Ministry of Finance official argued yesterday. Marlon Johnson, the Ministry of Finance’s acting financial s
$200m tax breaks drive revenue fall
A “sizeable proportion” of the $232.55m in foregone Dorian revenues relates to recovery zone tax breaks, the Ministry of Finance’s top official confirmed yesterday, Marlon Johnson, the acting financial secretary, said the government had taken “a ver
Merchants in Xmas clearance scramble
Bahamian merchants were yesterday scrambling to clear last-minute Christmas shipments due to combination of bad weather and compliance issues with Customs’ new system. Tribune Business was told that some companies had run into the perfect storm as d
Tax evaders told: 'Your time is up'
The Ministry of Finance’s top official yesterday warned invoice fraudsters and tax evaders that their time is up, as he pledged: “The days of friend and favour are over at the border.” Marlon Johnson, pictured , acting financial secretary, said ther
Recovery Zone uncertainty fuels govt 'confidence loss'
The government is today expected to clarify the “confusion and frustration” surrounding the post-Dorian Economic Recovery Zones, amid warnings that the uncertainty is fuelling “a loss of confidence”. Marlon Johnson, the Ministry of Finance’s acting
Solving Customs system woes 'a matter of weeks'
The Ministry of Finance’s top official yesterday voiced optimism that the problems with Customs’ new electronic system will be largely resolved “in a matter of weeks” and “fade quickly into the past”.Marlon Johnson, its acting financial secretary, ad
Top official forecasting jobless rate over 13%
The Ministry of Finance’s top official yesterday forecast that the national unemployment rate could surge back to over 13 percent next year due to the economy shrinking from Hurricane Dorian.Marlon Johnson, the acting financial secretary, gave the gr
Dorian to drive national debt to near $9bn
The Ministry of Finance’s top official last night said Hurricane Dorian had reinforced “why fiscal discipline is so important” even though it is set to drive the national debt to almost $9bn. Marlon Johnson, the acting financial secretary, told Trib
Govt unveils 'fundamental reset' for public contracts
The government last night unveiled draft legislation representing a “fundamental reset” of its public procurement processes in a bid to save taxpayers millions and aid small businesses.Marlon Johnson, the Ministry of Finance’s acting financial secret
$100m disaster loan drawdown 'within 2 weeks'
The government will make its first drawdown on the $100m Inter-American Development Bank (IDB) disaster recovery loan facility “within the next two weeks”, a top official has confirmed. Marlon Johnson, the Ministry of Finance’s financial secretary,
Customs gamechanger in switch to Click2Clear
CUSTOMS officials said yesterday they had reached a “major milestone” having integrated New Providence seaport to the Click2Clear Portal which will become its primary processing system on September 1.Superintendent Tyrone Sands, underscoring the impo
'Very confident' on Nassau handling Customs reforms
The Ministry of Finance’s top official is “very confident” that next month’s roll-out of Customs’ new system on New Providence will be “manageable” despite concerns voiced elsewhere.Marlon Johnson, acting financial secretary, told Tribune Business th
'Well beyond time': Realty VAT paid online this year
The Ministry of Finance’s top official yesterday pledged that VAT on real estate sales will be payable online during this fiscal year, adding: “It’s well beyond time to go digital.” Marlon Johnson, acting financial secretary, told Tribune Business t
Govt makes good on property tax u-turn
The government is reversing taxation policy that threatened to destabilise the Bahamian second home market with legal reforms tabled alongside the 2019-2020 budget.
No $480m property tax arrears write-off
The government has no plans to write-off its $480m in real property tax arrears and will “pursue” all delinquents “with vigour”, its top finance official warned yesterday.
‘Discretion’ in name switch tax dodgers clamp down
The government has introduced “discretion” into the crack down on corporate tax cheats who seek to evade their liabilities by reincorporating under a different vehicle or name.
Nassau property tax crackdown eyes $21m
The government is targeting a minimum $21m in extra annual revenue through a “world class” real property tax system that captures every home and commercial building on New Providence.
Mid-May launch for $100m tax offensive
The Ministry of Finance’s top official yesterday said its Revenue Enhancement Unit (REU) could reclaim up to $100m per annum from tax dodgers once it begins operations in mid-May.
‘We won’t use up $108m headroom’
The Ministry of Finance’s top official yesterday voiced optimism that the government will not squander the “$108m headroom” created by the fiscal third quarter’s $40m budget surplus.
Top official eyes ‘promising’ rich revenue quarter
The Ministry of Finance’s top official yesterday revealed collections in the current “revenue-rich” quarter were “promising”, with the government’s fiscal “game plan” firmly on target.
Customs moves on registration concern
Customs is moving to ensure the one-time registration for its new automated system is as “efficient and seamless” as possible following multiple complaints of delayed import clearances.
Govt admits work left on VAT refunds
The government does not have the VAT refund process “down pat like we should”, a top official has admitted, although “some headway” was being made.
Govt uses up 73% of full-year deficit
The government was last night said to be confident there will be “no deviation” from its $237m full-year deficit target despite incurring almost three-quarters of this sum in the first six months.
Fraudulent invoices hit 29% of Bahamas trade
The Ministry of Finance’s top official yesterday admitted there is “substantial” revenue loss from fraudulent invoices that are impacting up to 29 percent of The Bahamas’ trade.
Govt ‘beating’ its business licence goal
A top Ministry of Finance official yesterday said the government is already “beating” its five-day business licence turnaround pledge amid “kudos” from the private sector for the improvement.
Christmas miss on CLICO payout
CLICO (Bahamas) clients are unlikely to receive a much-needed Christmas gift after a top government official yesterday confirmed their latest payout is unlikely to be made in time.
No more NIB letters for business licence
The Government has eliminated the need for companies to provide upfront proof of National Insurance Board (NIB) compliance before they can obtain business licence renewals.
Deficit overshoots DPM’s final prediction by $105m
The Government’s 2017-2018 fiscal deficit overshot the deputy prime minister’s year-end forecast by $105m due to a late spending “ramp up”, a top official admitted yesterday.
‘A sea change’ for fiscal accountability
The first-ever fiscal strategy report was yesterday branded “a sea change” that will hold current and future administrations to account for their stewardship of The Bahamas’ finances.
'Stealth' corporate tax fear on licence fee regulations
The Ministry of Finance’s top official yesterday “categorically rejected” fears that the new business licence regulations are the first step towards implementing a corporate income tax regime.Marlon Johnson, the financial secretary, told Tribune Busi
Top official: Shoddy accounting justifies new licence regime
THE Ministry of Finance’s top official yesterday defended the new business licence regulations on the basis that too many companies’ financial statements “do not stand up to scrutiny”.Marlon Johnson, pictured, the financial secretary, said this was t
Govt: 'No party yet' as VAT slashes deficit 52%
The Ministry of Finance’s top official yesterday said it was “not preparing to throw a party just yet” despite increased VAT revenues driving a 52 percent cut to the Government’s fiscal deficit. Marlon Johnson, acting financial secretary, told Tribun
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment
Or login with:
OpenID