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Tax break may help 41,000 homeowners
Prime Minister Perry Christie yesterday said more than 41,000 homeowners could benefit from the Government’s decision to waive real property tax arrears for owner-occupied homes valued at less than $250,000.
Gov’t plans to narrow VAT payment window
The Government yesterday unveiled plans to shrink the Value-Added Tax (VAT) payment window by seven days, and other revenue enforcement measures, amid the numerous tariff rate cuts consistent with a pre-election Budget.
'Madness': 90% of loan requests are consumer
The Bahamas' consumer loan "madness" is making sustainable economic development impossible, as more than nine out of every 10 credit applications fall into this category.
'Little chance' to lower high debt, bad loan levels
The Central Bank of the Bahamas has admitted the current economic climate provides "little opportunity" to reduce high consumer debt and loan delinquency levels, with only 'qualified borrowers' able to access credit.
Just 12% of mortgages finance 'new buildings'
New Central Bank of the Bahamas date has provided a further insight into the sluggish home construction market, with just 12 per cent of mortgage applications involving 'new builds'.
Florida court blocks $7.59m Bahamas ruling
A contractor’s bid to enforce a $7.59 million Bahamas Supreme Court judgment against a major global hotel chain has been blocked by a Florida appeals court, which ruled the latter was not involved in a $1 billion Bahamian joint venture.
Bahamas breaks global standards with jet fuel tax
The Bahamas is breaching international standards by levying 7 per cent import duty on jet fuel, warns a report produced for the Caribbean Development Bank (CDB).
Oil explorer: New fiscal regime does not apply to us
The Bahamas Petroleum Company’s (BPC) chief executive yesterday said the Government’s increased ‘take’ from oil exploration would not apply to its activities, because its fiscal terms were already set.
Baha May delay’s 50% cut to growth
Baha Mar’s delayed opening could potentially slash 50 per cent off the Bahamas’ 2015 economic growth forecast, a well-known businessman has warned.
Gov’t agrees ‘few hundred thousand’ in VAT credits
The Government has approved “several hundred thousand dollars” of Value-Added Tax (VAT) credit refunds, a top official yesterday promising that businesses would not endure “a protracted wait” to receive them.
‘Lessons must be learnt’ from Baha Mar’s chinese woe
Lessons must be learned from Baha Mar’s construction woes to ensure other Chinese-led investment projects avoid similar delays, a leading contractor yesterday noting the same company is poised to begin the British Colonial Hilton’s $200 million redevelopment.
CIBC: Bahamas worst for ‘bad’ mortgages
CIBC’s top Caribbean executive yesterday revealed that the “magnitude” of non-performing home loans in the Bahamas was “greater than anywhere else” in the region, this nation accounting for 50 per cent of the bank’s ‘bad’ mortgages.
Atlantis’s 4.5% Xmas rate rise beats hotel norm
Atlantis has seen a “quite substantial” 4.5 per cent year-over-year increase in average daily room rates (ADRs) for the upcoming peak Christmas/New Year season, a growth rate exceeding industry norms.
Shareholder outrage over ‘no change’ BOB
Bank of the Bahamas shareholders yesterday reacted with outrage over the decision to nominate the existing Board of Directors for re-election, one demanding: “Where does the buck stop?”
Illegal netting threatens $1.5m bonefish investment
A Long Island bonefishing lodge owner says his $1.5 million investment and six jobs are being jeopardised by illegal netting, which threatens to “wipe out” the industry within the next five years.
Trade deficit narrows 9.7%
The Bahamas experienced a 9.7 per cent drop in its trade deficit to $2.554 billion in 2013, largely due to an almost-$300 million fall in its import bill.
Atlantis eyes 100k extra room nights in Marriott tie-up
Atlantis is hoping its 10-year franchise deal with Marriott International will generate an extra 50,000-100,000 room nights per year, its top executive describing the agreement as “the most significant tourism stimulus for the Bahamas this decade”.
Baha Mar avoids damages on $10m 'credit letter'
Baha Mar has reached a legal settlement that prevents a former hotel partner seeking specific damages against it for trying to draw down a $10 million Letter of Credit, although arbitration proceedings remain alive.
Gov't 'good faith' key to Brewery's 100-job growth
Sands Beer’s manufacturer yesterday said its planned $15 million growth strategy, which could more than double its workforce via the creation of “over 100” jobs in the next five-10 years, depends on the Government maintaining the ‘tax advantage’ it holds over its BISX-listed rival.
Pension providers enjoy ‘significant’ 100% inquiry rise
Pension plan administrators yesterday said they had seen a 100 per cent increase in employer inquiries over the past 12 months, describing the surge as “significant” given existing low participation levels.
