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Deficit's 75% cut hinges on $400m revenue surge

The Ministry of Finance's top official yesterday asserted he is "very confident" the Government will increase revenues by $400m year-over-year, and slash its fiscal deficit by 75 percent, in the absence of new and/or increased taxes.

Forecast 78% deficit slash 'significant ask'

Achieving current projections of a 78 percent year-over-year cut in the Government's fiscal deficit will be "a significant ask" based on existing trends, a governance reformer warned ahead of today's 2023-2024 Budget.

Sir Franklyn's developer in $7.5m battle with MIT chair

Sir Franklyn Wilson's Eleuthera Properties is locked in a legal battle with Massachusetts Institute of Technology's (MIT) chairman emeritus over the latter's bid to exit his $7.5m investment in the Bahamian developer.

'Significant regulatory reform' need on corporate income tax

The Attorney General yesterday acknowledged that corporate income tax is a "novel approach" for The Bahamas and will require "significant regulatory reform" to implement if adopted.

Corporate income tax is 'wrong way around'

The Opposition's finance spokesman yesterday argued that The Bahamas has corporate income tax "the wrong way around" because the proposed reform options are forecast to suck "more money" from the private sector via taxation.

Insurer uproar on Gov'ts 50% investment 'dictate'

Bahamian insurers yesterday blasted the Davis administration for seeking to "dictate" their investment strategy by mandating that a "minimum" 50 percent of their total portfolio be held in government securities.

Four GSSSA soccer champions crowned

CR Walker Lady Knights senior girls victorious

Following a three-year hiatus, soccer finally returned to the field for the Government Secondary Schools Sports Association (GSSSA) this year.

Gas stations argue Business Licence 'further strangles' us

The Bahamas Petroleum Retailers Association's vice-president says he backs the introduction of a corporate income tax to replace Business Licence fees that "further strangle us".

Samuel P Haven Junior High Schools Soccer Nationals

THE Samuel P Haven Junior High Schools Soccer Nationals returned to the Roscow A L Davies soccer field for the third consecutive day. Yesterday’s trio of games saw the girls of Lyford Cay International School take on the Anatol Rodgers Timberwolves.

Bank shrugs off $2.8m fee rise to 'beat target by 54%'

Commonwealth Bank yesterday revealed its $19.58m first quarter profits "exceeded expectations by 54 percent" despite having to contend with a more than one-third year-over-year increase in licence fees.

Craig Flowers and FML face winding-up petition

FML's ex-chief operating officer has filed a Supreme Court petition to have the web shop chain wound-up as his five-year legal battle with Craig Flowers escalates into a new phase.

Corporate tax plan 'dead on arrival' unless wider reform

The Government's corporate income tax consultation will be "dead on arrival" if it does not involve a "holistic" approach to comprehensive Bahamian tax reform, a prominent banker warned yesterday.

Super Value president: 'Things aren't flowing'

Super Value's president says that, while profit-based taxation "would be favourable" for food retailers, the Government must first prioritise the ease of doing business because "things aren't flowing like they should".

Revenue surge to $274m via corporate tax switch

The Government could near-double pre-COVID business taxation revenues if it were to implement a 15 percent corporate income levy across-the-board on all entities bar those generating less than $500,000 in annual turnover.

CORPORATE TAX PLAN REVEALED: Govt favours proposal of 10-12 percent rate for most businesses

The Government is leaning towards reforms that will see most Bahamas-based businesses pay a "modest" corporate income tax of either 10 or 12 percent with the only exception being small firms earning less than $500,000 annually.

DPM urges Atlantis: 'Put money where mouth is'

The Deputy Prime Minister yesterday invited Atlantis to “put their money where their mouths are" and team with the Tourism Development Corporation to help drive downtown Nassau's revival.

GSSSA sudden death playoffs underway

With the soccer nationals looming in the background, the junior and senior teams sudden death playoffs kicked off yesterday for the Government Secondary Schools Sports Association (GSSSA).

Elon Musk's Starlink will 'raise bar' in Out Islands

Family Island companies yesterday voiced optimism that Elon Musk’s Starlink satellite Internet service will “raise the bar” by giving them access to more reliable and affordable communications that are essential to their competitiveness.

Cable 'accelerates' fibre due to Elon Musk threat

Cable Bahamas is "accelerating" the roll-out of its fibre-to-the-home network infrastructure in response to the competitive "threat" posed by Elon Musk's Starlink, its chief executive revealed yesterday.

WORLD VIEW: Decimation of vulnerable nations inevitable if global warming continues on present trend

JOHN Kerry, former US Secretary of State and current US Special Envoy on Climate Change matters, told the world’s Ambassadors at a meeting in Washington, on May 10, that “there is no way” of keeping the rise in global temperatures to 1.5 degrees Celsius unless CO2 emissions are drastically reduced.

The Tribune

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