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FNM chair: VAT health claims change ‘insane’
The FNM’s chairman yesterday branded the proposal to change the VAT treatment of health insurance claims as “absurd, insane and inane”, warning that it will “destroy” the medical sector if implemented as originally planned.
Increasing $136m outbound transfers cause for ‘concern’
The Bahamas has “reason to be concerned” about the “growing trend” of outbound money transfers that hit $136m in 2022 as it represents incomes that are lost to this nation, it was argued yesterday.
‘The proper action was taken not to land those persons in our country’
KEITH Bell says immigration officials correctly denied two Moldovan models entry to The Bahamas in a case that has sparked international headlines.
FTX US chief bids to cut-off Bahamas
FTX’s US chief yesterday shattered the temporary ceasefire with the Bahamian provisional liquidators by launching a legal bid to deny them access to any assets caught in the crypto exchange’s multi-billion dollar collapse.
‘Everything is on table’ over VAT health claims
The Ministry of Finance’s top official says “everything is on the table” with VAT-related reforms, which could have raised medical costs for thousands of insured Bahamians, now not proceeding prior to the Budget at end-May.
‘Air cargo hub’ ambition for GB’s $200m airport
The deputy prime minister yesterday unveiled a $200m Grand Bahama International Airport redevelopment that aims to ultimately transform the facility into an international “air cargo hub” for the Caribbean and Latin America.
Property value boost drives insurer’s 39% profit increase
A $3.2m gain from revaluing its property assets enabled Bahamas First to shrug off a decline in its core insurance underwriting business and post a 39 percent total comprehensive income increase for the 2022 full-year.
Gov’ts Central Bank debt soars 85% on IMF SDRs
The Government’s controversial borrowing of IMF special drawing rights (SDRs) reversed five years of decline by causing its net debt to the Central Bank to soar by 85.4 percent to $805.6m.
Bahamas could gain $140m from 15% minimum taxation
The Bahamas could earn $140m in revenue from the global tax crackdown on major multinationals, a Cabinet minister disclosed yesterday, while suggesting the initiative is the first step towards “one tax rate for all”.
Living up to nation’s Constitution
Greetings and thank you for the space in your publication to unveil the following events of concern to The Bahamian people, I appreciate it.
‘First in a long time’: Minister hails primary budget surplus
A CABINET minister yesterday hailed the mid-year Budget’s $4.9m primary surplus as “the first in a very long time” and a signal that The Bahamas is no longer having to borrow to pay interest on its existing debt.
Pandemic saw increase in gambling disorders, especially among women
THERE was an increase in gambling disorders during the COVID-19 pandemic with women being the most affected, according to a physician from the Sandilands Rehabilitation Centre.
BISX-listed fund targets storage drive to $100m
A BISX-listed fund is entering New Providence’s warehouse and storage space market to help drive ambitions of more than doubling in scale to some $100m in assets.
‘One rate increase in 50 years is not sustainable’
MONEY owed by delinquent businesses will not save the National Insurance Board fund, Minister of State with responsibility for NIB Myles Laroda said yesterday, adding that many companies that are behind on contributions are small businesses.
Bahamas hits back over OECD ‘non-compliance’
The Bahamas hit back over its sole tax information exchange “non-compliant” rating by the Organisation for Economic Co-Operation and Development (OECD) through arguing the number of countries with complaints was “low”.
Condo hotel tax now takes ‘effect’
The Bahamian resort industry was yesterday said to have “got 90 percent of our asks” over the new condo hotel tax which has now come into effect some eight months after it was first unveiled.
FINCO’s repossessed collateral jumps 30%
Royal Bank of Canada’s (RBC) BISX-listed mortgage arm narrowly beat prior year comparatives with $40m in profits for the year to end-October 2022 following recovery of more than $16m in credit loss provisions.
Chief Justice exposes ‘fronting’ on Bay Street
The Chief Justice has ruled that “illegality was a major part” of a Bay Street retail ‘fronting’ deal involving one of Nassau’s most prominent Greek-Bahamian families.
VAT health claims change ‘may’ not happen April 1
The Government “may not” implement the new VAT treatment for medical insurance claims payouts by its April 1 target, it was revealed yesterday, with the decision hinging on a meeting with healthcare stakeholders later this week.
Laroda again puts case for action on NIB funds
MYLES Laroda, state minister with responsibility for the National Insurance Board, yesterday continued to advocate for increased contributions for the agency’s fund to avoid an $98m loss this year.
