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Gov't eyes $138m spending slash

The Government is moving to cut recurrent spending projections by 5.6 per cent for the current fiscal year to compensate for a $120 million drop in revenues, with a Wall Street analyst yesterday saying execution would be “key” if it was to hit is deficit/debt reduction targets.

CIBC eyes lay-offs for 10% staff cost cutting

CIBC FirstCaribbean International Bank (Bahamas) last night warned lay-offs were imminent as the bank moves to cut regional staffing costs by 10 per cent, with at least 12 employees having already accepted voluntary separation packages to-date.

Texas energy billionaire targets Chub Cay purchase

A Texan billionaire who last week hit the headlines with a $6 billion energy deal has struck an ‘agreement in principle’ to purchase the Chub Cay resort development in the Berry Islands.

Domestic aviation VAT is branded 'suicide'

FAMILY Island resort/hotel operators yesterday expressed serious concern that a 15 per cent Value-Added Tax (VAT) on domestic aviation would increase access costs and drive away visitors, one describing the move as “suicide”.

Bahamas 'can't survive with 1.8-2.5% growth'

The Bahamas cannot tax its way out of its economic malaise, a top QC has warned, adding that this nation “will not survive with growth rates of 1.8-2.5 per cent”.

Insurers avoid 25% VAT cover drop-off

The Government’s decision to ‘exempt’ property and casualty insurance from Value-Added Tax (VAT) has prevented an estimated 25 per cent fall-off in coverage, which would have been “catastrophic for the Bahamian public”.

Port chiefs misconstrued over VAT 'bullet dodge'

Freeport has mistakenly interpreted comments by the Grand Bahama Port Authority’s (GBPA) chairman and president into believing it has “dodged the bullet on VAT”, something the private sector says is incorrect.

Gov'ts payroll tax debunking 'disingenuous'

A Tax Coalition co-chair is arguing that the Government’s attempts to debunk its payroll tax alternative are “disingenuous”, because it was never meant to match the $500 million gross revenues projected from Value-Added Tax (VAT).

Brewery's concern on VAT 'price disruption'

Commonwealth Brewery has pledged to avoid “severe price disruption” to its Bahamian manufacturing and import operations from Value-Added TAX (VAT), its managing director warning that the reform needed “careful management”.

Gov't: No 'immediate' business licence fall with VAT introduction

A senior official yesterday confirmed that the Government has dropped immediate plans to lower Business Licence fees to a nominal annual $100, as it wants to first assess how Value-Added Tax (VAT) performs post-implementation.

10% VAT-induced inflation branded 'an exaggeration'

A senior Ministry of Finance official has described estimates that the proposed Value-Added Tax (VAT) would increase consumer prices by around 10 per cent as an “exaggeration”, with the Government set to imminently release its own projections.

BTC: Foreign-owned, but Bahamians in charge

ON THIS page today, a letter, signed only as “See the Danger”, questions not only the morality of selling Bahamas Telecommunications to a foreign company, but also the legality of such a sale.

Super Value chief: $200 minimum wage acceptable

Super Value’s owner yesterday said he could accept a 33 per cent increase in the weekly minimum wage to $200, agreeing that “nobody can live” on the existing $150 per week.

Gaming 'double taxed' if subjected to VAT

A leading accounting firm has warned that casino gaming would be subject to “double taxation” if it was made ‘VAT-able’, undermining the industry’s competitiveness and ability to attract world-class tournaments.

Iesha best junior female player in Bahamas for second consecutive year

IESHA Shepherd can lay claim to being the best junior female tennis player in the country for the second consecutive year.

The Bahamas is becoming increasingly unequal

Nellie Day – remember her? She wrote an article claiming that the majority of Bahamians live in shacks made of straw and wood, while a wealthy elite can afford mansions made of concrete, strong enough to withstand a hurricane.

Why VAT is 'most attractive' option

By John S. Bain Managing partner at UHY, Bain & Associates

SPORTING MISCHIEF & MAYHEM: The day Wilt the Stilt and the Bears made their point

CHRISTMAS is fast approaching - the equivalent of the Super Bowl for ‘shopaholics’ like my wife.

Gov’t set to launch $100m BGS bonds

The Government will next week launch the first $100 million Bahamas Government Stock (BGS) offering of its 2015-2016 fiscal year, with the interest yields on offer “slightly lower” than the inaugural programme.

Gov’t warned: Don’t ‘eradicate headroom’

The Government was yesterday urged by a former finance minister to ensure it does not “eradicate any borrowing headroom” should a national emergency strike.

The Tribune

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