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Financial industry in confidentiality ‘tsunami wave’
Government ministers were yesterday accused of unleashing “a tsunami wave” that threatens to swamp the Bahamian financial services industry by publicly releasing confidential information belonging to the Save the Bays.
‘Patently false’: Bahamas not violating tax rules
A former finance minister yesterday slammed as “patently false” suggestions by a prominent tax advocacy group that the Bahamas is “disregarding the rules” and flouting global information exchange and transparency standards.
Removers owned last guardian for Hayward trust
The sole remaining guardian for the late Sir Jack Hayward’s trust, which holds his family’s 50 per cent Grand Bahama Port Authority (GBPA) stake, is owned and controlled by the same individuals who engineered the removal of all other trustees.
Gov’t ‘exhausts’ 95% of deficit projection
The Government used up 95 per cent of its projected 2015-2016 full-year deficit within the first five months, the Chamber’s chairman arguing this shows the Bahamas cannot escape its fiscal predicament via new taxes alone.
Abaco Club dock to take near 20% of Little Harbour
Environmentalists fear the Abaco Club’s proposed 44-slip dock is “disproportionately large”, and will undermine the existing tourism business for one of the island’s most self-sufficient communities.
Bran says: ‘No success in VAT’
The Democratic National Alliance’s (DNA) leader yesterday asserted that “there is no success in Value-Added Tax”, arguing that Bahamians were now “paying” for successive governments’ fiscal mismanagement.
Auditor-General blasts key revenue agencies’ IT management woes
The Government’s two key revenue-generating agencies are unable to rebound quickly if struck by a major disaster, the Auditor-General warning that they “are not effectively managing their [IT] systems”.
Bahamas to host World Relays in 2017
ON the eve of hosting the IAAF/BTC World Relays Bahamas 2015, International Amateur Athletic Federation (IAAF) President Lamine Diack announced that the Bahamas will be awarded the third edition when the event shifts to biannual one with the next hosting in 2017.
BOB ‘owes’ revival strategy disclosure to its shareholders
Bank of the Bahamas “owes it to its shareholders” to publicly release its turnaround strategy, one outspoken investor warning it was “of the utmost importance” this be done without further delay.
Follow NIB: Haul property tax delinquents to court
The Bahamas will enjoy a far higher real property tax compliance rate if the Government were to follow the National Insurance Board’s (NIB) lead and prosecute delinquent payers through the courts, a top private sector executive said yesterday.
Banks to ‘double’ VAT recovery.... to just 10%
The Bahamian banking industry is hopeful it might be able to recover ‘double’ the amount of Value-Added Tax (VAT) inputs than previously thought, as one institution yesterday revealed its total tax burden will increase by $6-$7 million in two years.
Lady Truckers take the title
With another blowout victory, the Johnson’s Lady Truckers put the finishing touches on their fifth New Providence Women’s Basketball Association championship crown at the DW Davis Gymnasium last night.
Top QC: Reduce debt ratios to pre-crash level
A top QC yesterday warned it was vital that the Government allocate a “significant amount” of tax revenues to paying down the $6 billion national debt, arguing that its priority had to be reducing the debt-to-GDP ratio to pre-2008 recession levels.
Broker in new battle with SEC
US federal regulators are embroiled in a new dispute with a former Bahamian broker/dealer and its principal - this time over the location where they should give their sworn testimony.
CIBC promises to expand Bahamas Mortgage centres
CIBC FirstCaribbean plans to open more dedicated ‘Mortgage and Loan’ centres in the Bahamas this year following the inaugural location’s “tremendous success”, its regional chief executive pledging further investment in this nation.
PM touting $600m GDP growth under his Gov’t
The Prime Minister yesterday touted IMF projections showing the Bahamas’ real economic output will expand by $600 million under his administration, while admitting the economy is still not growing fast enough to “absorb” a rapidly-expanding labour force.
‘It doesn’t jive’: Gov’t spending outpaces revenue
THE Government’s recurrent spending continued to grow at a faster rate than revenues during the 2014-2015 Budget year’s first half, with the Opposition yesterday arguing that the Prime Minister’s optimism “doesn’t jive” with the fiscal reality.
Gov't yet to keep Freeport tax roll back promises
The Government has yet to keep its promise to completely roll back the 2013-2014 Budget tax/fee increases imposed on Freeport, with the city’s private sector still “living at the whim of the Government”
Government to miss VAT registration goal
The Government will likely miss its November 30 target for registering all mandatory Value-Added Tax (VAT) paying businesses, a Task Force co-chair yesterday saying the process would not be completed until after the tax’s January 1 implementation.
Gov’t share already ‘embedded’ in oil explorer’s licence
The Government yesterday unveiled plans to “maximise” its revenue share from oil exploration activities, although it is unclear whether its increased take will apply to the current licensee.
