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Ex-finance minister: Make VAT 'no more' than 7.5%
The proposed Value-Added Tax (VAT) rate should be “no more” than 7.5 per cent, a former finance minister argued yesterday, telling Tribune Business it would be “impossible” to properly implement the new tax by the July 1 target date.
Controversial taxes to raise extra $68.5m
The Government is aiming to raise a collective $68.5 million in extra revenue this fiscal year from some of its more controversial Budget increases, amid suggestions yesterday that global banking reforms had contributed to the external reserves slippage.
CIBC in $12.2m downsizing hit
CIBC FirstCaribbean International Bank (Bahamas) has taken a $12.2 million one-time hit over the restructuring plan that will ultimately make 66 staff redundant, with some $5.953 million allocated to severance pay alone.
Colina reveals 21% profit rise
COLINA Holdings (Bahamas) Limited enjoyed a 21.4 per cent year-over-year increase in net income, and a $22.3 million asset base growth 2013.
Web shop legalisation 'alters economic order'
A leading businessman believes the legalisation of web shop gaming will be “a game changer” for the Bahamian economy and government finances, and called on ‘legitimised’ numbers operators to help “self-police” the sector.
Gov't to collect just over half initial VAT goal
The Government will realise just over half of its projected Value-Added Tax (VAT) net revenue increase in the first year, the International Monetary Fund (IMF) has warned, with forecast increases in Customs and real property taxes also over-optimistic.
Baha Mar failure would need 'more aggressive' fiscal restructuring
A failure by Baha Mar to deliver on the projected 10 per cent stopover arrival increase is among the greatest risks facing the Bahamian economy, the International Monetary Fund (IMF) warning that expected 2.8 per cent economic growth in 2015 would “not materialise” if this occurred.
Gov't to strengthen consumer protection over VAt 'price gouge'
The Government will strengthen the Consumer Protection Department to ensure Bahamians are not exploited by businesses illegally collecting Value-Added Tax (VAT) from their customers, Ministry of Finance official Lucine Mingo told teachers at Government High School recently.
Accountant slams Business Licence fee 'disaster'
A top accountant yesterday urged the Government to replace the “disastrous” Business Licence fee with a corporate income tax, warning that the current system discouraged growth and investment.
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).
GB Chamber calls for income tax alternative
The Grand Bahama Chamber of Commerce has urged the Government to implement an income tax as a more equitable and progressive alternative to Value-Added Tax (VAT), with both personal and corporate income caught in the net.
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.
400 jobs may go, warns store owner
Super Value’s owner has warned that a 400 person lay-off may be “coming down the pipeline” across his various food retail interests unless the Government relents over its Value-Added Tax (VAT) proposal, plus Price Control and other recent tax increases.
Gov't: 20-25% payroll tax for VAT match
The Government would have to implement the private sector’s favoured payroll tax at a rate between to 20-25 per cent to hit its revenue targets, the Financial Secretary saying this meant the average Bahamian worker would see more than $200 per month taken from their salary.
Scotiabank beats target with 20% net income rise
Scotiabank (Bahamas) yesterday said it had “exceeded expectations” with the almost-20 per cent year-over-year net income increase it enjoyed in 2013, with the improvement largely driven by “stabilisation” in its non-performing loan portfolio.
Tax co-chair queries 'immediate' end to $300m Customs duties
A Tax Coalition co-chair yesterday questioned why the Bahamas was rushing to “immediately” replace $300 million worth of Customs duties, when the rules-based trading regimes it is joining allow such change to be phased in.
Payroll tax 'disastrous' for new jobs
A Cabinet minister yesterday slammed the private sector’s payroll tax proposal as “disastrous” for job creation, suggesting the Government would require a rate higher than 5 per cent.
Outrage over Wall Street pay, but shrugs for Silicon Valley?
Big paydays on Wall Street often come under laserlike scrutiny, while Silicon Valley gets a pass on its own compensation excesses. Why the double standard?
Against new captive dolphin facilities
I am writing to offer EARTHCARE’s unequivocal support to reearth with respect to the Blackbeard’s Cay Judicial Review case.
'Sochi under the sun' as Exuma hosts mini Olympics
THE Bahamas, and Grand Isle Resort & Spa in Great Exuma, shared an unusual world first last week when professional hockey players, Olympians and hotel guests faced off in a road hockey game on the tiny island of Farmer’s Cay.
