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$30m VAT redistribution shows tax’s ‘inefficiency’

A well-known businessman yesterday suggested that the Government’s plan to redistribute $30 million in Value-Added Tax (VAT) revenues to prevent it from increasing poverty levels exposed the “inefficiency” of its preferred tax reform option.

VAT ‘Death sentence’ fear for new housing projects

The Government’s proposal to make residential real estate sales ‘exempt’ from Value-Added Tax (VAT) could have “very serious” implications for property developers, Tribune Business was told yesterday, one describing it as “a death sentence”.

YOUNG MAN'S VIEW: VAT roll-out will be a mess

THE rollout of the new Value Added Tax regime is seemingly setting up to become an unholy mess!

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”.

Poorest Bahamians face 11% spend cut without VAT net

The poorest Bahamians would face an 11.2 per cent spending/disposable income cut over 10 years as a result of Value-Added Tax (VAT) if no ‘social safety net’ is provided, with poverty levels increasing in line with the tax rate.

VAT 'almost as large as Y2K'

Value-Added Tax (VAT) at the Government’s proposed rate would grow the Bahamian economy by 16.5 per cent over 12 years, an Inter-American Development Bank (IDB) study has shown, despite one businessman yesterday likening the confusion over the new tax to Y2K.

FDI's current account share to fall to 50%

Foreign direct investment (FDI) will finance “close to” 50 per cent of the Bahamas’ current account deficit in the near-term, a Wall Street rating agency has projected, down from historical levels.

Fiscal deficit falls 46% in first quarter

The Government’s fiscal deficit was slashed by almost 46 per cent to $78.1 million for the first quarter of its 2013-2014 fiscal year, even though the Bahamian economy continues to face “significant headwinds”.

VAT may increase poverty levels

POVERTY levels in the Bahamas could rise with Value Added Tax without safety net programmes in place, a new study by the Inter-American Development Bank has revealed.

Shamar work in progress for Ridley College Tigers

SHAMAR Burrows may be a work in progress for the Ridley College Tigers, but he showed Tuesday night he has plenty to work with.

'Imbalanced' criteria cuts Bahamas off from WTO grant assistance

A Cabinet minister has called for the Bahamas to receive grants and ‘soft’ loans to assist its integration into global trading regimes, arguing that an “imbalanced” criteria was being used to exclude it from such aid.

Bahamas faces recession if consumer 'can't absorb' VAT

The Bahamas will fall back into economic recession if consumers are unable to absorb Value-Added Tax’s (VAT) inflationary impact, a co-chair for the private sector’s Tax Coalition warned yesterday.

Gov't increasing VAT energy exemption 150%

The Government is aiming to increase the Value-Added Tax (VAT) ‘exemption’ threshold for electricity bills by 150 per cent to 500 kilowatts per month, Tribune Business was told yesterday, a move likely to cover 50 per cent of residential customers.

Bahamasair: 20% of subsidy pays off Gov't bills

More than 20 per cent of the $23.476 million taxpayer subsidy granted to Bahamasair in fiscal 2011-2012 went on a money ‘merry go round’ to pay bills the airline owed to its Government shareholder.

$50k VAT real estate threshold questioned

A top realtor yesterday questioned why a lower $50,000 Value-Added Tax (VAT) threshold was being applied to real estate investors, calling for a uniform $100,000 benchmark to be applied “across the board”.

Exemptions can't hit VAT's revenue goals

The Government’s Value-Added Tax (VAT) revenue goals mean that any decision to ‘exempt’ a particular good or service will require it to impose the 15 per cent levy on another sector, a top Ministry of Finance official implied yesterday.

Freeport Harbour in major redevelopment

A proposed oil recovery plant has agreed to expand its footprint by 20 per cent as part of a major redevelopment of Freeport Harbour, Tribune Business can reveal.

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”.

BEC generation IPO 'within 36 months' of deal

An initial public offering (IPO) of shares in the Bahamas Electricity Corporation’s (BEC) generation business will occur “within 36 months” of its part-privatisation, Tribune Business can disclose.

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”.

The Tribune

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