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VAT clarity sought over commercial property sales

A top realtor has urged the Government to clarify whether it plans to levy 15 per cent Value Added Tax (VAT) on commercial real estate transaction prices, after this was dropped as an ‘exempt’ item in the latest draft Bill.

VAT 'very dangerous' if no public buy-in

A top QC has warned it will be “very dangerous” for the Government to impose Value-Added Tax (VAT) without widespread public support, as it was “not the right fit” for the Bahamas at this time.

TOUGH CALL: The battle against obesity

THERE is a move afoot to make welfare in the Bahamas conditional on taking steps to reduce obesity, eat better, get regular health checkups, and improve education results. You may not think that is terribly important in the overall scheme of things, but you would be dead wrong.

Realtor targets Chinese market

Mario Carey Realty (MCR) is going the extra mile – 3,840 miles to be exact - to attract buyers to the Bahamas.

'How else can the Bahamas attract FDI?'

A prominent businessman yesterday blasted “frivolous” criticism of Prime Minister Perry Christie’s recent travels, and questioned: “How else can the Bahamas attract foreign direct investment?”

YOUNG MAN'S VIEW: National anxiety over VAT

TODAY, as national anxieties are being expressed about Value Added Tax (VAT) and our country faces uncertain times, I’ve decided to take a cursory glance at this hot button topic with a view to expanding the discussion from various angles, from the local and international perspectives to more technical and scientific points of view, in a series of columns in the next week and thereafter.

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.

Treasury admits breaching 75% wage deduction limit

The Government was yesterday urged to “curtail” civil servant salary deductions to no more than a combined 40 per cent of total income, after the Auditor-General rapped the Treasury for allowing the current 75 per cent limit to be breached.

Oceania homeowners bid for $1.5m 'seed capital'

Property owners at Oceania Heights are hoping to raise $1.5 million to finance the construction of long-promised amenities and “recover some of our investment”, after the controversial project was finally transferred to their control.

Ahead of VAT, govt seeks to 'break the cycle of poverty'

WITH just eight months until the implementation of Value Added Tax, Social Services Minister Melanie Griffin says the government is working to enact a plan to alleviate the reliance of Bahamians on welfare.

Colina profits rise, cautious over VAT

Colina Holdings Bahamas yesterday reported another profitable quarter in 2013, with operational performance yielding a period-over-period increase in total premium revenue and an $11.7 million growth in the asset base.

VAT to cut auto gross profits 8%

Bahamian auto dealers plan to introduce labels that will allow consumers to compare current prices with those post-VAT implementation, Tribune Business was told yesterday, with buyers warned to brace for 4-5 per cent increases at least.

Over $1m tax rise wipes out Port’s tariff cut plans

A more than $1 million tax burden increase, combined with a delayed Baha Mar-related upswing in container volumes, has forced the Arawak Port Development Company (APD) to postpone plans to reduce its tariffs.

IMF: Debt cut 5% from peak by 2017 if Gov't delivers

The Bahamas would slash its debt-to-GDP ratio by five percentage points within three years of hitting a 60 per cent peak, the International Monetary Fund (IMF) believes, if the Government can hit its fiscal consolidation targets.

IRS seeks details on Butterfield accounts

Butterfield Bank (Bahamas) chairman yesterday described as “complete news to me” the Internal Revenue Service’s (IRS) probe into alleged tax evasion using accounts at the bank and its regional affiliates.

Getting caught in the VAT net

Value-Added Tax (VAT) is a levy on profit in terms of the difference between the input cost and the amount billed. The Bahamian model is still evolving. No doubt, there will be more exemptions and exceptions. That said, we will undoubtedly be implementing it. The only doubt is when this will happen.

Commonwealth in 35% profit rise

Commonwealth Bank yesterday unveiled a 35 per cent year-over-year comprehensive net income increase to $39.3 million for the first nine months of 2013, largely due to reductions in non-performing and charged-off loans.

Dive companies 'shaking in our boots' over VAT

Bahamian dive operators were last night “shaking in our boots” over the likely impact from Value-Added Tax (VAT), their president telling Tribune Business it would cost his firm “the lion’s share” of a segment that accounts for 80 per cent of his business.

Halkitis: Change is needed to save the economy

SEEKING support from accountants for the government’s Value Added Tax plan, the Ministry of Finance said a change is needed to save the Bahamian economy.

S&P: 6% deficit to miss Gov’ts target

Standard & Poor’s (S&P) believes weak economic growth and revenue performance will cause the Government to overshoot its 2013-2014 fiscal deficit targets by a sum equivalent to 1 per cent of gross domestic product (GDP).

The Tribune

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