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VAT to create pricing, tax 'transparency'
THE Government’s proposed Value Added Tax (VAT) regime will create a more transparent pricing and tax regime, a senior official said yesterday, although there would not be “a 100 per cent offset” against reduced Customs and Excise duties.
Contractor chief warns on fee rises
BUILDING permit fee increases could adversely impact the level of construction activity, going forward the head of the Bahamian Contractors Association (BCA) warned yesterday, arguing that the sector was not able to bear any additional costs at this time Come July 1, the Government intends to increase building permit fees and introduce new fees, but Godfrey Forbes said the Bahamian construction sector was only just beginning to rebound and that he did not endorse any additional burdens on the consumer.
Minister touts new industry hires from reinstated incentive
AMENDMENTS to the Industries Encouragement Act has boosted manufacturing sector employment, the Minister of Financial Services said yesterday, adding that this was key to the economic development of the country.
Out Island hotels eye 40% occupancy
FAMILY Island hotels have seen a 4 per cent increase in average occupancy levels year-over-year, the Out Island Promotion Board’s president said yesterday, adding that room nights sold had risen by 2 per cent during the same period.
VAT to increase Bahamas' risk
Value-Added Tax’s (VAT) introduction will likely increase the Bahamas’ country risk profile for both investors and local firms, a KPMG executive yesterday warning it would “impact returns” on investment.
‘INTENTIONAL FIRE MAY HAVE LED TO DUMP BLAZE’
A FIRE at the City Dump, which yesterday intensified into a huge blaze creating thick, toxic smoke in the area off Tonique Williams-Darling Highway, might have been intentionally started, authorities said.
Brazilian providers eye Bahamas presence
Brazilian financial services providers are interested in establishing a physical presence in the Bahamas, a Cabinet Minister said yesterday, adding that he wanted to “leverage the success” this nation has had there to crack new Latin American markets.
Energy sector liberlisation 'in 18 months' if will exists
The Bahamas could start to liberalise its energy sector within 18 months if the political will existed, a leading attorney said yesterday, adding that this nation had to “stop the madness” of spending more than $900 million per annum on oil imports.
‘Catastrophe’ if $3.3m in conch exports banned
PLACING the Queen Conch on the ‘endangered species list’ could be “catastrophic” for the Bahamas and other Caribbean countries, the Minister of Agriculture and Marine Resources said yesterday, adding that conch harvesting for local consumption was pumping $6 million annually into this nation’s fisheries sector.
'Christie and Nygard link not good for the Bahamas'
FREE National Movement Chairman Darron Cash has charged that the relationship between Prime Minister Perry Christie and Lyford Cay billionaire Peter Nygard “cannot be good for the Bahamas” and suggested that the Progressive Liberal Party government “bows” to rich foreign investors at the expense of the country.
Competition fearson Super Value's City Markets 'deal'
RIVAL food retailers have voiced fears that allowing Super Value to acquire City Markets' remaining stores would create a "virtual monopoly" in the New Providence supermarket business, with an estimated 60-80 per cent market share.
Gov't 'good faith' key to Brewery's 100-job growth
Sands Beer’s manufacturer yesterday said its planned $15 million growth strategy, which could more than double its workforce via the creation of “over 100” jobs in the next five-10 years, depends on the Government maintaining the ‘tax advantage’ it holds over its BISX-listed rival.
OECD rattles its sabre on investor residency
The Bahamas’ major investment product was yesterday singled out for allegedly undermining the fight against global tax evasion in a move one realtor branded “a damn disgrace”.
Food retailers expand price control list offer
Food retailers were last night hoping the Government will agree to an “expanded list” of price-controlled products before the weekend so that Bahamian consumers can enjoy cost of living “relief” come Monday.
Port to generate $5.8m for Gov't
The Nassau Container Port is projecting that it will generate $5.8 million in ‘top-line’ revenues for the Government in the year to end-June 2014, with the company having slashed its annual financing costs by $500,000.
‘Protect BOB at all costs’
A Bank of the Bahamas shareholder yesterday backed the Government’s plan to force all new public service hires to open accounts with the bank, adding that it “must be protected at all costs”.
Descendants of Haitians finding it harder to get a job
THE government’s new immigration policy has severely affected employment opportunities for persons of Haitian descent, according to activist Louby Georges, who charged that immigrants cannot fully comply with regulations because there is no supporting legislation.
Sports notes
MEL Ferguson, commissioner of the Commonwealth American Football League, has announced that based on added interest of individuals wanting to run for the office of president of the league, the executive committee has agreed to reschedule the election date from January 12-13 to February 12-13.
Cooper: Fidelity to open Exuma branch ‘shortly’
Deputy Prime Minister Chester Cooper announced that Fidelity Bank will be opening a branch in Exuma “shortly”, bringing relief to some of the island’s banking woes.
Community service for woman who punched former boyfriend's lover
A 36-year-old woman who punched her former boyfriend’s lover in the face earlier this month was ordered on Friday to complete 150 hours of community service.
