If you have problems viewing this email, please click here.
Newsletter Vol.12, No 6.

TBI monthly news in review - July 24, 2017

With the new Free National Movement administration setting up shop, news in The Bahamas last month centred around the Budget Debate in Parliament and the government’s policy commitments.


DPM presents budget communication

Deputy Prime Minister and Minister of Finance Peter Turnquest was quick to layout the incoming administration’s fiscal policy during his Budget Communication at the end of May, saying that while he believed the government’s transformational growth agenda to be visionary and critical to the creation of a better future for Bahamian citizens, he will give the utmost priority to getting the fiscal house in order.

“That is critical to any success that we hope to achieve on the growth and jobs front; ignoring the state of our finances would have deleterious consequences for the viability of our agenda and future prospects for the Bahamian society and economy,” Turnquest said during his presentation to the Budget Communication 2017/2018 in the House of Assembly.

The new Finance Minister later iterated the new government’s commitment to global tax transparency efforts.

In a notice released last month, the government said it had “taken a policy decision to implement the Common Reporting Standard (CRS) by way of the Multilateral Convention on the Mutual Administrative Assistance in Tax Matters on a non-reciprocal basis”, and set out a timeline for implementation of CRS.

The Finance Ministry, which is the competent authority in regards to the implementation of the CRS, released information in respect to key dates in the implementation process and a list of the countries with which it intends to establish Automatic Exchange of Information protocols.

The government had previously informed the Organization for Economic Cooperation and Development of its wish to accede to the Multi-Lateral Convention for Mutual Assistance in Tax Matters.

In regard to the local business environment, Dr Hubert Minnis’s administration pledged $1 million to support small and medium-sized businesses in Grand Bahama.

During an address to the Grand Bahama Port Authority’s Business Innovation and E-Commerce Boot Camp, Minister of State for Grand Bahama Kwasi Thompson said: “We are committed to shortening the time investments are approved and will be setting up an Investment Unit which will mirror the Bahamas Investment Authority to enable investment projects to be processed here in Grand Bahama. It is our hope that business deals will become increasingly easier to facilitate if investors do not have to go through Nassau at least at the processing level.”

Last month was also a busy time for conferences and events with The Association of International Banks and Trust Companies in The Bahamas (AIBT) hosting its third annual AIBT Regulators Forum at the Baha Mar Convention Centre and holding its AGM.

The Ministry of Tourism also hosted a conference for international travel agents, and another event for American public relations industry representatives, to help promote The Bahamas to new and growing markets.

 

For these stories and more visit thebahamasinvestor.com or click on the links below. Subscribe to the RSS service to feed posts directly to your RSS reader or mail application. Also, now find us on facebook or follow us on twitter.

The Bahamas Investor - June News & Press

Please visit our sponsors

   
  

Deputy Prime Minister and Minister of Finance Peter Turnquest said that capital is one of the important elements that the government is addressing to cultivate a “high growth economy” in The Bahamas.

More than 200 travel agents from around the world have been in The Bahamas to attend a four-day event organized by the Ministry of Tourism in conjunction with the American Society of Travel Agents. Watch a report of the travel showcase here.

The latest edition of The Central Bank of The Bahamas’ Quarterly Statistical Digest has been released and features a suite of new tables, which have been included to provide additional information on key aspects of the financial and fiscal sectors.

The Association of International Banks and Trust Companies in The Bahamas held its Annual General Meeting June 22, 2017 during which co-chairman Bruno Roberts recapped a busy and productive year for the industry association.

The Association of International Banks and Trust Companies in The Bahamas hosted its third annual AIBT Regulators Forum at the Baha Mar Convention Centre earlier this month.

Minister of Financial Services, Trade & Industry and Immigration Brent Symonette yesterday delivered his Budget 2017/2018 contribution in Parliament. Read the full address here.

The Bahamas Ministry of Finance, which is the competent authority in regards to the implementation of the Common Reporting Standards, has released information in respect to key dates in the implementation process and a list of the countries with which it intends to establish Automatic Exchange of Information protocols.

Chief Operating Officer of Balearia Caribbean, Mario Otero, paid a courtesy call on the newly appointed Minister of State for Grand Bahama in the Office of the Prime Minister, Kwasi Thompson June 15, 2017.

The Bahamas was recently presented the 2016 Caribbean Sapphire Pegasus Business Aviation Award for Outstanding Country Promotion, the first award of its kind for the region.

The Ministry of Financial Services along with other industry partners attended The Bahamas Financial Services Board’s Landfall events held in Canada (Montreal and Toronto) 30-31May 2017.

The Bahamas will stimulate growth by removing unnecessary bureaucracy and improving government processes, according to Prime Minister Hubert Minnis.

Bahamas Chamber of Commerce and Employers Confederation (BCCEC) opened its annual conclave yesterday, bringing together business representatives from around the archipelago to discuss impediments facing the sector and methods to grow the local economy.

The Central Bank of The Bahamas announces the appointment of Charles Littrell as the new inspector of banks and trust companies, with effect from 26 June, 2017. He will head up the Bank Supervision Department and continue the Central Bank’s financial sector supervisory capacity building programme.

The Office of the Prime Minister has pledged $1 million of support for small and medium-sized businesses in Grand Bahama, according to Minister of State Kwasi Thompson during the Grand Bahama Port Authority's Business Innovation and E-Commerce Boot Camp last week.

The Caribbean Tourism Organization has signed a Memorandum of Understanding with the Travel Foundation to formally establish a framework of cooperation.

Bahamas Tourism and Aviation Minister Dionisio D'Aguilar has been named as the new chairman of the Caribbean Tourism Organization at a press conference during Caribbean Week in New York City.

FinTech is an area of opportunity for Bahamian banks, according to Abhilash Bhachech, inspector of banks with The Central Bank of The Bahamas, who told attendees of an industry conference yesterday that such technology is a growing trend worldwide.

Governor of The Central Bank of The Bahamas John Rolle yesterday outlined how the country's banking sector has contracted due to global pressures and shared details of the Central Bank's strategic plan to boost growth in the industry.

American Airlines has launched direct flights to Exuma from North Carolina. Watch a video about the inaugural flight here.

During his Budget Communication 2017/2018 presented in the House of Assembly this week, Deputy Prime Minister and Minister of Finance Peter Turnquest said that the government's priority is to get the nation's fiscal house in order.

Related links

For TBI magazine features, resources, news, and archives visit these links:

Features: http://www.thebahamasinvestor.com/features/
Investors Resource Guide: http://www.thebahamasinvestor.com/investor-resources/
News and Press: http://www.thebahamasinvestor.com/news-press/
Past Issues: http://www.thebahamasinvestor.com/archives/
Business directory: http://www.thebahamasinvestor.com/ad-index/
RSS Feeds: http://www.thebahamasinvestor.com/feed/

Browse the current e-zine version of The Bahamas Investor Magazine:

The Bahamas Investor Magazine is now available as a digital publication at:
digital.bahamasnet.com/go/thebahamasinvestor_jan2017/

Please forward to a friend in the financial services industry
To subscribe: Reply and place SUBSCRIBE in the subject line
To unsubscribe: Reply and place UNSUBSCRIBE in the subject line

 
  
©2016 Dupuch Publications