The Bahamas Investor

...erties currently outside the system, Minister of State for Finance Michael Halkitis disclosed yesterday. “The real property tax (RPT) system suffers from many critical structural defects and, as a result, revenues generated by the system fall significantly short of the amounts that should rightfully be collected,” Halkitis told members of the Bahamas Chamber of Commerce and Employers Confederation at a lunchtime meeting February 13, held at the Br......

...t deficit. “This deficit approximates our increase in national debt,” said Halkitis. “When you consider that the economy is only projected to grow by 2.5 per cent in real terms it is quite apparent that our debt burden in real terms is increasing on a per capita basis.” The remedy, according the Minister, is to put the nation’s fiscal affairs in order. Halkitis admitted that there is no easy way to go about it. Tax increases, if imposed without ca......

...open the new Nassau Street corporate offices of the Bahamian Brewing and Beverage Co April 18. From left: Everett Sands, Tammy Sands, Jimmy Sands, Minister Michael Halkitis, Minister Khaalis Rolle, and Dr Hubert Minnis. (BIS Photo/Gena Gibbs)......

...Memorial Day weekend saw The Bahamas play host to the rich and famous who came to Paradise Island to play in the Michael Douglas & Friends Golf Tournament. Watch an interview with Douglas here.......

Page 1 | Page 2 | Page 3 ➢ Studies done in New Zealand at the time of VAT introduction showed that the bottom 20 per cent of households spent up to 29 per cent of their budgets on food while the top 20 per cent spent up to 10 per cent. However, upper income households spent twice as much on food as low-income households. For every $100 spent on food, the least well-off spent $6.50 while the most well-off spent $12. Thus taxing all food made more......

Back | Page 2 | Next Key Policy and Administrative Elements of the VAT Bill Mr. Speaker, As I stated at the time of the tabling of the VAT Bill on July 23rd, we indeed find ourselves at an historic moment in the history of our small nation. For, after seemingly countless years of seemingly endless discussion, debate and study, we are finally moving forward with fundamental reform of our system of taxation to bring it up to the modern standards of......

...modern environment,” Ministry of Finance’s Parliamentary Secretary Michael Halkitis confirmed August 8. The amendments, said Mr. Halkitis, represent “a significant shift in the bank’s operating guidelines.” “They seek to give the bank an enhanced ability to provide alternative means of business support; broaden the bank’s target group; and empower the bank’s board to engage staff without the Minister’s prior approval,” he said. “All of these actio......

...location for its base of operation, Minister of State for Finance Michael Halkitis said Wednesday. The first sections of the CRA are expected to establish offices “in the very near future.” Halkitis made the announcement during the first in a series of Meet the Ministers sessions being hosted by the Bahamas Chamber of Commerce and Employers Confederation. Currently, The Bahamas has more than 30 departments and agencies collecting a variety of tax......

...projected to keep us on course and secure our GFS target in 2012/13,” said Halkitis. “The statement also included measures to enhance revenue performance in 2012/13 and beyond, including the improvement of the system for electronic submissions to customs. Interim measures were also announced to strengthen compliance within the real property tax system, in the form of an amnesty programme that is designed to encourage compliance and payment.” Halki......

...n The Bahamas. (Photo Harry Cutting/©Dupuch) Minister of State for Finance Michael Halkitis has warned of the effects of not implementing fiscal reform, saying failure to adopt a new system of taxation would reduce investment and harm investor confidence. According to the Minister, government debt would rise to 62 per cent of GDP if there was no reform and The Bahamas would face a credit rating downgrade. “In order to ensure economic growth and st......

...rank Smith, chairman PHA; Bruce Sim, RBC head of capital markets & wealth management; Herbert Brown, managing director PHA; Dorothy Hepburn, acting hospital administrator PMH; Michael Diggiss lead consultant, Michael Diggiss & Associates; Hannah Gray, deputy managing director PHA (Photos courtesy PMH)......

...international world of shipping and expertise in oil and water separation, Michael will oversee the funding and development of the Morgan Oil Marine Hydrocarbon Recovery Plant in Freeport, Grand Bahamas. “Michael will also act as liaison between the London Board of TXO Plc and the other founding directors of the group including myself that reside in the Bahamas.” Michap Trading SA, of which Michael Baker-Harber is a trustee, currently holds 5.25%......

...ries of Meet the Ministers sessions, Minister of State for Finance Michael Halkitis spoke about the government’s strategy for economic growth with members of the Bahamas Chamber of Commerce and Employers Confederation . The strategy includes diversifying the tourism and financial services industries, while fostering links between sectors, and to identify and remove impediments to growth, particularly in the business environment. According to Halki......

...ading the Ministry of Finance is the Minister of State for Finance Michael Halkitis. A chartered financial analyst, Halkitis has considerable political experience having served as parliamentary secretary in the Ministry of Finance during Prime Minister Perry Christie’s first administration, 2002 to 2007. The fiscal situation Halkitis has inherited is complex and the Minister includes closing tax loop holes and properly administering government’s r......

...titive environment with attracting foreign investment funds,” said Michael Halkitis, a chartered financial analyst and member of the senate. “There will be big challenges going forward.” On the subject of national debt, the discussion turned lively, as the panel diverged sharply in their respective opinions. Panelist and Minister of State for Finance, Zhivargo Laing, asserted that borrowing for infrastructure spending was warranted and its benefit......