The Bahamas Investor

...as new sources of revenue. He explained that the proposed value added tax (VAT) is expected to make an important contribution to enhanced revenue collections as of the 2014/15 fiscal year and going forward. “The details of the VAT proposal along with the other proposed revenue reforms are laid out clearly in the White Paper that the government issued prior to the Mid-Year Statement. I need not repeat them here. The statement also included details......

...true sense of the Bahamas’ spirit and culture. Coral Towers is taking reservations now for #travel from July. Reservations can be made online with rates starting at $329/per night*++. Beginning on May 1, packages are on sales by calling 1-866-Atlantis: Coral Towers Family Customizable Packages with the following components: Choose from a mix and match family customizable packages at the newly renovated Coral Towers with packages starting at $353/p......

...Parliament voting for a number of fiscal provisions, including increasing VAT to 12 per cent. Senate debate now takes place on the Budget, which takes effect, fiscal year beginning July 1. House of Assembly results for the VAT increase were: 24 MPs voted yes; 7 MPs voted no; and there were 7 MPs absent. Also passed in the House of Assembly on Monday night was the Appropriation (Capital Development) Bill 2018. Thirty-one Members of Parliament vote......

...Reflecting in part the initial effect of the hike in the value added tax (VAT) rate in July of this year, along with gains in international fuel costs, domestic inflation firmed during the 12 months to August. In the fiscal sector, the deficit contracted during the first quarter of FY2018/19, due to a VAT-led increase in tax receipts, which eclipsed the modest gain in expenditure. Monetary developments featured a decline in bank liquidity, as the......

...viable, efficient and self-sufficient entities or transfer them to the private sector and use any gains from these transactions to retire debt.” The DPM also noted that in a further effort to enhance accountability and transparency in government, it is implementing rules and procedures, through the Constituency Capital Grant Act, to govern the use by Members of Parliament of their annual $100,000 constituency capital grant allocation. “We will in......

...also contribute to government coffers through taxes such as room taxes and VAT on food and beverages. Employment levels should increase, as will national insurance contributions.” As regards employment, president Davis says that the resort already employs 1,500 Bahamians and 100 expatriate staff and is looking to increase that to 6,000 as more facilities come on stream. Continued investment Given the importance of Baha Mar, the government has been......

...its pre-recession levels. Nevertheless, during the three-month period, private residential completions rose by 4.0% in number and by 15.3% in value. Similarly, the number of permits issued for private residential construction—a forward looking indicator—firmed by 1.4% in number, but contracted by 31.1% in value, while construction starts contracted in both number and value, by 36.2% and 17.0%, respectively, Prices Local energy costs rose during t......

...ng renewed focus, especially in the areas of real property taxes, customs, VAT and business license administration and enforcement. Their effectiveness will be reinforced by the government’s plan to introduce a Revenue Administration Bill, to enhance the mechanisms available for dealing with tax delinquencies. In addition to addressing the fiscal challenges we face, this administration will tackle the challenges to economic growth that confront us......

...al reform initiatives, which included the introduction of value added tax (VAT), strengthening of tax administration systems and enhancing expenditure control frameworks. In January, Rolle took over the reins at Central Bank from Wendy Craigg, the first female governor who served a 10-year tenure and went on to assume an economic policy advisor post in the Office of the Prime Minister. Changing roles As the Central Bank’s governor, it is Rolle’s j......

...de exemptions under the HEA, joint marketing contributions, exemption from VAT on intergroup transfers and refinancing arrangements. The three steps assiduously pursued by the Government since the closing of Baha Mar by the previous developer are now complete. The 3 steps were: ensuring immediate remobilization and resumption of construction, based on committed funding sufficient to complete construction and to open all parts of the Project (over......

...llaborate with government on key initiatives such as the implementation of VAT and have worked with the BFSB and regulators in the development of the legislative initiatives including Private Trust Companies, Financial Services Foundations and the ICON. Q: What is the current state of the organization? BR: AIBT continues to be a vibrant member-driven organization and we are well aware of the issues facing the industry today. Hence, we serve as an......

...sage of Hurricane Matthew, which resulted in significant damage to both private and public sector infrastructure in the main centres of New Providence and Grand Bahama. In this context, weather-related airline and cruise diversions, in addition to temporary hotel closures, tempered tourism sector activity during the period. The disruption to the construction sector was short-lived, as foreign investment projects and reconstruction work on homes an......

...e period of 2015. Domestic energy costs rose marginally in June, due in part to some increase in global oil prices, while the fiscal deficit was higher over the eleven months of FY2015/16, as spending growth exceeded the value added tax (VAT)-led revenue improvement. On the monetary front, both bank liquidity and external reserves expanded during June, buoyed by net foreign currency inflows from real [estate] sector activities. View or download a......

...uoyed by gains in payments by banks & trust companies, as well as other private firms, business & professional fees expanded by $5.2 million (3.7%), while other ‘unclassified’ collections grew from just under $1.0 million to $8.6 million. In a slight offset, value added tax (VAT) receipts decreased by $4.3 million (0.7%); and selective taxes on other services contracted by $1.9 million (7.1%), as gaming taxes declined by $2.6 million (9.7%). Non-t......

...And finally, the government, through the introduction of value added tax (VAT) in 2015, made a significant change to the taxation structure of the country. The first year inflows from this initiative, at over $350 million, helped to reduce the high-growth rates in national debt that the country had recently been experiencing. Current environment After a high period of fundraising during the last two years, market observers anticipate that 2016 wi......