The Bahamas Investor

...ust 13. The group discussed a wide range of financial topics including the Bahamian economy, fiscal reforms, and matters relating to value added tax (VAT) . The meeting was held in the Minority Room at the House of Assembly.......

...ense grew by 7 per cent in 2015 or $4.5 million. Business license fees and VAT expenses totalled $8 million and accounted for 20 per cent of the increase in non-interest expenses. Commonwealth Bank continues to report strong capital and liquidity ratios with a capital ratio of 29.0 per cent and a liquidity ratio of 34.5 per cent compared to the requirements of The Central Bank of 17 per cent and 20 per cent respectively. The bank’s earnings per sh......

...former British colony located 180 miles off the Florida coast, but a favourable tax regime. The islands’ zero rate income tax, capital gains tax, wealth tax and VAT is clearly luring wealthy foreign investors looking to avoid spiralling tax burdens overseas.......

...reform, several members called for the introduction of a Value Added Tax (VAT) as a practical solution for raising revenue. Cooper, however, said that greater efforts to bolster the economy were preferable to raising taxes. “We need to create a bigger pie by expanding the economy. We haven’t created any new industries in The Bahamas since the 1960s,” he said. “We need a comprehensive plan to develop the economy. A longer term plan. The national b......

...Data Torque and C2D will allow for administration of the Value Added Tax (VAT) and other taxes that will fall under the CRA. The selection process for the IT solutions provider was guided by a very detailed requirements document which emphasized the use of modern tools to ensure best practices for monitoring taxpayer accounts, evaluating taxpayer risks and identifying cases that should be audited based on risk profiles. The requirements also soug......

...rices in January, following the implementation of the new Value Added Tax (VAT) regime, which also boosted tax revenues. However, the overall fiscal deficit for the seven months, through January, of FY2014/15, widened on account of higher spending. In the monetary sector, receipts from real sector activities supported growth in both external reserves and bank liquidity. In a continuation of trends observed over 2014, initial reports suggest sustai......

...spects of key gaming resorts around the world, and analyzing the effect of VAT on the hospitality industry. The students also documented their experience on social media by writing blogs and by producing “Project Intern” – a behind the scenes video about the internship. At the conclusion of the programme, the interns presented their project findings and shared their experience at the company with the Baha Mar team. Sarkis Izmirlian, chief executiv......

...of State in the Ministry of Finance Michael Halkitis will discuss the new VAT regime, ahead of its expected implementation next year. Also speaking at the conference will be Attorney General Allyson Maynard-Gibson and BACO president Marsha Ferguson. Topics on the agenda for the day include the role of the MLRO, global anti-money laundering trends, data protection and compliance expectations in the insurance industry. Director in the Ministry of F......

...atement from executive chairman William B Sands, Jr, which held somme reservations. “While we are cautiously optimistic about the remainder of 2013, the bank is closely monitoring pending changes in the regulatory and tax environments for 2014,” said Sands. Although he couched results in careful terms looking to a future that includes major regulatory and taxation changes, with increased business licence fees, as well as the proposed implementatio......

...West Nassau coastline are the Caves Heights Oceanfront Condominiums, a private, gated community of exceptional two, three, and four bedroom penthouse condos. Each property has been carefully planned to maximize views, along with spacious balconies and open floor plans, offering a seamless indoor-outdoor living experience—precisely what life in the Bahamas is all about. Designed by N&M Architects and built by Osprey Construction (creator of homes......

...Prime Minister Perry Christie has announced that there will be no tax increases in this budget. However, the government will seek to introduce VAT next year and will seek to borrow around $100 million.......

...As the mid-year budget debate gets underway in the House of Assembly, the government has reiterated its commitment to growing the economy, tackling public debt and introducing value added tax (VAT).......

...Minister of New Zealand of the proposed implementation of value added tax (VAT) in The Bahamas and enquired of possibilities for cooperation between the two countries on this matter. Christie also thanked New Zealand for their pledge of support to The Bahamas’ candidature for re-election to the Council of the International Maritime Organization (IMO) . The vote will take place in London November 29, 2013. Frederick Mitchell, Bahamas Minister of Fo......

...nomy. The islands’ zero rate income tax, capital gains tax, wealth tax and VAT is clearly luring wealthy foreign investors looking to avoid spiralling tax burdens overseas,’ explained Smith. ‘The Bahamas’ tax situation is very attractive to foreigners, many of whom choose to become residents. There are no taxes on income, sales, estates or inheritances and there is no capital gains tax on real estate,’ he said. ‘Foreigners who own properties in th......

...The start of the Goombay Summer Festival and VAT on real estate transactions top the business news in The Bahamas this week.......