The Bahamas Investor

...h unemployment coupled with increasing costs including the introduction of VAT and a substantial $5 million hike in business license fees last year plus expenses related to loan impairment are challenges we have to overcome as we search for new and innovative ways to do things that were a lot easier to do a decade ago,” said Jennings. “Notwithstanding those economic challenges, our total revenue increased 8 per cent or $8.4 million over 2014. We a......

...The VAT-free shopping scheme and the 2015 Andros Bahamas Business Outlook conference topped the business news agenda at the end of last week.......

...he government, particularly through the gains from the introduction of the VAT and disciplined public expenditure. These reforms will continue, in order to anchor a medium-term reduction in the government’s debt burden. As been emphasized in other official statements, the government is committed to achieving a speedy resolution that would permit the works at Baha Mar to resume and the property to open without much further delay. In the meantime, i......

...The Ministry of Finance financial secretary John Rolle released a public statement regarding several revenue reforms approved by Parliament during the 2015/2016 Budget Debate. These mainly affect the revenue collections that fall under Ministry of Finance agencies and include Customs Duties and Excise Taxes, Stamp Taxes, Value Added Tax (VAT), Real Property Taxes and Business Licenses. Download a PDF of the statement here.......

...amians, especially the business community, are keen to know more about the VAT directly from the financial secretary. If we are talking economic growth in Grand Bahama, we couldn’t possibly do so without hearing from the Grand Bahama Port Authority and the local Chamber of Commerce, both of which play vital roles in that regard. We also need to know about job training, entrepreneurship and technology in the mix and this is GBO’s agenda for Februar......

...untry’s client base, according to the Minister, who said: “New product innovation is a key factor of growth in this industry.” “The Bahamas has taken a very serious approach to the preservation of the industry [and] is in a constant state of redefining itself. Despite the fast paced changes in global standards, there are opportunities and clear avenues for growth.” The BIFS seminars run May 27-29 and include presentations on topics such as value a......

...to continue to be that way.” The bank says its “cautious” about its 2014 prospects as to date there has only been small improvement in the economy. The financial institution is also concerned about the financial impact of a proposed value added tax (VAT). Pictured: (from left) Commonwealth Bank’s CFO Patrick McFall; President Ian Jennings; Mavis Burrows, senior vice president of operations and Neil Strachan, project leader on the SunCard/MasterCa......

...r us in terms of legislation. We just saw passage of the Bill to establish VAT. Constitutional Reform is at issue; and now we debate gaming. Mr. Speaker These issues are not trivial for us. However, throughout history, leaders have stood up and made bold decisions on many contentious issues. While some of us are here making those bold decisions for a better Bahamas, the rest of us sit on the side-lines mourning, criticising and commentating. But,......

...ill have to play in a new and reformed Bahamas. With the implementation of VAT, FACTA and the proposed implementation of the Credit Bureau of The Bahamas, there will be an increased need for the Office of the Data Protection Commissioner, to ensure that each individual’s personal information is indeed protected and secured. Forums, such as this one, are very necessary to enable the relevant stakeholders to come together to deal with the hard issue......

...sident and chief executive officer BAF Financial Chester Cooper; co-chair, VAT Education, Jasmine Davis; deputy chief medical officer Dr Delon Brennen; executive director of the Bahamas National Trust (BNT) Eric Carey; general manager of Sandals Emerald Bay Golf, Tennis and Spa Jeremy Mutton; senior director of airlift development, Ministry of Transport and Aviation, Tyrone Sawyer; and president of the Exuma Chamber of Commerce, Pedro Rolle. Joan......

...clude intensive support to the Bahamas in preparation for value-added tax (VAT) launch in January 2015 and adoption of new public finance legislation in Grenada. In the financial sector, most countries are on track to implement Basel II requirements. The meeting was attended by representatives of seven member countries as well as donors consisting of Australia, Canada, the European Union (EU), and the United Kingdom. The Inter-American Development......

...e is up to speed with its course offering, BIFS regularly consults with private sector stakeholders, the Bahamas Financial Services Board (BFSB) and the Ministry of Financial Services. “Where they see new trends and opportunities to reposition the sector, they will ask us to develop a training course. We act on their advice, because we know that they want practical, easily applicable skills that can be applied immediately in the workplace.” Range......

...ic finance reforms, most notably, the introduction of the Value Added Tax (VAT) regime. For that and for his many other sterling contributions to nation-building while at the Ministry of Finance, I thank Mr. Rolle most sincerely. In a very real sense, however, Mr. Rolle, in assuming his new role as the Governor of the Central Bank with immediate effect, is returning home. He, too, is a career central banker, and as such is ideally suited to his ne......

...a dominant $832 million decline is projected for lost tourism related expenditure as a result of the reduced visitor count. The direct hit on government revenue is placed at an aggregated $108 million—$48 million for direct border taxes paid by visitors, and a total of $60 million for potential VAT and imports duty losses. The expenditure requirements could reach $49 million, of which we are funding $10 million from dormant account fund. He expla......