Stating that this is the worst budget ever brought to the House of Assembly (HOA) in the post-independence era, Cat Island, Rum Cay & San Salvador Member of Parliament (MP) Philip Davis Thursday, accused the government of inflicting pain on the Bahamian people by not giving them a logical understanding for the value-added tax (VAT) […]

Progressive Liberal Party’s (PLP) Leader Philip Davis said the Ministry of Finance has failed the Bahamian people with its 67 per cent increase in value added tax (VAT) introduced during the tabling of the 2018/2019 Budget Communication in the House of Assembly (HOA) Wednesday. “The Ministry of Finance has failed. The 2018/2019 Budget Communication provides ample […]

Government said it plans to honor its commitment to the Bahamian people that they would enshrine fiscal discipline as a core element of the Minnis administration’s transformative agenda, according to Finance Minister Peter Turnquest. During his tabling of the 2018-2019 Budget Communication, Deputy Prime Minister Peter Turnquest said putting the nation’s fiscal house in order […]

Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday that he wants the Bahamian economy to become more diverse by “supporting more buoyant and resilient economic growth”. “We have secured a non-reimbursable grant from the Inter-American Development Bank (IDB), in the amount $500,000, to finance a three-year technical cooperation project with a particular […]

During the tabling of the highly anticipated 2018/2019 Budget Communication in the House of Assembly (HOA), the Free National Movement (FNM) disclosed  its strategies to improve and enhance the Bahamian economy through  gross domestic product (GDP) and fiscal performances. Deputy Prime Minister (DPM) and Finance Minister Peter Turnquest stated that at the time of the […]

Deputy Prime Minister and Minister of Finance Peter Turnquest focused a large portion of his 2018-2019 Budget Communication in Parliament on Wednesday, on plans for improving the country’s ease of doing business ranking. “We are explicit that we would progress public sector reform to create an efficient public service, committed to improving the ease of […]

As part of three-year fiscal strategy to deal with fiscal pressures and meet financial targets each year, the government is set to increase fees on gaming house activities as follows: Up to $20 million – a rate of 20 per cent $20 – $40 million – a rate of 25 per cent $40 – $60 […]

The fiscal prudence of the current administration has made way for the government’s financial statistics deficit to be reduced by some $351 million. Last year, the country GFS was $650 million.

The first phase of National Health Insurance’s (NHI) catastrophic care will be rolled out this year according to Finance Minister Peter Turnquest.

Bahamian shoppers can add an extra $200 to their lists this season when they travel as Finance Minister Peter Turnquest announced this afternoon during his 2018/2019 Budget Communication that the Customs exemption for Bahamians returning from abroad will be increased from $300 to $500 bi-annually.

According to Finance Minister Peter Turnquest, value-added tax (VAT) will be waived for all residential electricity bills at or under $100 and water bills at or under $50. Turnquest said that the waiver will impact more than 30,000 Bahamas Power and Light (BPL) households and over 43,000 middle and low-income households.

The announcement came during the 2018/2019 Budget Communication. Deputy Prime Minister Peter Turnquest said that with the exception  of sugar – which will be removed from the list – items that will have value-added tax waived include: butter cooking oil gritz mayonaise cheese corned beef evaporated milk margarine flour bread tomato paste baby cereal baby […]

The government is establishing a sinking fund with the aim of repaying $39 million in this budget cycle toward the $750 million borrowed last year. This according to Minster of Finance Peter Turnquest who made the announcement tis morning during his 2018/2019 Budget Communication in the House of Assembly.

Finance Minister Peter Turnquest today announced that Delloitte & Touche Bahamas has been hired by the government to come up with alternative forms of taxes to replace current business license fees in case they decide to get rid of them. The announcement came during his 2018/2019 Budget Communication in the House of Assembly. Turnquest emphasized that […]

Deputy Prime Minister and Minister of Finance Peter Turnquest said, just moments ago, that as a result of a 10 per cent budget cut in all government ministries, it has resulted in the government’s wage bill decreasing by some $120 million. Turnquest also discussed in detail the government’s plans to move government agencies – specifically […]