Central Bank: Construction sector to experience a slight slowdown

NASSAU, BAHAMAS – The Central Bank is confirming that the construction sector may experience a slight slowdown as earlier surges in domestic construction have somewhat stalled and small to medium-sized foreign investment projects have kept the country’s construction sector steady. “Construction sector output during the fourth quarter continued to be supported by a number of […]

Financial services execs pledge support of govt. in move to avoid EU’s Blacklist

NASSAU, BAHAMAS – A busy year of persistent modifications to regulations governing the financial services industry may finally be producing results, with executives pleased The Bahamas was left off of the European Union’s updated blacklist of countries seen as non-cooperative. While the EU’s Economic and Financial Affairs Council expanded its list of non-cooperative Jurisdictions for […]

New Investment Fund Bill a new chapter in Bahamian Financial Services

2019 bill passed in HOA     NASSAU, BAHAMAS – The new Investment Funds Bill, which was passed in parliament on Wednesday, will introduce a “new chapter” in Bahamian Financial Services while attracting new opportunities to the jurisdictions and improving the ease of doing business. Deputy Prime Minister and Minister of Finance, Peter Turnquest said […]

Turnquest: $94.7 million in mortgage commitments

NASSAU, BAHAMAS – A surge in domestic construction to $86.7 million by Q3 2018 may not necessarily be duplicated this year as officials report a decline in construction commitments going forward. While many FDI ventures bolstered the construction sector for 2018, the completion of some of the bigger projects may mean a falloff in activity […]

Govt.’s 2018/2019 budget guided by stringent fiscal requirements

NASSAU, BAHAMAS — Acting Prime Minister Peter Turnquest said the Government’s 2018/19 Budget was a watershed budget, as it was guided by the stringent fiscal requirements of the then-pending Fiscal Responsibility Act. The subsequent Fiscal Strategy Report of November then set the stage for the medium-term framework that will underpin the development of the 2019/20 […]

DPM: Moody’s deficit assessment “reasonable and responsible”

Moody’s projects 2-2.5% deficit for 2018/2019; govt. targets 1.8%   NASSAU, BAHAMAS – Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday called Moody’s assessment that the government will likely not meet its deficit projections based on conservative projections “reasonable and responsible”. Turnquest adopted a softer tone in response to the international credit ratings […]

Up to $300k in penalties with stricter guidelines under Substance Requirements Act

NASSAU, BAHAMAS – The government is ready to crack the whip on non-compliant companies with the release of more stringent guidelines to the Financial Services sector yesterday, detailing penalties up to $300k and the outright removal of entities breaching these new rules. The new parameters are structured to ensure The Bahamas is removed and stays […]

Govt. grants solar exemptions for $2.2 million in goods

NASSAU, BAHAMAS – Businesses that provide solar power equipment and related services are free to apply to the Ministry of Finance to access tax exemptions for the import of solar kits in keeping with the Government’s policy to support renewable energy businesses. Solar kits and components were made duty free during the 2018/2019 budget exercise. […]

CTO projects tourism growth for the region

NASSAU, BAHAMAS – The Bahamas’ rosy projections for tourism growth this year is being backed by The Caribbean Tourism Organization (CTO), with forecasts of six to seven per cent growth in tourism arrivals around the region for 2019. “The outlook for Caribbean tourism in 2019 is cautiously optimistic,” said the CTO’s Director of Research & […]

Used oil exports can increase 100 percent with concessions extended to local firm

NASSAU, BAHAMAS – The sole Bahamian firm specializing in the export of lubricant oil says it’s up to its nose in used oil, with exports halted 100 per cent as cheaper global crude oil prices lead United States (U.S.) buyers to forgo the refining process needed for used oil exports from this nation. With the […]

McCartney: Bahamas ‘ought not to have been listed’ on EU’s AML/CFT list

NASSAU, BAHAMAS – The Financial Services sector and the government are on one accord in calling a move ‘not proportionate’ when the European Commission listed The Bahamas among jurisdictions considered deficient in Anti-Money Laundering and Countering Financing of Terror (AML/CFT). The Bahamas Financial Services Board (BFSB) CEO Tanya McCartney yesterday assured that the industry remained […]

Yearly 25,000 Japanese car imports to drop as new car sales expected to hike

NASSAU, BAHAMAS – Auto industry insiders are eyeing a possible decline in nearly 25,000 used Japanese vehicles imported into the country each year as new car imports are tailored to fit the more affordable 25 per cent tax rate. Because of their more economical prices and engine size, anywhere from 15,000 to 25,000 used cars […]

Comment on this article

DPM: 0.1% of GDP surplus by 2021/2022

No VAT increase in the next budget   NASSAU, BAHAMAS – While touting the Minnis administration’s fiscal performance during the first six months of this fiscal year, Deputy Prime Minister and Minister of Finance Peter Turnquest acknowledged yesterday that the government is still a long way away from eliminating fiscal deficits. However, the minister said […]

Strong fiscal and economic policies continue to drive economic turnaround

NASSAU, BAHAMAS – The country is on the road to recovery, and the most recent Central Bank report provides further evidence that the Government’s fiscal and economic policies are leading the way in the turnaround. “We are experiencing moderate growth in a stable economy, and given the size of the turnaround required, that is a […]

BIA: revised timeline for NHI still “very difficult”

Association to complete substantive review of new NHI structure   NASSAU, BAHAMAS – While expressing support for the government’s efforts to develop a sustainable universal healthcare coverage platform, The Bahamas Insurance Association (BIA) contended yesterday that the timeline for the implementation of NHI is still “very difficult” to achieve. During a press conference at the […]

Stamp tax and VAT revenue up substantially

Deficit reduced by 31%, but three quarters used   Government revenue for the first six months of this fiscal year increased by nearly 15 per cent compared to the same period in 2017/2018, largely due to increased collection in value-added tax (VAT) and stamp tax, according to the government’s budgetary performance report. The report, a […]