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. […]

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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 & […]

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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 […]

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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 […]

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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 […]

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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 […]

Govt. to borrow $30 million from IDB to launch digital transformation

NASSAU, BAHAMAS – In an effort to transform the civil service, the government intends to borrow $30 million from the Inter-American development bank to digitalize public offices and services A resolution to borrow the funds was moved in the House of Assembly on Wednesday afternoon by Prime Minister Dr. Hubert Minnis. The prime minister said […]

OWN Bahamas Foundation survey reveals startling stats on Bahamian entrepreneurs

NASSAU, BAHAMAS – As the OWN Bahamas Foundation ups the ante to support local entrepreneurs through a 2019 expansion, an online survey of OWN Talks participants reveals startling statistics about the state of entrepreneurship in The Bahamas. The survey was distributed to over 1,500 participants in the foundation’s popular motivational speakers’ event which draws crowds […]

PM: No taxpayer dollars for Prince George Wharf transformation

NASSAU, BAHAMAS – As the government proceeds with its request for proposals (RF) for an entity to develop and operate the Port of Nassau, Prime Minister Dr. Hubert Minnis said during a national address last night the while the ongoing redevelopment of downtown Nassau is tied into the major cruise port project, no taxpayer dollars […]

PM highlights anchor projects for Family Islands

NASSAU, BAHAMAS – Highlighting several multi-million-dollar projects eyed for the Family Islands that are expected to boost the economies of those communities, Prime Minister Dr. Hubert Minnis said last night the Tyrsoz Family has proposed a $580 million investment in South Abaco for the development of a five-star residential resort and marina. The project will […]

Govt. to increase credit funding access for agriculture stakeholders

NASSAU, BAHAMAS – As a “matter of urgency” the government will increase access to credit funding for farmers and those in the agricultural sector, according to Prime Minister Dr. Hubert Minnis. The prime minister made the announcement during a national address last night, the first of three planned installments. He also said the government will […]

New industrial agreement signed for KFC managers and supervisors

NASSAU, BAHAMAS – A comprehensive five-year industrial agreement for some 39 managerial and supervisory employees at Kentucky Fried Chicken was signed on Wednesday. “We have completed and executed an industrial agreement and it is very comprehensive. It entails basically all of the terms and conditions for the managerial and supervisory employees at Restaurant Bahamas,” said […]

In-house insurance on the horizon for Bahamian contractors

NASSAU, BAHAMAS- Once an official contractors board has been established, contractors will be able to take advantage of in-house insurance. The announcement came Wednesday from Ministry of Works Registrar Omar Archer, who was present at The Bahamas Contractors Association’s monthly meeting at the west location of the Poop Deck Restaurant. “I was in confirmation last […]

28th Bahamas Business Outlook to address critical national issues

Conference set for Jan. 17 at Baha Mar   NASSAU, BAHAMAS – Bahamas Business Outlook (BBO), the country’s premier economic conference, will feature an impressive list of speakers addressing issues which have dominated national headlines in recent months. Organizers say that the goal of each presenter is to move these national conversations forward, revealing solutions […]