Rise in cost of living, but utilities taper

Economy continues to experience modest growth   NASSAU, BAHAMAS – Notwithstanding a continued rise in the cost of living as a result of consumer price inflation eight months after the government increase value-added tax (VAT), the economy has maintained “modest growth”, according to the Central Bank of The Bahamas. In its most recent Monthly Economic […]

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 […]

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 […]

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 […]

Govt. not backing down in gaming tax row

NASSAU, BAHAMAS –  Government has dug its feet into the sand and remains resolute that it will move forward with introducing a tax regime on the gaming industry to ensure that it collects a fair share of its lucrative revenue, according to tourism minister with responsibility for gaming Dionisio D’Aguilar. D’Aguilar told reporters outside of […]

Gaming house attorneys suggest a winning tax over a patron’s tax

NASSAU, BAHAMAS – A new development in the ongoing negotiations between government and gaming house operators, if approved, could possibly result in gaming patrons paying a winning tax as opposed to a suggested patron’s tax, said Attorney Wayne Munroe, QC, on Monday. Munroe revealed to Eyewitness News Online that both he and his colleague, Attorney […]

Inland Revenue open on Saturdays to help with business licence renewals

NASSAU, BAHAMAS – The Department of Inland Revenue is opening its Client Services Centre on Saturdays for the month of January to support businesses applying for business licence renewals. All business licences expired at the end of 2018. Applications for renewals must be submitted online, using the Online Tax Administration System (OTAS), by January 31, […]

Straw Business Persons Society endorses Global Ports Holding bid for cruise port project

NASSAU, BAHAMAS – Executives of the Straw Business Persons Society have declared their support for Nassau Cruise Port Ltd., the company that would operate the cruise port if the Global Ports Holding (GPH) bid for its redevelopment is successful. “We are not seeing as many tourists in the Straw Market as we used to,” explained […]

Roberts agrees with ‘sugary drink tax’

NASSAU, BAHAMAS – While Bahamian manufacturers have warned that the proposed sin tax on sugary drinks will be detrimental to their businesses, Super Value President Rupert Roberts said he believes the tax is a good funding mechanism for National Health Insurance (NHI) and a necessary measure to change the consumption habits of Bahamians. Health officials […]

CCC wants solar power plants in GB

Group launches petition to lower power bills   NASSAU, BAHAMAS – A power company has made application to the government to create solar power plants that will reduce Grand Bahama’s electricity bills by 33-43 per cent, Pastor Eddie Victor, a member of the Coalition of Concerned Citizens (CCC) claimed on Friday. “We shared with the […]

Maynard: Shell is the answer to lowering power bills

Minnis says govt. will bring down cost of energy   NASSAU, BAHAMAS – Bahamas Electrical Workers Union (BEWU) President Paul Maynard said yesterday that he does not believe the cost of power in The Bahamas will be reduced in the near future without an intervention by Shell North America. Prime Minister Dr. Hubert Minnis assured […]

PM on Chipman: ‘We speak with one voice’

Govt. to expand designated tax-free zones   Prime Minister Dr. Hubert Minnis said Wednesday night that while he and Centreville MP Reece Chipman have disagreed on certain government issues, the pair has a united goal and speak with “one voice” on when tackling poverty and improving Over-the-Hill communities. His statement came during a town hall […]

Local ‘Black Friday’ sales low in comparison to last year

NASSAU, BAHAMAS – As some shoppers in the United States waited for hours outside store fronts and literally “raced” to rack up Black Friday deals, the same was not evident at home, despite many businesses offering Black Friday deals. Eyewitness News visited the Southwest Plaza around 6:00 a.m. on Black Friday, to interview persons who […]

Maynard: VAT exemption on electricity bill does very little

The government’s decision to temporarily increase the value-added tax (VAT) exemption for electricity bills will do very little on easing the burden of high electricity costs, according to President of The Bahamas Electrical Utility and Managerial Union (BEUMU) Paul Maynard. Prime Minister Dr. Hubert Minnis announced in Parliament Wednesday that government intends to temporarily raise […]

Overall deficit reduced by 52%, first quarter fiscal report reveals

Referring to the move as an “historic first” in The Bahamas, which represents a new and unprecedented standard of transparency in public figures, the Government on Tuesday released its first quarterly report on budget performance.   The quarterly report outlines that positive trends emerge as the Government’s deficit position improves, but the Ministry of Finance […]