Economy

Report points to capital gains tax and income tax NASSAU, BAHAMAS - While the Minnis administration has assured that it is not considering a corporate tax, income tax or further increases to value-added tax (VAT) as part of its fiscal agenda for the remainder of its term, the International Monetary Fund (IMF) has pointed to a need for a comprehensive...

Monday April 15 was an historic, monumental day in Mangrove Cay Andros, for the Bahamas Commercial Sponge Association (BCSA), Bahamas Agricultural & Industrial Corporation (BAIC) and the Interamerican Development Bank (IDB) as the first shipment of Bahamian harvested sponges from the area began its journey to Europe. The project to revitalize the industry is sponsored by the Inter-American Development Bank...

NASSAU, BAHAMAS - The Inter-American Development Bank’s (IDB) Latin American and Caribbean Macroeconomic Report 2019 points to range of deficiencies in The Bahamas’ utilities, road networks, technology, aviation and maritime sectors, while encouraging the use of public private partnerships to realize urgent upgrades. According to the report, while the systems and network of roads within the country remain acceptable by...

NASSAU, BAHAMAS - While insisting that the Minnis administration’s fiscal consolidation plan for The Bahamas over the three years does not include increasing any existing taxes or introducing any new taxation measures, Deputy Prime Minister and Minister of Finance, Peter Turnquest said his ministry has continued to research various tax models to potentially respond to global shifts. Turnquest said in...

NASSAU, BAHAMAS -- The Bahamas National Agri-Bahamas Expo is set for May 9 – 11, 2019 at the Gladstone Road Agricultural site. Minister of Agriculture and Marine Resources Michael Pintard, announced at a press conference held earlier this week on Tuesday that this year's theme is "Embracing change, improving lives through agriculture." Pintard said this year’s theme is reflective of...

NASSAU, BAHAMAS - Minister of Tourism and Aviation Dionisio D’Aguilar on Tuesday claimed that representatives of the Grand Lucayan managerial staff are holding up the issue of voluntary separation packages from coming to any timely resolution. “There is no movement and I’m a little alarmed. I don’t know what’s going on what strategy they’re pulling, but I am an open...

NASSAU, BAHAMAS -  While the Ministry of Agriculture is still grappling with getting local wholesalers to sell mostly Bahamian-grown produce, Minister of  Agriculture and Marine Resources Michael Pintard said his ministry is making ‘steady progress’ in this regard. Pintard, who was speaking at a press conference Tuesday to announce the upcoming Agri-Business Expo, said his ministry is now seeking to...

NASSAU, BAHAMAS – Opposition leader Philip Brave Davis and members of his parliament team met with the International Monetary Fund (IMF) Article lV Mission at the Office of the Leader of the Opposition on Tuesday, April 9, 2019. Seated from left are Fabian Bornhorst, IMF Mission Chief for The Bahamas; Mr. Philip Davis MP; and Chester Cooper MP, Deputy Leader...

NASSAU, BAHAMAS - During the 4th Meeting of the Working Party on the Accession of The Bahamas to the World Trade Organization  held on Friday, 5th April, 2019 in Geneva, Switzerland, Brent Symonette, Minister of Financial Services, Trade & Industry and Immigration affirmed that The Bahamas will continue to be deliberate in its accession negotiations to ensure that WTO membership...

NASSAU, BAHAMAS – Prime Minister Dr. Hubert Minnis is preparing the country for a digital public service, and for financial stability in the event of natural disasters – both in keeping with the United Nations Sustainable Development Goals. He delivered the Charge during the Signing Ceremony for IDB Loans for: Government Digital Transformation to Strengthen Competitiveness, and The Contingent Loan...

PM promises no more long lines at Passport Office  NASSAU, BAHMAS – As the government will receive a $30 million dollar loan from the Inter-American Development Bank (IDB) to carry out a digital transformation of the public service, Prime Minister Dr. Hubert Minnis assured on Monday that there would be no more long lines at the Passport Office. The prime...

NASSAU, BAHAMAS - In continuation of its Strategic Priorities, The Bahamas Development Bank (BDB) recently met with the country’s representative of the Organization of American States (OAS), Mrs. Phyllis Baron. The purpose of the meeting was to explore opportunities and avenues to strengthen efforts to better assist Micro, Small and Medium-sized Enterprises (MSME’S).  In addition, the Bank explored opportunities for...

NASSAU, BAHAMAS - Following the government’s announcement that Global Ports Holding was chosen as the preferred bidder for the redevelopment of the Nassau Cruise Port, Chief Executive Officer of Arawak Port Development (APD), Michael Maura expressed on Monday that vendors in the Prince George Wharf area should be happy about the redevelopment project. “I would say from a taxi driver,...

NASSAU, BAHAMAS - The largest shareowner of one of Exuma’s principal properties is looking forward to a follow-through on promises of a new airport, with thousands of guests now “busting out” of the current facility. Grand Isle investor Peter Nicholson said if the island were to accommodate the visitor arrival growth of its current trajectory, the new development would have...

NASSAU, BAHAMAS - The Lynden Pindling International Airport (LPIA) recorded its highest traffic day on record last month, with Tourism officials calling visitor arrivals to The Bahamas a “banner” start to the year. Speaking at the Internationale Tourismus-Börse (ITB) tourism trade fair in Berlin, Tourism’s Director General Joy Jibrilu revealed that while LPIA hit a record in February, is not expected...

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 from the East Asian nation...

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 good sign. The full recovery...

Says bidding process will close in less than three weeks   NASSAU, BAHAMAS - Government will soon begin narrowing down a list of nearly two dozen who are vying for the chance to own and operate the Grand Lucayan Resort on Grand Bahama, according to tourism minister Dionisio D’Aguilar. The government purchased the embattled property in mid-2018, at a price...