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No more concessions likely for solar
Bahamas Electricity Corporation (BEC) Chairman Leslie Miller says that the heightened interest in renewable energy self-generation (RESG) – particularly through solar energy – is the result of “a lot of misinformation”, and that he couldn...
 
 
BCCEC: Smaller businesses should register for VAT
While the government has set the threshold for mandatory value-added tax (VAT) business registration at an annual turnover of $100,000, businesses with lower turnovers will still likely have to become VAT registrants, because companies that are VAT...
 
 
New global development agenda
The Bahamas delegation to the 2014 World Investment Forum, held last week in Geneva, participated in a session titled “Talking Business – Caribbean”, where officials showcased investment opportunities in their countries. Minister of State for ...
 
 
Stem cell procedure a ‘litmus test’ for medical tourism
A prominent cardiothoracic and vascular surgeon has hailed the first procedure of the Okyanos Heart Institute as a “critical” first step in The Bahamas’ fledgling medical tourism sector that would serve as a “litmus test” for future project...
 
 
Money, staff needed by data commissioner
The information privacy and security concerns surrounding data-rich government initiatives like value-added tax (VAT), the implementation of a credit bureau and an “agreement in principle’’ under the U.S. Foreign Account Tax Compliance Act (FAT...
 
 
Govt must stop tax attacks on Freeport
If the government truly believes in public-private partnerships (PPPs), then it should immediately extend the tax exemptions under the Hawksbill Creek Agreement (HCA) and “stop these incessant customs duties attacks on Freeport”, according to o...
 
 
Extensive information regime for credit bureau
The Central Bank’s public consultation on a Bahamian credit bureau continues, but aside from some generally positive indications, no true consensus appears to have emerged as yet. Guardian Business understands that the Bahamas Chamber of Commerce ...
 
 
$140 million outward remittances in 2012
Last year, $414 billion was sent as remittances by migrants from developing countries to developing countries around the world, according to economist Dilip Ratha, manager of the Migration and Remittances Team at the World Bank’s Development Prospe...
 
 
DPC concerned about FOIA flaws
Provisions exist in freedom of information legislation around the world that protect personal information from undue disclosure in connection with public disclosures under these laws: The Freedom of Information Act (FOIA) being contemplated by the ...
 
 
Confusion over Baha Mar timeline
The developers of the $3 billion plus Baha Mar project appear to have two different timelines, raising questions about exactly when the project - twice delayed now - will be complete. In a three-minute video posted to the China Daily website on Octo...
 
 
VAT registration checklist published
The Value-Added Tax (VAT) Task Force has finalized its VAT registration checklist for local businesses in an effort to address concerns over the registration process and provide necessary clarity as businesses begin the registration process. Jasmine...
 
 
New gaming laws might drive web shop owners to Malta, Belize
Former Bahamas Bar Association President Wayne Munroe has warned that so-called discrepancies in provisions for online gaming in the current Gaming Bill and Regulations were a “major impediment” to the web shop industry, and could drive Bahamian ...
 
 
Energy sector stalled
Two years after the government promised a renewable energy act and the amendment of the 1956 Electricity Act, it appears the only significant change to the Bahamas energy framework is a tax concession to The Bahamas Electricity Corporation (BEC) and ...
 
 
Religious tourism ‘huge’ potential
Director for Religious Tourism Dwight Armbrister said yesterday that the growing field offered “huge” revenue opportunities for The Bahamas. Speaking with Guardian Business, Armbrister said that the Ministry of Tourism would focus on marketing T...
 
 
Social media: the new marketing frontier
As Bahamian businesses struggle to market themselves and their products in the so-called Information Age and tens of thousands of Bahamians embrace social media, the new media frontier has assumed a greater economic significance, but is still not wid...
 
 
Bahamas finance experts land in Asia
A team of financial experts and politicians represented the Bahamas at the Grand Hyatt hotel in Hong Kong for the STEP Asia Conference on October 8. Financial Services Minister Ryan Pinder and John Lawrence, chairman of Bahamas-based Windermere Corp...
 
 
Tourism pumping billions into regional GDP
By 2024, tourism will contribute more than $200 billion to the gross domestic product (GDP) of Latin America and the Caribbean (LAC), according to Senior Vice President and Managing Director of Ipsos Travel Dave Pierzchala. He said that in 2008, t...
 
 
GBPA VAT session successful
Nearly 100 concerned people from the island’s business sector turned out for advice and practical assistance on the new consumer tax, VAT, at day one of a four-day initiative hosted by the Grand Bahama Port Authority GBPA). GBPA Vice Chairman Sara...
 
 
Watchdog agency monitoring VAT information regime
In the run-up to the launch of a value-added tax (VAT) in January, Data Protection Commissioner (DPC) Sharmie Farrington-Austin says her office is working to ensure that the Ministry of Finance takes appropriate measures to ensure that personal infor...
 
 
GB stem cell facility performs first procedure
The first procedure at the Okyanos Heart Institute happened yesterday, inaugurating a new chapter in stem cell therapy in The Bahamas. Mathew Feshbach, CEO of the institute, told Guardian Business that the Grand Bahama-based cardiac stem cell therap...
 
 
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