The Ministry of Finance received draft legislation for widespread tax reform this week and, after extensive public consultation, hopes to officially introduce the new value added tax (VAT) system by July 2014.

The Ministry is aiming to make the proposals public by July “at the latest” according to the Ministry’s financial secretary John Rolle (pictured), who added that the government would do all it could to help businesses prepare for the change.

Rolle led a presentation on the topic yesterday as part of the Bahamas Institute of Financial Services (BIFS) Bankers’ Week and reassured the audience that VAT would be good for consumers, good for businesses and good for the economy.

“A VAT system will improve tax compliance. The system has to be very transparent,” he told the audience at the seminar held at the British Colonial Hilton, Nassau.

…continue >

The government is adjusting its legal framework and improving market access in order to build better trade links and satisfy the requirements of the World Trade Organization (WTO), which it hopes to join by the end of 2014.

Following meetings with key trade partners, such as the US, The Bahamas is moving forward with its plans to obtain full WTO membership according to director of trade in the Ministry of Financial Services Viana Gardiner (pictured).

Speaking at a Bahamas Institute of Financial Services Bankers’ Week seminar May 14, Gardiner said the country needed to take significant steps to meet the WTO criteria and this would include reform of the tax system, government procurement, import controls and intellectual property laws.

“We have to be prepared on a number of fronts,” she said. “The government has more work to do.”

…continue >

It is vital that The Bahamas’ financial services industry exploits and encourages local talent as the global environment becomes more challenging, according to Minister of Financial Services Ryan Pinder (pictured).

Speaking at the opening of Bankers’ Week yesterday, Minister Pinder said: “Our greatest asset is our ability to advance our human capital. We have to nurture that, we have to develop it, because that is the only way our industry will survive. Human capital is one of the most fundamental components of charting this new path.”

The Minister praised the work of the Bahamas Institute of Financial Services (BIFS) in encouraging high school students to consider a career in the industry through its Grade 12 Financial Services Certificate programme.

He also said his Ministry would reward those companies with innovative training programmes and urged businesses to get involved by offering internships to the younger generation.

…continue >

The Securities Commission of The Bahamas (SCB) has announced the appointment of Velma Miller (pictured) as the manager of its Market Surveillance Department, effective May 13, 2013.

Miller, a Bahamian, holds a Bachelor’s Degree in Banking and Finance and is a Chartered Financial Analyst (CFA) charterholder. She also successfully completed the Canadian Securities Course (CSC) and holds the International Capital Markets Qualification (ICMQ) from the Securities Institute, UK.

Miller has extensive experience managing investments. Employed with Royal Fidelity Merchant Bank for 12 years, she spent her last seven years in management.
…continue >

The Government of The Bahamas has signed a Letter of Intent with DAMEN Shipyards to augment the Royal Bahamas Defence Force’s (RBDF) fleet with nine medium-to-long range vessels, Minister of National Security Bernard Nottage announced last week.

…continue >

Real estate professionals from around the region gathered in The Bahamas for a conference last weekend and to view potential sites for development. Bahamas Realty chief executive officer Larry Roberts says that recent infrastructural developments have helped make The Bahamas more attractive to investors.
…continue >

Mario Carey Realty (MCR) announced this week the appointment of nine licensed professionals, each of whom joined in recent months and will serve as independent contractors.

…continue >

A year after coming to power, Prime Minister Perry Christie says that foreign direct investment is central to future economic growth for the country.
…continue >

Minister of State for Finance Michael Halkitis says that proposed draft value added tax (VAT) legislation is expected to be completed this week, with the government pledging to introduce the new tax by January 2014.
…continue >

Last minute preparations are being made for the exhibition football match between Tottenham Hotspur and the Jamaican national team to be held in The Bahamas later this month.
…continue >