Deputy Prime Minister and Minister of Finance Peter Turnquest presented the 2018/2019 Budget Communication in the House of Assembly yesterday.

His address centred upon ‘Implementing the Government’s Policy Agenda and Securing Core Fiscal Objectives.’

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Prime Minister Dr Hubert Minnis took part in the Groundbreaking Ceremony of GoldWynn Condo-Hotel and Residences last week.

GoldWynn, located on the eastern end of Goodman’s Bay Beach, within the Cable Beach strip, will be a five-storey upscale boutique, beachfront development of contemporary architecture at an estimated cost of $120 million.

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Pictured: Minister of Finance Peter Turnquest addresses the Institute of Internal Auditors May 25 in Nassau. (BIS/IIA Photo)

During his address to the Institute of Internal Auditors May 25, Minister of Finance Peter Turnquest said that the government is looking to strengthen the country’s cadre of VAT auditors, as well as promoting “transparency, integrity and accountability” in business.

He said that since the introduction of VAT by the former administration, the government has outsourced its VAT auditing to an international team of auditors, which is costly.

“For the first time, we have implemented a strategic plan for the government to transfer those responsibilities to Bahamian professionals. Over the next few years, we will transition to a full team of Bahamian VAT auditors, creating new career paths for Bahamian professionals,” he said

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The Bahamas Blockchain and Cryptocurrency Conference was officially announced by Minister of State for Grand Bahama in the Office of the Prime Minister Kwasi Thompson during a press conference at Pelican Bay May 24, 2018.

The conference, scheduled to be held June 20-22 at the Grand Lucayan, was described by Minister Thompson as, “our coming out party” for blockchain and FinTech.

It is anticipated that representatives from 500 companies will converge on Grand Bahama, where investors and entrepreneurs will meet.

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The Bahamas was been removed from the European Union’s (EU) list of Non-Cooperative Jurisdictions for Tax Purposes following a positive technical recommendation from the EU Code of Conduct Group (CoCG), which has been formally adopted by the Council of European Union Finance Ministers (ECOFIN).

In a statement released May 25, the government said:

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On 25 May 2018, the Council removed The Bahamas and Saint Kitts and Nevis from the EU’s list of non-cooperative tax jurisdictions.

The EU’s list is contributing to on-going efforts to prevent tax fraud and promote good governance worldwide. It was established in December 2017.

“Having fewer jurisdictions on the list is a measure of the success of the listing process”, said Vladislav Goranov, minister for finance of Bulgaria, which currently holds the Council presidency. “As jurisdictions around the world work to reform their tax policies, our challenge for the rest of the year will be to see that their commitments have been correctly implemented.”

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Bahamas’ Chartered Financial Analysts Society has won the Global Networks Excellence Award 2018. Watch a ZNS Network news report about this and other business news from The Bahamas.
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Pictured: Prime Minister, Dr Hubert Minnis applauds Baha Mar’s ‘Life Spectacular’ marketing campaign at the official opening of Rosewood Baha Mar, May 22, 2018. (BIS Photo/Peter Ramsay)

Baha Mar achieved a major milestone on Tuesday with the opening of Rosewood Baha Mar, marking the completion of the mega resort’s phased opening that began just over a year ago.

The opening of the luxury Rosewood property has created 450 jobs and brings the total number of rooms, suites and villas at Baha Mar to 2,300.

“Tourism is doing exceptionally well in The Bahamas,” noted Prime Minister Hubert Minnis at Tuesday’s ribbon cutting ceremony.

The prime minister was referring to recent figures that show an increase in air arrivals and hotel room bookings on Nassau and Paradise Island.

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To effectively implement its commitments for the Automatic Exchange of Information (AEOI) under the Organisation for Economic Co-operation and Development (OECD)’s Common Reporting Standard (CRS) framework, the Ministry of Finance has rolled out an international software solution from Vizor AEOI Software.

The Bahamas will use the Vizor AEOI solution to meet its commitment under the CRS and to continue honouring its exchange commitment under the Foreign Account Tax Compliance Act (FATCA) with the IRS.

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Parliamentary Secretary in the Ministry of Tourism Travis Robinson welcomed to The Bahamas travel agents from Atlanta, Georgia, and New York City, May 16, 2018.

As part of a promotional tour, the group met with Sandals Royal Bahamian and Ministry of Tourism sales and marketing teams and had dinner at Sandals Royal Bahamian.

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