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Ministry of Finance Pleased with Results of First VAT Filing Deadline

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March 9, 2015 (Nassau, Bahamas) – The first monthly filing deadline for large businesses was on March 2nd, and the Ministry of Finance and VAT Department are pleased with the results and positive outcomes of the filing process. Nearly, 95 per cent of businesses with revenues of $5 million or greater successfully completed the filing process for the January tax period.

“We have worked with Bahamian businesses to ensure that they understand their VAT filing responsibilities and are happy to report that the vast majority of large businesses had a successful experience,” stated John Rolle, Financial Secretary.

Throughout the filing process, the VAT Department has been working hard to keep businesses informed of VAT regulations and will continue to host workshops throughout the country and answer questions that businesses may have.

In addition, the first filing deadline also provided the VAT Department with the opportunity to review the filing system and address any areas for improvement or clarification. The VAT Department highlighted the following for registrants:

· Ensure you meet the filing deadline: If you are making a payment through your financial institution, make sure that you allow for two full business days for the government to receive the payment. The return filing is only recorded as complete after the payment has been received.
· Disclose VAT deferrals when you claim the credits: Businesses that benefit from deferred payment of VAT to Customs must disclose the liability on the same return as when they claim the VAT credit. Some of the January returns will be amended to correct for this omission.
· Report total sales plus VAT: When filing the return, businesses must report on total sales including all VAT collected. The Revenue Management System is equipped to verify the amount of VAT that was collected.
· Refunds to be paid only on verified banking details: In order to ensure that qualified businesses receive their entitled VAT refunds, the VAT Department is dong secondary checks to verify the banking information provided by registrants. This protocol will be followed whenever an initial refund is to be paid out. Some refunds have already been requested.

“The results overall for the February filing process was incredibly positive and we are confident that future filing processes will continue to get smoother,” stated Minister of State Finance, Michael Halkitis. “Tax reform is a key component of our Government’s plan to reduce the deficit thereby reducing our need for additional borrowing,” continued the Minister.

The first quarterly filing deadline is set for the end of April and will require all more than 5,000 businesses to complete their first return. As always, the VAT Department will help guide these businesses through the filing process and will continue their outreach efforts.

For more information visit www.bahamas.gov.bs/VAT or look up VATBahamas on Facebook, Twitter, YouTube and Instagram.

To contact the VAT Department directly, please send an email to vat@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.

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Government dismisses IDPADA-G remarks as nonsensical, divisive

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– Labour minister reaffirms the government’s inclusive approach

Minister of Labour Joseph Hamilton has dismissed as “nonsensical” and “divisive” the recent comments made by Chairman of the International Decade for People of African Descent-Guyana (IDPADA-G), Vincent Alexander, which accused the government of marginalising Afro-Guyanese.

The comments were made following Minister Hamilton’s address at the United Nations Permanent Forum on People of African Descent, held at the UN Headquarters in New York.

The forum, which runs under the theme “United for reparatory justice in the age of artificial intelligence,” concludes on Thursday.

In a Tuesday interview with the Department of Public Information, Minister Hamilton said the claim bears no relation to the government’s track record.

“It’s so sad that when these guys who want to suggest that they represent people of African descent’s interest, when they have the opportunity…they [would] rather utilise their two minutes to…bring this narrative that is profane in nature [and] has no basis in reality,” he said.

The minister added that while the forum was designed to address developmental challenges, such as those posed by artificial intelligence, individuals had used the platform to promote what he described as hate, racism, and division.

The labour minister argued that Afro-Guyanese have begun to reject what they see as an attempt to monopolise their representation.

“Vincent Alexander and IDPADA-G have assigned to themselves that they are the spokespersons for Afro-Guyanese.  And daily, thousands of Guyanese are saying to them, ‘you go to hell, you don’t speak for me’,” he stated.

Responding to criticisms that the Ethnic Relations Commission (ERC) had failed to include an Afro-Guyanese commissioner in its delegation, the minister said this was not intentional.

“The reality is that Norris Whitter, who is a member of the ERC, was slated to come to New York…and at the late moment, he declined to come,” he explained.

Minister Hamilton stressed that the Government of Guyana remains committed to delivering inclusive development policies.

“We have rolled out educational programs that will affect positively every Guyanese, including people of African descent. The University of Guyana, being free from this year, will affect positively thousands and tens of thousands of Afro-Guyanese…so the government’s program is delivering to the Guyanese people [and] that includes people of African descent,” he said.

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PM Davis: New Solar Power PPA is ‘a bold step forward’

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NASSAU, The Bahamas – Prime Minister and Minister of Finance the Hon. Philip Davis said, during his remarks at the Power Purchase Agreement (PPA) signing between Bahamas Power and Light (BPL) and Madeleine Solar Power Ltd., on March 17, 2025, that it was “a bold step forward”.

“We take a step toward energy security, where clean, reliable, and affordable power is no longer a distant dream but a reality unfolding right before us,” Prime Minister Davis said, during the ceremony held at the Blue Hills Power Station.

“This signing represents a promise fulfilled: a declaration made by this administration signaling to the nation and the world that The Bahamas is ready to embrace renewable energy,” he added.  “For too long, we have been at the mercy of volatile fuel markets, burdened by high electricity costs, and vulnerable to the devastating impacts of climate change. From this moment onward, we will begin redefining our energy reality.”

Prime Minister Davis noted that, with that agreement, his Government accelerated its” mission to achieve 30% renewable energy by 2030.

“As we advocate for more international action to lower global carbon emissions, we are demonstrating to the world that we will lead by example,” he said.                                                                                                                                                                      Prime Minister Davis added:  “INTI’s – trading as Madeleine Solar Power, Ltd. — project will integrate seamlessly into the national grid, adding critical capacity right here at Blue Hills Power Station. Seventy megawatts of solar power is supported by 35 megawatts of battery storage.  That is the overall goal; but this contract provides for 20 megawatts. This system is designed to stabilize, sustain, and support our growing energy demands.”

He pointed out that, of course, his Government’s solar expansion was bigger than New Providence.

“Across our Family Islands, independent power producers are laying the foundation for a cleaner, more independent energy future for our Family Islands – Abaco to Andros, Eleuthera to Exuma, Long Island to San Salvador – the shift is happening with tailor-made solutions for each island,” Prime Minister Davis said.

“Minister Coleby-Davis and her team have worked tirelessly to bring this vision to life,” he added.  “I commend their dedication, and their determination to push past bureaucratic barriers and drive real, tangible change.”

He also thanked the Energy Committee for their integral role.

Prime Minister Davis said:  “To INTI – trading as Madeleine, partners – thank you. Your investment, expertise, and commitment will power homes, businesses, and industries. More importantly, we will power hope.  We are powering a future where Bahamians no longer ask, “Can we afford electricity?” but instead ask, “What more can we achieve with it?”

“Let me be clear – this is only the beginning,” he added.  “As we continue to integrate renewables and invest in cleaner fuel alternatives, we are creating a new energy paradigm for future success where Bahamian families and businesses no longer struggle with keeping the lights on.”

He continued:  “We are proving that small island nations can think big; that we can innovate; that we can rise above our challenges, carve out a sustainable path forward, and lead the way.

“Today, we sign this contract.  Tomorrow, we break ground.  Soon, we will enter this new era for energy in this country, powered by the sun.”

PHOTO CAPTION

Prime Minister and Minister of Finance the Hon. Philip Davis takes part in the Power Purchase Agreement (PPA) signing between Bahamas Power and Light (BPL) and Madeleine Solar Power Ltd., on March 17, 2025, at Blue Hills Power Station.  Also bringing remarks was Minister of Energy and Transport, the Hon. JoBeth Coleby-Davis.

(BIS Photos/Eric Rose)

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NASSAU CRUISE PORT AND ARAWAK PORT DEVELOPMENT CELEBRATE WOMEN’S ACHIEVEMENTS IN MARITIME AND CRUISE

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Dr. Brenda Cleare of the LJM Maritime Academy with students

Nassau, Bahamas, March 15, 2025 – On Friday, March 7, 2025, Nassau Cruise Port (NCP) and Arawak Port Development (APD) held an exclusive luncheon in honour of International Women’s Day.  The goal of this special event was to celebrate the remarkable achievements of Bahamian women in the maritime and cruise industries under the theme “A Sea of Change: Women Accelerating Action.”

The event brought influential women from Nassau Cruise Port, Arawak Port Development, Royal Bahamas Defence Force, Bahamas Maritime Authority, the Port Department, Bahamas Ministry of Tourism, Royal Caribbean Group Bahamas, LJM Maritime Academy, and other key stakeholder organizations together, providing an elevated platform for networking, collaboration, and empowerment.

“Women have been instrumental in the driving growth of the Bahamian maritime and cruise industries in many ways, and it is important that we recognize and celebrate their outstanding contributions.

“Women play a vital role in the success of Nassau Cruise Port with over 50% of our team being female maritime professionals,” stated Mike Maura, CEO & Director of Nassau Cruise Port.

“This event marks the beginning of an annual tradition to empower the women in our sector and to inspire future female leaders.  Congratulations to all the women who were honored today and attended this event, and to women everywhere. Your efforts are driving positive change in our industry, and we wholeheartedly support your success.”

Dion Bethell, President & CFO of Arawak Port Development, provided some additional perspective. “Women are making waves in the maritime sector, and their impact is undeniable. According to recent statistics, women now represent 20% of the global maritime workforce—an impressive increase that highlights the potential for growth, innovation, and leadership in this vital industry.  At Arawak Port Development, we are committed to fostering an inclusive environment where women are empowered to chart new courses and redefine the future of maritime.”

The keynote address was delivered by Senator Ja’Ann M. Major, a Director at the Bahamas Maritime Authority, who highlighted some of the major accomplishments of Bahamian women in the maritime industry. She also encouraged the audience to embrace leadership opportunities and to continue to advocate for a more inclusive industry.  “It is often said that when women gather with purpose and passion, the energy is palpable, and theimpact is transformative. Standing here today, I can’t help but feel inspired by the resilience and unwavering commitment of Bahamian women to making a difference in our maritime industry.”

She continued, “Women are increasingly taking on pivotal roles, steering the industry toward a more inclusive and dynamic future.  Events like this one are not only necessary to celebrate the remarkable achievements of women in this industry, but it underscores our collective commitment to fostering an environment where women continue to thrive and lead.

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