Connect with us

Bahamas News

Bahamas PM Christie says 40% of VAT covered deficit

Published

on

Bahamas, March 31, 2017 – Nassau – The Bahamas now knows where the VAT money went says  Prime Minister Perry Christie delivered on his promise to explain the VAT collection and allocation.   Residents and guests of The Bahamas are healthy consumers as the report revealed that not only did VAT exceed performance expectations, t it was over a billion dollars collected in the 7.5% tax on goods and services.

PM Perry Christie, who is the Minister of Finance said that VAT drew 1.14 billion dollars and that the Customs Department collected $415 million of that money over two years.  While VAT did bring in more than half The Bahamas’ national budget, there were some offsets because of its existence.   The Prime Minister explained that tax breaks and duty rate cuts and eliminations did cause some losses in other revenue areas and that net impact on revenues cost the country almost three quarters of the VAT earnings; quoted at $756 million.

Due to this huge loss to government revenue in other areas, VAT was able to contribute and 30% of earnings to the lost revenue.  The country’s leader said 40% of the VAT money was used to reduce the deficit and the remaining 30% went to general expenditures.   VAT also had to refund some of its subscribing companies, that happened to the tune of $20 million revealed the report presented Wednesday in the House of Assembly.

The Prime Minister did a better job in his presentation than his junior finance minister, Michael Halkitis who many agreed mucked it up at the PLP National Convention in January; the PM shared some of the programmes or elements of country affairs that benefited directly from VAT money.   “Since the implementation of VAT, the government has hired an additional 99 police officers at $1,782,000 per annum; it has hired an additional 166 Defense Force officers at $2,988,000 per annum; it has employed 347 more teachers and education support staff at $8,400,500 per annum; and it has hired 103 additional doctors and health professionals at $2,932,550 per annum.”

While the National Budget, according to reports released by the Central Bank reveal that the deficit has ballooned and there is criticism for the Administration not exercising enough austerity measures to save money, Mr. Christie said his PLP Administration is spending less. I quote the statement by the PM, “Today we have reduced this excess of spending over earnings to an average of less than $400 million and excluding natural disasters to an average of less than $250 million.  Therefore debt accumulation has decelerated.”

You can read the presentation of PM Perry Christie in full at MagneticMediaTV.com.

#MagneticMediaNews

#VATspending

#VATcovereddeficitsaysPM

Bahamas News

New GPS Evidence Prompts Fresh Search for Missing American Woman in Abaco

Published

on

ABACO, BAHAMAS — Nearly two months after American sailor Lynette Hooker vanished in waters off Abaco, investigators are preparing to conduct a new search based on GPS and navigation data that reportedly challenges the account originally provided by her husband.

The case, which first drew international attention in early April, began when Brian Hooker told authorities that his wife was swept away after falling from an inflatable dinghy during rough conditions in waters near Elbow Cay.

Initial search efforts involving Bahamian and U.S. authorities covered extensive areas of the Sea of Abaco but failed to locate the missing Michigan woman.

Now, according to multiple U.S. media reports, investigators have obtained electronic navigation and GPS data that appears to place the couple’s dinghy in a different location from where searchers initially concentrated their efforts.

The new information has prompted authorities to reopen search operations and seek permission for divers to examine a more targeted area of the Sea of Abaco.

Unlike the broad search that followed Hooker’s disappearance, the renewed effort is expected to focus on a relatively shallow section of water, reportedly about 25 feet deep. Investigators believe the location may offer a better opportunity to recover evidence and potentially answer lingering questions surrounding the disappearance.

The latest development marks a significant shift in the investigation.

What began as a maritime search-and-rescue operation has evolved into a complex multinational investigation involving Bahamian authorities, the United States Coast Guard and the Federal Bureau of Investigation.

Brian Hooker was detained and questioned by Bahamian authorities following his wife’s disappearance but was later released without charges. While investigators have never publicly accused him of a crime, reports indicate he remains a person of interest as authorities continue to examine the circumstances surrounding the case.

Hooker has repeatedly denied any wrongdoing and has maintained that his wife accidentally fell overboard.

The investigation has intensified in recent weeks. U.S. authorities have reportedly seized the couple’s sailboat, Soulmate, transporting the vessel to Florida for forensic examination. Investigators are said to be reviewing onboard electronics, digital records and other potential evidence as part of the ongoing inquiry.

The case has also attracted attention from Lynette Hooker’s family, who have continued to press for answers and support efforts to locate her.

The renewed search comes after Brian Hooker returned to the United States following the disappearance. Reports indicate he cited family reasons, including concerns about his mother’s health, for leaving The Bahamas.

For investigators, however, the focus now appears fixed on the newly identified search area and the electronic evidence that led them there.

Whether the latest operation produces answers remains to be seen. But nearly eight weeks after Lynette Hooker disappeared in the waters of Abaco, authorities believe new technology and new information may finally provide a clearer picture of what happened that night.

Continue Reading

Bahamas News

Nassau Opens CDB Annual Meeting at Baha Mar This Week

Published

on

NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

Afreximbank Annual Meetings Return Next Month; Caribbean Links Remain in Focus

Published

on

May 29, 2026 – Two years after The Bahamas made history as the first Caribbean nation to host the African Export-Import Bank’s Annual Meetings, thousands of delegates are expected to gather in Egypt next month for AAM2026.

The 33rd Afreximbank Annual Meetings will be held from June 21-24 in El Alamein, Egypt, under the theme: “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty.”

The event is regarded as one of Africa’s most important gatherings on trade, investment, finance and economic development, bringing together heads of state, policymakers, business leaders, development finance institutions and international partners.

For Caribbean nations, the meetings hold special significance.

In 2024, The Bahamas welcomed thousands of delegates to Nassau for the landmark event, marking the first time the annual meetings were staged outside the African continent and placing the Caribbean at the center of growing discussions on Africa-Caribbean trade and investment.

Since then, Afreximbank has continued to expand its engagement in the region, promoting stronger commercial ties between Africa and Caribbean countries and exploring opportunities in trade finance, infrastructure development, logistics, investment and private sector growth.

Organizers say this year’s discussions will focus on strengthening intra-African trade, advancing industrialization, building regional value chains and increasing economic resilience amid global uncertainty.

The meetings are also expected to provide a platform for new partnerships, investment opportunities and development initiatives that could have implications beyond Africa, including for Caribbean nations seeking to deepen economic cooperation with the continent.

As leaders prepare to convene in Egypt, the Caribbean’s growing relationship with Afreximbank remains a key part of the institution’s broader vision of expanding trade and investment connections across the Global South.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING