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

Bahamas economic growth

Published

on

Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

 

Continue Reading

Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

Published

on

World Relays to be title sponsored by BTC, one of C&W’s local brands.

 

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

 

 

Continue Reading

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

Published

on

RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

Continue Reading

FIND US ON FACEBOOK

TRENDING