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BAHAMAS: Official Statement from Minister of Finance : No Tax Decrease Given by Government

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#Nassau, August 9, 2018 – Bahamas – Despite the unfortunate headlines and misleading commentary in respect to my statement circulated to the media yesterday, it is important that I provide absolute clarity on the matter.

The Government of The Bahamas made no undertaking to reduce any tax rate for any individual or any group with the announced decision to revert to the previous definition of owner-occupied properties.

For real property tax, the government undertook to increase the top end rate for undeveloped land owned by foreigners. This is what was announced in the budget communication. This is what will remain.

What the government is undertaking to change is the amendment that quantified the time frame for owner-occupied property.  This is being done simply because that amendment had the unintended impact of bringing legitimate and non-commercial home ownership under the commercial property tax rate.  And that was not the policy intent.

In none of the budget speeches or other communication is there any reference to increasing real property tax on second home owners, nor on any other developed property.  And no such tax increase was intended nor reflected in the budget estimates approved by Parliament.  As such, the correction in the language in respect to the amendment passed with the budget bills will have no effect on the projected tax income for the country.

 

Authored by: The Honorable K. Peter Turnquest, Deputy Prime Minister and Minister of Finance

Source: Central Communications Unit, Minister of Finance

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Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday

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Dana Malcolm 

Staff Writer 

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale this weekend from May 3 to 5.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew. 

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attention.” 

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.” 

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations. 

A ticket booth will be set up from today, Friday May 3 in the foyer of IGA grocery store beginning at 1 p.m. Friday and then again all day on Saturday, allowing residents to purchase with cash. 

Online tickets are available for purchase with credit cards. Then the full team returns on Friday, May 11 for the actual showing at 8 pm and their two showings on Saturday at 4pm and 8 pm. The venue is Brayton Hall, Providenciales under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described. 

Tickets are only $60 for general seating and $75 for VIP seating. 

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stoplaughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”

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CIBC Caribbean announces the closure of Bay Street Branch

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CIBC Caribbean today announced that its Bay Street branch will close permanently on 31st May 2024.

CIBC Caribbean’s Managing Director, Dr. Jacqui Bend, in making the announcement said: “We regret this development; however, our bank recognizes that our clients’ needs are changing, and we remain committed to meeting these evolving needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.”

Dr. Bend noted that there will be no job losses as a result of this closure and employees will be redeployed to other branches.

She observed, “Additionally, the closure of the Bay Street branch represents a continuation of the work previously started to repurpose our branch network to serve our clients more efficiently across the region.”

Dr. Bend said the decision to end operations at Bay Street was made with the knowledge that clients will continue to be adequately serviced by a strong branch presence that already exists in The Bahamas. She said the bank has written to its Bay Street clients informing them of the closure and has outlined their future banking options.

“We understand that the closure of Bay Street may be inconvenient to our some of our clients, but we hope that this will be tempered by the knowledge that they have many more avenues available to conduct their banking that are also convenient, safe and practical, using our mobile or online banking platforms or our other branch locations.”

 

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Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources  

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Grand Bahama Port Authority, Limited

 

 April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects.  “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities.  “Grand Bahama is going to experience a significant growth spurt in the next one to three years.  I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2nd. GBPA’s partners in the Freeport Business Expo include:

  • Grand Bahama Island Promotion Board
  • Ministry for Grand Bahama
  • Grand Bahama Chamber of Commerce
  • Ministry of Tourism
  • Bahamas Immigration
  • Bahamas Customs
  • Five Star Shipping Company
  • Viva Wyndham Fortuna
  • Bahamas Air
  • Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

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