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THURSDAY, JANUARY 13, 2022
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‘Red flags’ over financial sector growth eliminated • EU delisting ‘sets stage’ for cross-border increase • AG hails ‘fantastic news’ that ‘repositions’ industry • Banks refused to process Bahamas transactions
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS’ removal from Europe’s blacklist “sets the stage” for financial services growth by eliminating the last “red flags” to doing business with this nation, a Cabinet minister said yesterday. Senator Ryan Pinder, the attorney general, told Tribune Business that The Bahamas’ delisting by the European Union
Dorian-hit islands slam VAT change as ‘short-sighted’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s assertion that reimposing VAT on construction services in Dorian-hit islands will only hurt a “minority” of wealthy homeowners was yesterday blasted as “short sighted”. Ken Hutton, the Abaco Chamber of Commerce’s president, told Tribune Business that the Government’s rationale appeared to neglect the fact that such second home and vacation rental property owners were “the driving force” of the island’s economy prior
to the devastating Category Five storm. As a result, he warned that Abaco’s revival will “suffer” if such homeowners decide to “walk away” perceiving that the restoration environment is unfriendly to their interests as a result of reintroducing 10 percent VAT on the very construction services they require to rebuild their homes. And, with between 40-50 percent of properties in areas such as Murphy Town, Dundas Town, Great Cistern, Spring City and Treasure Cay “still uninhabitable”, Mr Hutton said the end to such tax relief is “probably going to hurt a
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(EU) was “fantastic news” and “repositions the country in a favourable light to attract more cross-border business” given that any remaining concerns about the strength of its antifinancial crime regime have now been swept away. Given that “any kind of cross-border business from The Bahamas”, including that with EU-headquartered banks and their branches, had potentially been impacted by the 27-nation bloc’s decision to list this country
in October 2020, he described the jurisdiction’s escape as “extremely significant” given its economic model that is focused on international commerce. Mr Pinder, confirming that the European Commission, the EU’s civil service, had taken the decision to delist The Bahamas on Friday, January 7, added that this recommendation was on Tuesday passed to the EU Parliament for it to change the law to reflect this action.
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RYAN PINDER
IHOP Bahamas arrival targets up to 130 jobs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN entrepreneur yesterday revealed plans to create up to 130 local jobs by making this nation “the anchor for the whole Caribbean” with the IHOP franchise he has just secured.
Burton Rodgers told Tribune Business the agreement reached with the pancake-led restaurant chain that “is iconic to Bahamians” had been “a passion project” involving a five-year pursuit before he sealed the deal with the franchisor. The businessman and his partners in Bahamas Limited are aiming to launch
the first Bahamas-based IHOP restaurant in Nassau by late 2022, and possibly as early as the third quarter depending on its location, then ultimately expand to three to four sites - all on New Providence - within two to three years. Declining to provide figures on the investment
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BURTON RODGERS
Bahamas targets ‘40 out of 40’ compliance
‘This is the time to get out’ of oil exploration
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas is aiming to be “40 out of 40” and achieve near-total compliance with global anti-financial crime standards this year, the attorney general said yesterday.
Senator Ryan Pinder told Tribune Business the jurisdiction was aiming to “take the last strides” to meet the Financial Action Task Force’s (FATF) so-called ‘40 recommendations’ after its regional affiliate found
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ENVIRONMENTAL activists yesterday renewed arguments that a permanent ban on oil drilling in Bahamian waters “really makes sense now” as they
urged the Davis administration to act. Principals of then Our Islands, Our Future coalition, in a January 12, 2022, letter to Prime Minister Philip Davis QC, asserted that “this is the time to get out” of exploratory oil
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