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Wednesday, April 1, 2026
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Super Value chief: Clock ticking on VAT ‘solution’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
all uncooked foods from 5 percent to zero with effect from April 1. Ms Symonette told this newspaper that the Prime Minister and government officials, during their recent meeting with the Retail Grocers Association and its members, had signalled they were “willing” to come up with proposals to ease the industry’s concerns over the VAT ‘exempt’ tax treatment. However, with April’s VAT payments, returns and filings due as early as mid-May, she added that time was running out for both parties to agree on what solution to adopt. And, turning to today’s elimination of VAT on uncooked foods, the Super Value president pledged that customers “will not be over charged” even though shelf and product ‘sticker’ prices may not reflect the tax break. She reassured that the 13-store supermarket chain’s point-of-sale system will show the correct prices as it was simply impossible to change
SUPER Value’s president yesterday voiced optimism that the Government will strike a “mutually beneficial solution” over the food distribution industry’s VAT ‘exempt’ fears but warned that time is running out with the first relevant tax returns due in just six weeks. Debra Symonette, speaking ahead of VAT’s elimination on uncooked foods which takes effect today, told Tribune Business she is “very hopeful” that a balance can be struck where Bahamians enjoy the benefits from the tax relief without “significantly increasing” merchants’ expenses and eating into their profits. Any “additional burden”, she reiterated, will force retailers to increase prices on other products “to stay in business” - potentially negating the benefits shoppers will receive from slashing the VAT rate on
Otherwise ‘exempt’ status may force price rises that negate tax break ‘Very hopeful’ consumers enjoy relief without ‘burdening’ merchants Shoppers will ‘pay correctly’ even with two weeks for shelf switch ‘sticker’ prices on up to 100,000 different product items overnight. Ms Symonette said the VAT cut will require Super Value to “assemble a special team” to work “a lot of hours” to effect the product pricing changes, which means an increase in overtime costs. Disclosing that the company was yesterday “going over every possible challenge that may come up”, she added that the transition to ‘zero VAT’ pricing on uncooked foods “is definitely going to be a couple of weeks”. Government regulators, such as the Consumer Protection Commission and Price Control, are “aware” that Super Value and other
food merchants need more time to complete the pricing transition given the sheer amount of stock involved. Ms Symonette said the agencies are working with the industry once “satisfied” that uncooked food prices in their POS systems are correct. However, the Super Value president signalled that there are barely six weeks left to address the industry’s concerns over treating the elimination of VAT on uncooked foods as ‘exempt’ rather than ‘zero rated’. The former method means retailers, as well as wholesalers, face a major increase in costs because
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PM: ‘We’ll see how we can intervene’ over gas prices BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Government has competition legislation on its “drawing board”, the Prime Minister confirmed yesterday, as he pledged that PHILIP DAVIS KC the Government will “see how” it can mitigate the threat from soaring fuel prices. Philip Davis KC, speaking prior to today’s VAT elimination on uncooked food items, said he will continue to seek ways to provide financial relief to Bahamians with gas prices on the rise. “We intervened, if you recall, back in 2022,” he said. “Oil prices were over $100 per barrel. We intervened at that time to help the to ensure that it did not impact the consumer, and that worked well. At this time, we are going to look again to see how we can intervene. But we have to, again, balance that with any loss, how that loss may be make up when we intervene.” The Government earns both 10 percent VAT, as well as an ad valorem charge of around $1.06 to $1.16, on every gallon of gasoline sold. This means that its fuel-related revenues will increase due to the oil price spike from the Middle East war, and the Opposition has already urged it to cap VAT at the pre-increase levels
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FRANKLYN BUTLER (right) addresses onlookers at the press event while Prime Minister Philip Davis KC (left) looks on.
AML Foods targets April 13 start for fire-destroyed stores rebuild BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net AML Foods yesterday revealed it will break ground on the replacements for its fire-devastated Solomon’s Old Trail and Cost Right Nassau stores on April 13 as it turns to technology to ease the transition to eliminating VAT on uncooked foods. Franklyn Butler, the BISX-listed food retail and franchise group’s chairman, pledged that the stores will be rebuilt at the same location “bigger and better” with an opening date targeted for early 2027. AML Foods has received around $25m in gross insurance proceeds due to the fire. “We'll be having a ground breaking on April 13,” he said. “I know it's political season, but we want all of our every day customers, you
want to know what's happening. Pease come on, check us out. It'll be right at the site where we had the fire one year ago. “And we anticipate that early in 2027 we will have the reopening of the Cost Right store right at the current Old Trail site. And that store is going to be bigger and better, and we're looking forward to serving you, our valuable customers, again where you get more for your money.” Mr Butler signalled that AML Foods may have a competitive advantage over rivals in making the transition to zero VAT on uncooked foods. He said the group’s stores have electronic labels where the prices will be changed digitally with effect from this morning. “We have all electronic labels throughout our store as we walk
GB Chamber: We need ‘next steps’ on Lucayan BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce last night called for “timely and transparent” details on the fate of Concord Wilshire’s proposed Grand Lucayan acquisition given the developer’s failure to meet its own self-imposed deadline to unveil the project’s demolition and construction schedule.
GRAND LUCAYAN RESORT
EAT - See Page B5 The Chamber, in a statement to Tribune Business, said it “notes with concern the continued absence of details on the Grand Lucayan development project” that was first unveiled by the Davis administration with much fanfare via a May 2025 Heads of Agreement signing. Concord Wilshire, in a February 23, 2026, statement that joined the Government in rejecting assertions that its proposed $800m-plus investment
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Fishermen ‘dreading’ fall-out from Middle East fuel cost spike Boats ‘filling up to the brim’ in bid to beat diesel hikes But Easter sales and prices still forecast to be ‘bountiful’ Super Value to ‘do what we have to do to stay in business’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN fishermen were yesterday said to be “dreading” the spike in fuel costs generated by the Middle East conflict with boats returning to shore “filling up their tanks to the brim” in a bid to minimise the impact on expenses and profit margins. Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that “everybody suffers when the cost of energy goes up” as he voiced particular concern for Family Island residents and businesses who typically pay several dollars per gallon higher than Nassau due to the extra transportation and logistics costs in their supply chain. And he warned that the price of fish staples, such as snapper and grouper, will inevitably have to rise if the fuel spike and other cost increases are prolonged as a result of the US and Israeli assault on Iran even though fierce “competition” in the industry keeps prices keen. However, Mr Maillis told this newspaper that - despite the Middle East fall-out - the Easter weekend will remain “bountiful” with fish sales and prices comparable with 2025 and prior years and showing no sign of any decline. He spoke as one of the three oil majors and distributors operating in The Bahamas yesterday went up on gasoline and diesel prices to leave the latter near $7 per gallon. “We haven’t really seen an adjustment to the price of fuel at the pump yet,” Mr Maillis said, “but it’s only a matter of time before the prices reflect what’s going on in the international market. We’re dreading it. There’s nothing that can be done. We’re victims of the international market.
“Unfortunately, with this war, we are totally beholden to what happens. Right now a lot of boats are coming in to avoid the present bad weather and offload their catch. Everyone is filling their boat [tank] to the brim. I filled up to the brim. We’re afraid because everything is going up. We finally had a season where fuel prices seemed to be coming back down. We were celebrating that, and now it looks like it’s going to be over.” Warning that most fisheries products sold in the Bahamian market will see price increases if fuel and other costs remain high, or continue to rise for a prolonged period, Mr Maillis added: “If the price of fuel goes up as high as anticipated, customers will have to understand people cannot take a loss on their product. There’s going to have to be some form of adjustment. “In Nassau today, the price of diesel is almost at $7 per gallon at the pump. It’s begun. It’s happening in real time. It’s going to have to go somewhere. Unfortunately, the customers will suffer or we will have to go out of business. Everybody suffers when the price of energy goes up. I feel really sorry for the Family Islands where any price increase in Nassau is multiplied for them, with the extent depending on the particular island.” Crude oil prices have increased by 60 percent on the Brent crude index since the Middle East conflict began at end-February 2026, with per barrel costs hitting $116 again yesterday. The impact, having worked its way through the supply chain, has now reached The Bahamas, with transportation - the ground in-country variety, as well as freight and shipping costs - among the first to feel the effects.
PETROLEUM - See Page B4