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Tuesday, May 19, 2026
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Super Value’s price, pay rise fear on VAT change BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUPER Value’s president is warning of potential food price increases, and a barrier to pay rises for hundreds of staff, due to the supermarket chain having to absorb “over $1m” in extra annual costs from the Government’s VAT exempt treatment of uncooked foods. Debra Symonette told Tribune Business that the food distribution industry’s new inability to reclaim, or ‘net off’, the tax they pay on input expenses linked to uncooked foods is “a big deal” for all operators as the resulting increase in their costs impacts the business model by eating into bottom-line profits. While anxious to reassure Bahamian consumers that the 13-store chain has not increased prices yet, she reiterated that it “could happen in the future” depending on the impact that the VAT exempt tax treatment has on earnings. Ms Symonette, conceding that this is “the last thing people need with the already high cost of living”, explained that Super Value cannot afford for its profits to be “eroded too much” as it needs to stay in business and cover its bills. Large food stores, such as Super Value and BISX-listed AML Foods, while have filed their first VAT returns and payments under the new VAT exempt regime by May 14 last week. Those payments would have represented May’s collections, and Ms Symonette said food retailers and wholesalers continue to hope the Ministry of Finance delivers on
Sports Centre ‘flea market’ targets up to 200 vendors BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net A ‘FLEA market’ sttyle initiative aimed at boosting small Bahamian businesses and drawing more tourists ‘Over the Hill’ is being planned at the Sports Centre with organisers hoping to attract as many as 200 vendors. Kareme Damallie, a spokesperson for the project, said the proposed flea market would operate on Saturdays from 9am to 2am and serve as a hub for Bahamian culture, products and entrepreneurship. Mr Damallie said discussions have already taken place with the Bahamas Sports Authority regarding use of the venue. “I already sit down and spoke with the Sports Authority,” he said. “They say I could be there all day.” According to Mr Damallie, the market is expected to feature Bahamian music, live bands and a range of services beyond traditional retail stalls. “There will be Bahamian music,” he said. “There will be live bands, numerous stuff. I might even have a barber shop if people want to come get a shape up.” He believes the project could provide relief for small entrepreneurs struggling with high rental costs throughout New Providence. “It will lower costs for entrepreneurs when
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Chain renews food cost warning from ‘exempt’ treatment
Adds that it may have to ‘think really hard’ on salary rises
a promised compromise that would “balance” the Government’s revenue and fiscal needs with private sector’s desire for tax simplicity and earnings preservation. “It has not been resolved as yet,” she told this newspaper of discussions between the Government and food distribution industry that began before the May 12 general election. “We spoke to them recently, and they say they are going to present something in the near future. “We are having to spend quite a bit. It’s going to be like over $1m per year in [extra] expense if we continue to do it the way we have to do it now. We would have to expense VAT rather than take a credit. That could result in us having to increase prices, and certain things we would have to really think hard about, like increases in salaries; that kind of stuff. That’s for sure. “It’s a big deal because every expense added takes away from your bottom line. We have to control our expenses carefully and ensure that the profits are not eroded too much. Being a big retailer we would feel it more. We’re hoping they [the Ministry of Finance] will come up with a good solution to this, and we won’t have to absorb as much as we are doing now.”
VAT method switch on uncooked food to cost $1.6m yearly
Rupert Roberts, Super Value’s owner, recently told Tribune Business via a series of What’s App messages that the changed VAT treatment of uncooked foods - which accompanied the April 1 elimination of tax paid by consumers - is set to cost the supermarket chain an extra $1.6m per year if no further adjustments are made by the Government. “The VAT change is costing us $1.6m a year,” he wrote. “New tax. Merchants will have to raise prices to take government out of the revolving door. Government gave consumers 5 percent off [uncooked food] and charged it to merchants. Millions of dollars.” Mr Roberts also confirmed it will likely impact the ability of Super Value and other food store owners to give staff pay and benefits increases. The food distribution industry’s concerns stem from the Government’s decision to treat the uncooked food VAT elimination as ‘exempt’ rather than ‘zero rated’. While the latter treatment would have eradicated VAT at all stages of the supply chain, using the ‘exempt’ approach means only the consumer, or end purchaser, is not charged this tax. VAT will still apply at all levels in the supply chain, and ‘exempt’ treatment means businesses such as
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‘Zero political interference’ call on fishery enforcement BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN fishermen yesterday challenged the accuracy of data employed by researchers to determine that 11 of this nation’s 12 key fisheries species are “overfished” while demanding “zero political interference” in cracking down on poaching and other illegal practices. Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that - while he is “taking nothing away” from the report by Perry Institute of Marine Science (PIMS) researchers and other scientists - much of the information on the industry is “inaccurate” because commercial fishermen, as well as their recreational and “unlicensed” counterparts, fail to properly record catch details when they are landed. Voicing surprise at the report’s conclusion that the sustainability of economically-vital species, such as the spiny lobster and Queen conch, could face long-term danger, he asserted: “I don’t think that’s accurate. I know
the PIMS can only report on what information is available, but as a commercial fisherman I am fully aware that the vast amount of catch landed in this country is not recorded properly. “There are endless quantities of seafood sold by licensed and unlicensed fishermen that do not make it anywhere near the dock officials, which makes it much less accessible to records and government officials. I’m not taking away from what they concluded, but I don’t believe commercial fish landings are properly recorded, and those recording catches do not properly record them either. “We have these issues in the fisheries sector with accurate data. If it’s bad in 2026, imagine how bad it was back in the day. It’s a continuous stream of inaccuracy that begets inaccuracy, and can lead to inaccurate conclusions.” The published by Frontiers in Marine Science, and co-authored by Perry Institute for Marine Science (PIMS) scientists Dr Krista Sherman and Dr Craig Dahlgren, found that the likes of wahoo, grouper, snappers and hogfish now lack the population
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Tourists, sports anglers behind 46% of Bahamas fish catches BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ELEVEN of 12 leading Bahamian fisheries species have been “overfished”, researchers revealed yesterday, with recreational fishermen - tourists and sports anglers - said to be “strikingly” responsible for 46 percent of all product caught over the 73-year period to 2022. A report published by Frontiers in Marine Science, and co-authored by
Perry Institute for Marine Science (PIMS) scientists Dr Krista Sherman and Dr Craig Dahlgren, found that - based on “reconstructed” annual catches since 1950 - the health and sustainability of The Bahamas’ most economically-vital fisheries products, such as spiny lobster an Queen Conch, could face long-term danger. The study found that these species, as well as the likes of wahoo, grouper, snappers and hogfish, now lack the
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DR DUANE SANDS
Opposition chair urges probe into $34m PPP deal’s ‘drug suspect’ link Sands calls for ‘proceeds of crime’ investigation Demands halt to all Eight Mile Rock payments ‘Chips to fall where they may’; not ‘swept under rug’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s chairman yesterday called for an “immediate” probe into the $34m Eight Mile Rock administration complex deal after it was revealed the contractor appeared to have ties to a drug-accused air crash victim when the contract was signed in 2017. Dr Duane Sands told Tribune Business that a “proceeds of crime” investigation should be launched into the contract the last Christie administration signed just one day before the May 10, 2017, general election after it emerged that Jonathan Eric Gardiner swore under oath he was the “president and a director” of the Government’s public-private partnership (PPP) partner, Top Notch Builders. Speaking after Mr Gardiner was last week detained by US authorities, and formally charged with involvement in a long-running cocaine smuggling
conspiracy after being rescued from the general election-day plane crash, the Free National Movement (FNM) chairman argued that the Eight Mile Rock complex should be placed in the equivalent of “protective custody” or “escrow” until an investigation was concluded. And Dr Sands also told this newspaper that the Government should halt all lease payments due to Top Notch and its wholly-owned subsidiary, PPP Investments and Construction, plus the loan repayments that suddenly appeared in the Government’s 2025-2026 Budget without warning. The deal appeared under the ‘public debt servicing interest and other charges’ heading, noting a $33.93m, ten-year loan due to PPP Investments & Construction Company even though this debt was supposed to have been serviced by rental payments. The PPP had initially been billed as a lease-to-own structure where the Government
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