THURSDAY, AUGUST 4, 2016
business@tribunemedia.net
PM proposes new tax concessions approach for Grand Bahama By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
TAX concessions when used properly should be an inducement to encourage private sector investment, Prime Minister Perry Christie said yesterday, noting the extended Hawksbill Creek Agreement (HCA) concessions will encourage and facilitate further development and employment on Grand Bahama. Addressing Parliament yesterday before tabling the Grand Bahama (Port Area) Investment Incentives Bill, 2016, Mr Christie said that the Government is “desirous of encouraging and facilitating economic growth and continued development of all sectors of the island of Grand Bahama, and of promoting increased opportunity for significant employment for the overall economic benefit of the Bahamas. “It is envisaged that the MOU and agreements to be made with licensees will aim to fundamentally shift the See pg b6
Bill tabled to update ‘different era’ HCA Inducement to boost private sector investment Certain undeveloped land subject to property tax
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday asserted that the Gaming Act 2014 should be revisited and, if necessary, amended to ensure that the sector does not imperil the country’s already fragile banking sector. Kevin Seymour, in a review of the International Monetary Fund’s (IMF) Staff Report - Article IV Consultation on The Bahamas, said that recent concerns expressed by Central Bank Governor John Rolle should be taken seriously by the government. During a recent address made to the Bahamas Chamber of Commerce and Employers Confederation, the Governor of the Central Bank of The Bahamas stated that “overlooking the need for more stringent regulations in the web shop sector could, in time, increase the possibility of local bank de-risking.” Mr Rolle went on to explain that he was becoming increasingly concerned over the source of funds entering the gaming industry, asserting that more regulations would be needed to assure regulatory agencies of the sector’s legitimacy. Mr Seymour told Tribune Business: “It would appear that certainly there are still banks, even after the passage of the Gaming Act, who are not accepting funds from these web shops. That is a matter of internal policy for the respective banks. The question then needs to See pg b5
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net HEALTH Minister Dr Perry Gomez yesterday affirmed that there is no significant introduction of taxes directly related to National Health Insurance (NHI) implementation “at the outset”, citing the single governance model as fundamental to the health care industry’s reformation and a smooth NHI implementation. Addressing Parliament yesterday while introducing a Bill for an Act to repeal the National Health Insurance Act 2007 to pave the way for the the implementation of NHI, a national health insurance authority and fund, Dr Gomez said: “The aim is not to increase the approximately $400
Simultaneous implementation of universal health coverage Concept of single governance fundamental million being expended annually on all aspects of healthcare in the country by the government. As a result there is no significant introduction of taxes directly related to the implementation of NHI at the outset. In order to achieve this the four pillars of universal health coverage - single governance, the social determinants of health, health system straightening and
Minister of Health Dr Perry Gomez health care financing - are all addressed simultaneously.” He added: “The concept of single governance is fundamental to the reformation of the health care
industry or the smooth implementation of universal health coverage under the umbrella of National Health Insurance.” Dr Gomez noted that legislation being crafted that would allow for the proper execution of single governance across the health care industry. “In the public sector this will be achieved with the creation of a public health authority which will untie the clinical functions of the department of health and the Public Hospitals Authority particularly to create a seamless system of clinical services. This will allow the public health functions of prevention, promotion and protection to be separated in the ambit of the Ministry of Health headquarters for national oversight and monitoring,” said Dr Gomez.
Union has legal backing for Melia negotiations By NATARIO McKENZIE Prime Minister Perry Christie
Revisit Gaming Act to protect banking sector says Chamber chief By NATARIO McKENZIE
No NHI tax “at the outset” says Gomez
Seymour fears web shop money could bring de-risking Says “alarm bells should be ringing”
Kevin D. Seymour
$3.97 $4.06 $3.98
$3.98
Tribune Business Reporter
nmckenzie@tribunemedia.net
BAHAMAS Hotel Catering and Allied Workers Union (BHCAWU) president Nicole Martin yesterday expressed confidence that the union was in a more firm legal position to pro-
Labour certificate gives”more firm legal position” BHCAWU chief confident of progress
ceed with negotiations with the Melia Nassau Beach Resort having secured a long-awaited certificate of recognition, describing it as “one of many steps” to be taken to ensure proper representation for the all-inclusive resort’s employees. Ms Martin told Tribune Business that the BH-
CAWU had applied since last year for a certificate of recognition from the Ministry of Labour as the sole bargaining agent for the resort’s non-managerial employees, and with that now in hand was looking to meet with the resort’s management to discuss the way See pg b5