WEDNESDAY, SEPTEMBER 21, 2016
business@tribunemedia.net
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Govt’s Sandals directive takes workers ‘pre-1958’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government was yesterday accused of returning Bahamian workers to “pre-1958 General Strike” conditions, after the Attorney General directed the courts to “discontinue” criminal proceedings against Sandals Royal Bahamian and its top executives. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that the entire trade union movement was “very, very, very shocked” by Allyson Maynard-Gibson’s See pg b4
End ordered to criminal case against hotel, executives
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sandals Royal Bahamian
Opposition to Chamber offer ‘much easier’ query Govt’s than Inland Revenue’s ‘3 at once’ SPV fondness Tax Certificate Will ‘most likely’ raise issue in House of Assembly Entities used for BoB, UBS deal, CLICO, BEC KP asks if true national debt nature being hidden By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Opposition will “most likely” raise concerns in the House of Assembly over the Government’s increasing use of special purpose vehicles (SPVs), its deputy leader said yesterday. K P Turnquest told Tribune Business that his “major concern” was whether these entities were being used to ‘hide’ the true extent of the Government’s debt. He was speaking after Tribune Business revealed that the Government is employing an SPV to not only acquire UBS House, but See pg b5
The Inland Revenue offer to simplify the Tax Compliance Certificate (TCC) process by issuing ‘three at once’ would be “much easier” if just one was made valid for a 90-day period, the Chamber of Commerce’s chief executive said yesterday. Edison Sumner told Tribune Business that despite several meetings between the Chamber and Ministry of Finance officials, the latter had yet to act on its recommendation that TCCs last for a duration of “at least 90 days”. However, he recalled that Roger Forbes, head of the Inland Revenue Department, had proposed at last week’s Chamber breakfast meeting issuing “three TCCs at the same time” to businesses current with all tax payments. The thinking here was that when one TCC expires, another kicks-in, with the three collectively enabling a busi-
Bahamas missed ‘free will’ reform of taxation system By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas missed “a golden opportunity” to get ahead of its competitors when it elected to implement Value-Added Tax (VAT) instead of a ‘low rate’ corporate /income tax regime, a financial services provider said yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that the Bahamas now faced having such reforms imposed on it by outside pressure, rather than adopting them of its own free will and becoming a market leader. Warning that this nation will continue to face unrelenting pressure from the likes of the European Union (EU) and OECD, Mr Moss said the Bahamas would have to adapt to a “tax transparent” environment whether it liked it or not. “We have to be seen to be doing certain things,” he told Tribune Business. “It’s no good for us to be resolute and be forced into doing concessions that outside countries would like us to do. “We should have implemented a corporate and income tax regime for ourselves, not the EU, and not be forced to do so. One thing is certain. There’s going to be a lot more pressure
EU forcing ‘what we could have done for us’ Provider fears nation will ‘succumb’ to pressure Being forced ‘to change the way we do business’
paul Moss coming on the Bahamas to change the way we do business.” Mr Moss added that the Bahamian financial services industry’s needs, and the potential threats to it, were See pg b7
MP: Deep Water Cay sale queries Govt boasts
Baha Mar realtor marketing property to buyers
Fears ‘far-reaching consequences’ for labour
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Bahamian elite’ urged to acquire upscale GB hotel
Deal being worked for expansion incentives switch
TUC chief: Govt betrayed, deceived unions
Warns of mass action, election implications
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proposal ‘good offer’; can be bettered
Govt yet to respond on private sector 90-day call But new TCC complaints not coming to Chamber ness to go for 90 days/three months without needing to apply for another. But Mr Sumner, while welcoming the offer, told Tribune Business it would be far simpler, and more efficient and less costly for all, if the Government could issue companies with just one TCC covering a 90-day period. “Our suggestion to the Government is that the Tax
CEO of Chamber of Commerce Edison Sumner. Compliance Certificate last for a period of not less than 90 days,” Mr Sumner told Tribune Business. “Thirty days is too short for people to make sense of them and use them properly. “One suggestion by the Comptroller of Inland Revenue was that if a company has a need for a TCC beyond 90 days, the Department would See pg b4
The “Bahamian elite” were yesterday urged to consider buying Grand Bahama’s Deep Water Cay resort, with the area’s MP saying its sale called into question repeated Government boasts that it was on the verge of a $110 million expansion. K P Turnquest told Tribune Business that Deep Water Cay’s buyer search contradicted claims by both Prime Minister Perry Christie and Dr Michael Darville, minister for Grand Bahama, that the resort was poised for major growth. Speaking after the property’s sale was formerly disclosed, Mr Turnquest told Tribune Business: “It’s interesting when juxtaposed against what the Prime Minister and minister for Grand Bahama have been saying about the expansion of this property.” Mr Christie heavily touted expansion and job creation at the east Grand Bahama bonefishing property during his mid-year Budget presentation back in February 2016. He had spoken of a “$110 million expansion of the Deep Water Cay Resort at the eastern end of the island, which will create over 100 construction jobs between now and 2018. “An additional 280 permanent jobs will come on stream when the resort, to be operated by the Six Senses brand, is completed.” Tribune Business had been told at the time that the Government’s pronouncements were very premature, and Mr Turnquest said yesterday’s developments again raised questions about the accuracy of Mr Christie’s foreign direct investment (FDI) promSee pg b6