Search results for : Business Corporate Consultants

Showing 1 to 10 of 90 results


News Article
2010/2011 Budget Debate Contribution - Health Minister Dr. Hubert 	Minnis
2010/2011 Budget Debate Contribution - Health Minister Dr. Hubert Minnis

I rise on behalf of the Ministry of Health to make my contribution to this 2010/2011 budget presentation and thank the great constituency of Killarney for the opportunity to present this, my third health budget to this honorable chamber.
I wish to congratulate the Rt. Hon. Prime Minister and Minister of Finance, the Hon. Hubert Alexander Ingraham, for his courage in presenting a Budget that is reflective of the realities of the national economic situation and that refused to defer difficult decisions for future generation of leaders.

read more »


News Article
800 small and medium-sized businesses to be surveyed

A local consultancy firm is conducting a 'needs analysis' survey on 800 small and medium-sized businesses throughout the country, as the government seeks to develop and introduce the Small and Medium Enterprises Development Agency (SMEDA) sometime next year...

read more »


News Article
Atlantis president calls for VAT delay

As the government moves full speed ahead with its intention to implement value-added tax (VAT), a leading hotelier said he would have preferred a sales tax and is urging the government to delay the implementation date for VAT.
In an interview with Guardian Business, Atlantis President and Managing Director George Markantonis said for the Paradise Island property, implementing a sales tax would be "easier" than implementing VAT. He made this suggestion as uncertainty still looms about the latter form of taxation.
"We all understand it and the whole world has done it (sales tax). And more importantly for us, our computer systems would be able to take those changes," he said.
While the government has proposed a general VAT rate of 15 percent, the hotel sector will be subject to a lower rate of 10 percent. Markantonis has estimated that his company will have to spend at least $500,000 on technology to implement VAT.
Markantonis is not the only one suggesting that a sales tax be implemented instead of VAT.
Numerous members of the business community, such as President of the Bahamas Motor Dealers Association Fred Albury, and Super Value President Rupert Roberts, have also touted such an alternative as a simpler alternative to VAT.
Meanwhile, Pedro Delaney, a chartered accountant and chief financial officer at Societe Generale Private Banking (Bahamas) Ltd. and SG Hambros Bank and Trust (Bahamas) Ltd., recently said the government should consider other forms of taxation such as a corporate income tax, which he believes would be easier to implement.
"When you consider income taxes, there are personal income taxes as well as corporate income taxes. Corporate taxes may be an easier measure to implement if we are going to address income taxes. The government may in considering that want to consider a flat rate for corporations on their net income," he noted.
The government, however, has pointed to the more "regressive" nature of a sales tax, which does not allow for credits for tax paid on inputs, and therefore becomes "a tax on a tax". Officials have also suggested the credit mechanism under VAT would increase compliance with the tax regime.
Atlantis' top executive is urging the government to postpone the July 2014 implementation to allow for more preparation time. In the meantime, Markantonis confirmed that Atlantis plans to hire consultants to help it understand the ins and outs of VAT and the impact it could have. He maintains that his biggest concern is the possibility of The Bahamas outpricing itself as a destination.
"We're not sure how it's going to impact us spread across our campus because we have multiple business units and revenue streams. They're not all what it would be in a typical hotel. Is Marina Village, which has four of our restaurants, part of the hotel or not? How do the dolphins fall into this picture? There are a lot of factors you have to look at," he told Guardian Business.
"We're not going to eat the costs, that's for sure. So the issue is going to be if there is going to be an added cost, and if we're not going to be reimbursed for it in another manner, which is trackable, that's the key, then obviously we are going to have to pass that on to the consumer. Do we like it? Well, no. I hope it doesn't get to that because we certainly don't want to outprice our destination because we are already fairly pricey."
Officials at the Ministry of Finance estimate that VAT can generate approximately $200 million in revenue in the first year alone, which the government has suggested is key to reducing national debt levels.

read more »


News Article
Auditors Prepared to Delay NIB Report

Auditors hired by the government to audit the accounts of the National Insurance Board (NIB) are prepared to delay their report to give NIB Director Algernon Cargill and former NIB Chairman Gregory Moss an opportunity to come...

read more »


News Article
BEC 'misused' from political interference

By NEIL HARTNELL

Tribune Business Editor

Political interference has resulted in "low operating efficiency" and "misuse" of the Bahamas Electricity Corporation (BEC), a consultant's report has confirmed, urging that it be allowed to operate as a commercial, profit-driven business supervised by an independent regulator.

Fichtner, the German consultants hired to perform an overview of the Bahamian energy sector's ownership and regulatory structure as part of an Inter-American Development Bank (IDB) funded project, recommended that there be "a basic change in the institutional set-up and the existing framework of the regulatory sector".

Noting that BEC was curre ...

read more »


News Article
BEC 'will be privatised'

By NEIL HARTNELL

Tribune Business Editor

The Bahamas Electricity Corporation (BEC) "will in the medium to long run be privatised", joining its Bahamas Telecommunications Company (BTC) counterpart, a consultant's report recommending that competition be introduced into the Bahamian power sector through Independent Power Producers (IPPs) supplying a mix of renewable and conventional energies.

A report on strengthening the Bahamian energy sector, produced by German consultants Fichtner, suggested that competition be created by separating electricity production from its transmission and distribution to end-consumers, given that the latter was likely to be a 'natural monopoly' ...

read more »


News Article
BEC Workers in Clash with Police

The Bahamas Electricity Corporation's (BEC) line staff union staged an emotionally charged protest at BEC's main office that shut down operations and eventually led to a shoving match with police yesterday. The protest, led by the Bahamas Electrical Workers Union (BEWU) and supported by the Bahamas...

read more »


News Article
BEC has serious shortcomings in calculation and reconciliation
BEC has "serious shortcomings" in calculation and reconciliation

The Bahamas Electricity Corporation (BEC) is exposed to "fraud and corruption" as a result of its unwieldy procurement structure, a consultants' report has revealed, although action taken to rectify fuel management deficiencies have reduced the danger of major losses being sustained.

The report by German company, Fichtner, financed by the Inter-American Development Bank (IDB) as part of a project to strengthen the Bahamian energy sector, said BEC lacked a procurement function covering all procedures for resources the Corporation purchased, and hinted that there were no divisions between those who dealt with the technical side of bid docume ...

read more »


News Article
BEC's 10m consultant spend 'not necessary'

By NEIL HARTNELL

Tribune Business Editor

The Bahamas Electricity Corporation (BEC) is unlikely to need the number of external consultants, upon whom it spent $10 million during its 2008 financial year, it currently hires, with "drastic change" needed to prevent already low employee accountability from "deteriorating further".

A report by the German firm, Fichtner, part of an Inter-American Development Bank (IDB) funded project to overhaul the energy sector in the Bahamas, warned that the lack of rules and policies for BEC employees to follow, coupled with the minimal risk of punishment for indiscipline and other infractions, was undermining the state-owned power monopoly.

N ...

read more »


News Article
BEC's 210,000overtime hours

By NEIL HARTNELL

Tribune Business Editor

Some 210,000 staff overtime hours - equivalent to an astonishing one hour of overtime per day for every employee - were booked at the Bahamas Electricity Corporation (BEC) during its 2009 financial year, a confidential report for the Government has revealed.

Describing this level of overtime as "questionable", the study by German consultants, Fichtner, which was called Strengthening the Energy Sector in the Bahamas and conducted as part of an Inter-American Development Bank (IDB) funded project, noted that during BEC's 2008 financial year the amount of booked overtime hours was "double" the 2009 total -meaning there were more than 400,0 ...

read more »