Search results for : insurance companies
February 10, 2023
Government won't try to recoup VAT on health insurance claims
The government won't try to recoup millions of dollars from insurance companies as a new tax treatment of health insurance claims is set to take effect on April 1, 2023, according to Minister of Economic Affairs Michael Halkitis. Government and the Bahamas Insurance Association (BIA) have been at odds over the industry's previous practice of ...
The post Government won't try to recoup VAT on healt...
Insurers concerned about VAT burden on consumers
February 03, 2023
Insurers concerned about VAT burden on consumers
Refuting accusations made against the insurance industry by Prime Minister Philip Davis in the House of Assembly on Wednesday, Chairman of the Bahamas Insurance Association (BIA) Anton Sealy said while insurers are hopeful the government will reconsider placing on consumers the burden of value-added tax (VAT) on health insurance claims, he is doubtful it will.
February 02, 2023
Bosland: BIA did not agree fully to terms on health insurance VAT claims
The Bahamas Insurance Association (BIA) did not agree fully to the terms set out by the government that will lead to increased costs for those with health insurance, who will now have to pay their own value-added tax (VAT) on health-related services, said chair of the BIA's health insurance committee, Marcus Bosland. The government plans ...
The post Bosland: BIA did not agree fully to terms on he...
February 02, 2023
PM says "the law is the law" on VAT treatment of medical insurance
NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that "the law is the law" as he defended the decision by the Ministry of Finance to stop insurers from recovering the 10 percent VAT paid on health insurance claims payments. Opposition spokesman on Finance, Kwasi Thompson yesterday insisted that the actions of the Davis administration [...]
Protecting the shrinking middle class
February 01, 2023
Protecting the shrinking middle class
Though we have seen encouraging tourism numbers and steady economic growth over the past year, inflation on consumer goods and the rising cost of fuel have made economic recovery a slower process for many coming out of the pandemic.
January 30, 2023
Ministry of Finance’s Response to the Bahamas Insurance Association’s Statement on the VAT Treatment of Health Insurance Claims
The Ministry of Finance has sight of a press release by the Bahamas Insurance Association (BIA) with respect to the VAT treatment on health insurance claims.
Health insurance VAT burden being moved to consumers
January 30, 2023
Health insurance VAT burden being moved to consumers
The Bahamas Insurance Association (BIA) is warning Bahamians for the second time in a week about increases to insurance costs, but this time they explained in a press statement that the Department of Inland Revenue (DIR) intends to move the value-added tax (VAT) burden for those with health insurance to the pockets of consumers in April ...
The post Health insurance VAT burden being moved to ...
BIA warns of increased home insurance premiums
January 23, 2023
BIA warns of increased home insurance premiums
Homeowners can expect increased premiums this year, as the region loses reinsurers as a result of increased catastrophe payouts from losses that totaled $120 billion last year, the Bahamas Insurance Association (BIA) explained in a press statement, adding that reinsurance costs have already increased between 20 and 30 percent this year. The statement also explained that ...
The post BIA warns...
Viola Alecia Rahming
January 19, 2023
Viola Alecia Rahming
Homegoing Celebration for the late Viola Alecia Rahming "Mama"/"Ola"aged 88of Kenwood Street, will be held at 11:00 a.m. on Saturday 21st January, 2023 at St. Georges Anglican Church, Montrose Avenue and Arundel Street. Officiating will be The Reverend Fr. Ivan Eldon assisted by Archdeacon Kingsley Knowles, and Reverend Father Andrew Toppin. Interment will follow in ...
The post Viola Alecia Rah...
October 20, 2022
At Water Conference, PM resolves “to protect our region in the short term, and to implement long term strategies that will positively impact the lives of future generations”
Over 200 delegates from 20-plus countries from theCaribbean, the Americas and Europe are participating in the 31 st Caribbean Water and Wastewater Regional Conference (CWWA) and Exhibition being held atAtlantis, Paradise Island Resort.
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