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Tax avoidance causing $200m annual revenue loss
Tax avoidance causing $200m annual revenue loss
PM announces data-driven response to stop revenue slipping through the cracks NASSAU, BAHAMAS — Prime Minister Philip Davis revealed on Wednesday that the government is employing a data-driven approach to aggressively tackle numerous tax avoidance schemes, which are causing the government an annual loss of approximately $200 million in revenue. During his delivery of the [...]
Tax revenue collections improve by nearly $73 million during first six months of the fiscal year
Tax revenue collections improve by nearly $73 million during first six months of the fiscal year
The deficit exceeded the budget forecast by $127.6 million at the halfway mark. NASSAU, BAHAMAS – Prime Minister Philip Davis announced a $72.9 million improvement in tax revenue collections during the first six months of the fiscal year, reaching $1.2 billion, which accounted for 40.1 percent of the budget target. In his mid-year budget statement, [...]
Opposition concerns arise over lack of global minimum corporate tax revenue infrastructure
Opposition concerns arise over lack of global minimum corporate tax revenue infrastructure
NASSAU, BAHAMAS — The Opposition has expressed serious concern that the government has yet to establish the infrastructure necessary to enforce the requirement for multinational companies to submit a 15 percent corporate minimum tax on income generated within this jurisdiction. Opposition Leader Michael Pintard said in a statement that the previous FNM administration signed on [...]
New Commonwealth Brewery beverages boost revenue expenses impact net income
The launch of popular alcoholic beverages, such as Kalik Radler Cranberry and Pina Colada, contributed to a boost in revenue for Commonwealth Brewery Ltd. (CBL) in the first quarter of this year.
In its first quarter unaudited financials released yesterday, revenue increased by nine percent when compared to the same period last year.
The rise in revenue was impacted by new streams of revenue added...
Ease of doing business 'considerably eroded' amid Inland Revenue portal challenges accountant warns
Ease of doing business 'considerably eroded' amid Inland Revenue portal challenges accountant warns
NASSAU, BAHAMAS – Recent updates to the Department of Inland Revenue (DIR) portal have led to significant disruptions, causing frustration and raising substantial concerns within the business community according to Bahamas Institute of Chartered Accountants (BICA) President Pretino Albury. In response to Eyewitness News via email, Albury expressed that the challenges are "especially distressing,...
Three Venues Identified For National Sailing Academy
Three Venues Identified For National Sailing Academy
NASSAU, BAHAMAS - Three locations have been identified for construction of the National Sailing Academy, according to the Director of Sailing at The Bahamas National Sailing Academy Jimmy Lowe.
WORK WITH US: Department of Inland Revenue urges public patience amid widespread complaints about 'upgraded' platform
WORK WITH US: Department of Inland Revenue urges public patience amid widespread complaints about 'upgraded' platform
NASSAU, BAHAMAS — The Department of Inland Revenue has upgraded its online tax administration system and is asking the public to be patient as it works through the process of validating user accounts, according to Operations Manager Dexter Fernander. Fernander told Eyewitness News while the new process is "quicker," the rollout has not been seamless. [...]
AML Foods to "vigorously contest" Department of Inland Revenue's nearly $1 million VAT assessment
AML Foods to "vigorously contest" Department of Inland Revenue's nearly $1 million VAT assessment
NASSAU, BAHAMAS- AML Foods says that it plans to "vigorously contest" a nearly $1 million assessment by the Department of Inland Revenue (DIR) related to outstanding Value-Added Tax (VAT) for items sold VAT-free in Grand Bahama under the Special Economic Recovery Zone (SERZ) order. The BISX-listed company in its second-quarter report for the period ending [...]
Government's revenue collection sees nearly 10 percent increase to hit $2.85 billion for FY2022/23
Government's revenue collection sees nearly 10 percent increase to hit $2.85 billion for FY2022/23
Opposition urges Davis administration to curtail unnecessary spending NASSAU, BAHAMAS — Revenue collection for the fiscal year 2022/2023 saw an almost 10 percent increase to reach approximately $2.85 billion, according to the government's budgetary performance review, with the Opposition urging the government to curtail unnecessary spending. The findings were contained in the recently released...
Commonwealth Brewery sees 11 percent growth in Q3 net revenue
NASSAU, BAHAMAS — Commonwealth Brewery experienced a notable 11 percent growth in net revenue during its third quarter, paralleled by a corresponding increase in operating expenses. The vertically integrated BISX-listed brewer in its unaudited financial statements for the nine months ending September 2023, noted that it continued its strong performance in 2023 driven by its [...]