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Gov't revenues 84m behind projections
February 25, 2011
Gov't revenues 84m behind projections
The Government yesterday effectively admitted its economic forecasts had been too optimistic by announcing that recurrent revenues were $84.3 million behind projections for the 2010-2011 Budget year's first half, although its fiscal position will be rescued by one-off revenue inflows - some $120.6 million of which came in during January.
Unveiling his Mid-Year Budget statement in the House of A...
March 12, 2024
PM Davis: Revenues up $72.9 million compared to same period in previous budget cycle
While making his Opening Contribution to the Mid-Year Budget Debate 2023/2024, on March 6, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis pointed out that, as of December 2023, revenues were up $72.9 million compared to the same period in the previous budget cycle.
March 01, 2024
Inland Revenue at just under 50 percent of real property tax revenue target
NASSAU, BAHAMAS — The Department of Inland Revenue's top official yesterday revealed that the Department, as of February, had collected just under 50 percent of its projected $195 million in real property tax revenue target for this fiscal period. Acting Controller Shunda Strahcan, while speaking at a press briefing at the Office of the Prime [...]
Tax revenue collections improve by nearly $73 million during first six months of the fiscal year
February 22, 2024
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, [...]
Tax avoidance causing $200m annual revenue loss
February 22, 2024
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 [...]
Ease of doing business 'considerably eroded' amid Inland Revenue portal challenges accountant warns
January 24, 2024
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,...
WORK WITH US: Department of Inland Revenue urges public patience amid widespread complaints about 'upgraded' platform
January 05, 2024
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
December 18, 2023
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
December 11, 2023
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...
August 14, 2023
DIR projecting $1.6 bil. in revenue collection this fiscal year
While there is still a large amount of tax arrears, the Department of Inland Revenue (DIR) is projecting $1.6 billion in revenue collection this fiscal year.
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