Changes at Ministry of Finance Signal Debt Management Act Now in Effect

July 8, 2021

The Ministry of Finance published its first Annual Borrowing Plan (ABP) in keeping with new guidelines set by the Public Debt Management Act, 2021, passed by Parliament in March. The new legislation puts teeth behind the government’s commitment to fiscal accountability, and to increasing transparency and borrowing predictability in debt operations.

Small businesses capture larger share of the economic pie

June 20, 2021

The Minnis administration’s commitment to investing in private sector growth has been exhibiting positive results as the Ministry of Finance reports a 58% increase in small and medium-sized enterprises (SMEs) between 2017 and 2020.

ACCELERATING RECOVERY: FROM RESTORATION TO GROWTH

June 17, 2021

I am grateful for the opportunity to stand before you today to open this administration’s 4th national budget press conference. I open by acknowledging God and pray for His continual wisdom and guidance in all our decisions.

Before I begin, I want to publicly acknowledge the highly skilled, competent and professional staff at the Ministry of Finance, particularly Acting Financial Secretary, Marlon Johnson, Economic Advisor in the Office of the Prime Minister and former Central Bank Governor, Wendy Craig, and the entire team for their tremendous work. I am proud to be a part of this truly extraordinary team.

New budget to focus on continuing support and accelerating economic growth

May 25, 2021

On May 26, 2021, the government will present its 2021/2022 Budget Communication outlining new fiscal and economic measures that build upon the successes of the Resilient Bahamas Plan presented last year.

As part of its ongoing public education campaign, the Ministry of Finance will produce, alongside traditional budget publications, several supporting documents and visual tools to simplify the budget and improve public accessibility to understanding otherwise technical budget information. The Ministry invites the public to follow its social media pages and subscribe to its mailing list to receive useful aids that will break down the features of the 2021 …

Revenue uptick continues as economy slowly opens

May 5, 2021

Third quarter fiscal results confirmed that the Bahamian economy, although still below pre- crisis performance, is steadily progressing along the path of recovery. The positive impact of the gradual relaxation of health and safety restrictions on domestic businesses was evidenced in improved revenue receipts, with aggregate revenue collection through the nine months review period positioning at nearly 70 percent of the annual budget.

Appointment Dates set for New Financial Legislation

April 9, 2021

By this summer, the four new Acts recently passed by Parliament will come into effect. The new legislation will modernize and transform public finance, procurement, and statistical operations within The Bahamas. The Public Finance Management Act, Public Debt Management Act, and the Statistics Act will come into effect on July 1, 2021; and the Public Procurement Act on September 1, 2021.

The Bahamas Removed from the French List of Non-Cooperative States and Territories in Tax Matters.

March 8, 2021

The Government of France has removed The Bahamas from the French list of non-cooperative states and territories in tax matters. The list, which is updated annually by the French Ministry of Economics and Finance, was published in the Official Diary of the French Republic on March 4.

Gov’t revenue boost expected with launch of digital payment solution for charter fees

Feb. 28, 2021

The Ministry of Finance concluded an agreement with the OMNI Financial Group and the Association of Bahamas Marinas (OMNI/ABM) to launch a digital payment solution for the collection of charter fees from mega yachts and other charter operators in The Bahamas.

Customs goes electronic with new cruising permit submission

Feb. 22, 2021

The Bahamas Customs & Excise Department has officially launched its electronic submission portal for cruising permit applications on the Click2Clear platform. The Cruising Permit Module is expected to dramatically improve the processing time for boaters when clearing Customs at the various ports of entry across The Bahamas. Boaters can now complete and submit declaration forms and make payment in advance of arrival.

Monumental shifts ahead for public financial management

Feb. 10, 2021

In keeping with its commitment to reform public finance management in The Bahamas, the Government tabled a suite of new legislation in the House of Assembly today that will usher in new levels of transparency and accountability.