Jan. 31, 2020
Government revenue shows strong performance in first 6-months, based on provisional data from the latest budget performance report. Compared to the same period last year, the Government took in $91.8 million in additional revenue, primarily from tax receipts, despite the loss in collections from the islands affected by Hurricane Dorian. However, the initial relief and restoration efforts following the Hurricane had a significant impact on the overall performance, leading to a marginal widening in the fiscal deficit.
Read MoreJan. 30, 2020
Hurricane Dorian, the second strongest storm to ever cross the Atlantic Ocean, had a catastrophic impact like nothing The Bahamas has ever seen before. Although the devastation caused by the monster storm was concentrated in the islands of Abaco and Grand Bahama, its broader socio-economic severity rattled the very core of the nation and its people. As part of the Government's response, The Hon. K. Peter Turnquest Deputy Prime Minister and Minster of Finance presented a Supplementary Budget Statement in the House of Assembly on January 29, 2020, explaining the budgetary impact of Hurricane Dorian and the funding requirements ...
Read MoreNov. 20, 2019
On the heels of the strongest and most destructive storm ever recorded in the Atlantic Ocean, which, in early September 2019, decimated parts of the northern Bahamas, the Government announced plans to adjust its budget and fiscal targets for the current fiscal year and its medium-term fiscal plan in the House of Assembly earlier today.
Read MoreNov. 12, 2019
Starting in the New Year, fees for pleasure vessels in The Bahamas will increase based on a new pro-rated scale that takes into consideration the size of each boat. All boaters entering The Bahamas are required to pay an entry fee based on the Customs Management (Amendment) Regulations, 2019, passed by Parliament earlier this year. The fee covers a cruising permit, fishing permit, and the departure tax for up to three individuals.
Read MoreOct. 31, 2019
Preliminary estimates in the latest budget performance report show continued improvement in the fiscal deficit during the first quarter (Q1) of the fiscal year. Although the Government has plans to revise its fiscal estimates moving forward, as a result of Hurricane Dorian, the budget performance in the first quarter is further proof that the commitment to fiscal prudence prior to Hurricane Dorian has placed the government in a better position to manage the fiscal impact.
Read MoreAug. 30, 2019
Last fiscal year (FY2018/19), the Government recorded a deficit of $222.4 million, or 1.7% of GDP, marking the lowest deficit and fiscal ratio achieved by any Administration in The Bahamas in nearly10 years.It is also the first time since FY2012/13 that any Government has met its deficit target. The Ministry of Finance published the latest provisional fiscal data in the Fourth Quarter Report on Budgetary Performance for FY2018/19.
Read MoreJune 20, 2019
The overall 2019/20 Budget allocation for the Office of the Prime Minister has been reduced, Prime Minister the Most Hon. Dr. Hubert Minnis pointed out during his contribution to the budget debate on Wednesday 19 June.
Read MoreJune 19, 2019
The Minnis administration is making one of the greatest investments in education in Bahamian history with the implementation of a preschool to university free education strategy, Prime Minister the Most Hon. Dr. Hubert Minnis said on Wednesday in his contribution to the 2019/20 Budget debate.
Read MoreJune 19, 2019
More Bahamians are expected to have greater access to land through a land reform initiative that includes the modernization of the Department of Lands and Surveys and the elimination of taxes on land transfers to immediate family members, Prime Minister the Most Hon. Dr. Hubert Minnis announced on Wednesday during his contribution to the 2019/20 Budget debate.
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