July 1, 2020
Some $48 million has been allocated to finance an expansion of the Government's unemployment assistance programs administered by the National Insurance Board (NIB).
Read MoreJuly 1, 2020
Tax concessions included in the 2020/21 Annual Budget take effect today, including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.
Read MoreJune 9, 2020
Minister: 'Historically and presently, every jurisdiction across the world uses the concept of net borrowing in any discussion as to how much a government is borrowing. Up to now this has been the standard in The Bahamas and elsewhere. This is a fact that can be independently researched.'
Read MoreJune 8, 2020
Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, deivered the opening statement of the 2020/2021 Budget Debate on Monday, June 8, 2020 in the House of Assembly.
Read MoreJune 8, 2020
The Government has proposed other legislative amendments that will lead to improved governance by strengthening the clarity and administrative application of these laws.
Read MoreJune 8, 2020
The Government will make a number of amendments to the Real Property Tax Act, 1969 to promote greater clarity and enhanced administration.
Read MoreJune 8, 2020
To support the Government’s goal to strengthen public financial management, the Government will amend the Financial Administration and Audit Act, 2010 (FAA) to require that all Government authorities, companies, and corporations that receive more than 50 percent of their operating budget from the Central Government, produce and submit monthly and quarterly financials.
Read MoreJune 1, 2020
The Government tabled landmark legislation last week - The Public Procurement Bill, 2020 - that will be debated in the House of Assembly following the adoption of the FY2020/21 Annual Budget. New rules for procurement will govern how government contracts for goods and services are issued by all public entities once this Bill passes.
Read MoreJune 1, 2020
Unlike the ‘Resilient Bahamas’ plan, which provides solutions for the country in the immediate and short-term, the Economic Recovery Committee (ERC), appointed by Prime Minister Hubert Minnis, is mandated to focus on the country’s long-term economic revival and sustainable development. The Committee is working concurrently with the Government, as budget plans are finalized by Parliament for the new fiscal year.
Read MoreMay 28, 2020
DPM and Minister of Finance, K. Peter Turnquest, along with Acting Financial Secretary, Marlon Johnson, break down the government's restoration plan for the country at the Annual Budget Press Conference. They also fielded questions from local media on the recent Annual Budget Communication 2020/2021, which was delivered by Turnquest in the House of Assembly on Wednesday, May 27, 2020.
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The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.
