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Back-to-School VAT Holiday to commence with reopening of local businesses

Aug. 25, 2020

The Ministry of Finance advises the public that the Back-to-School VAT Holiday will begin on Monday, August 31, 2020. The purpose of the tax relief measure, announced during the Budget Debate, is to make back to school shopping less expensive for parents while providing support to local businesses throughout The Bahamas. The Department of Inland Revenue (DIR) will work with businesses across the country to administer this tax relief measure.

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Payment date announced for start of expanded government unemployment assistance

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).

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Finance Minister implores Bahamians to take advantage of assistance as new budget takes effect

July 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.

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Ministry of Finance Response to Moody’s credit rating review

June 25, 2020

The Ministry of Finance acknowledges the decision by credit rating agency Moody’s to downgrade The Bahamas’ credit rating to Ba2. As part of the ongoing assessment of the country’s fiscal and macroeconomic performance, the Ministry of Finance has been in close communication with Moody’s since April, when The Bahamas’ credit rating was placed on review for downgrade given the extreme strain placed on a yet recovered Bahamian economy by the spread of the coronavirus outbreak. As we noted then, Moody’s decision, comes at a time when the entire world—first world countries and developing nations alike—is experiencing unprecedented economic turmoil and ...

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Govt follows global standards for debt reporting and encourages the Opposition to do the same

June 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.'

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DPM sets the stage for 'interesting and fruitful' Budget Debate

June 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.

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Pleasure vessels now require clearance certificate to leave country

June 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.

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Administrative amendments to RPT help administer sale of property

June 8, 2020

The Government will make a number of amendments to the Real Property Tax Act, 1969 to promote greater clarity and enhanced administration.

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Monthly and quarterly financials now mandatory for some Govt agencies

June 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.

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Landmark legislation set to fundamentally change how public contracts are awarded

June 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. 

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