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Volume: 118 No.128, May 31, 2021
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NEW TAX RISES ARE INEVITABLE
Experts warn state of economy so dire govt will have to raise levies By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ACCOUNTANTS have warned new and/or increased taxes “have to come” if The Bahamas is to slash its near-$10bn debt, as they branded the Budget “no game changer” for the nation’s economic crisis. Craig A ‘Tony’ Gomez, managing partner of Baker Tilly Gomez, said while the 2021-2022 fiscal plan “don’t set off any alarm bells” for Bahamian businesses and
consumers it had merely postponed the inevitability of tax hikes in years to come to pay for the debt blowout sparked by COVID-19 and Hurricane Dorian. While the Minnis administration was correct not to endanger the post-COVID recovery by across-theboard increase in VAT or other taxes, he added it was alarming that national debt is forecast to increase by almost $4bn in just five years. FULL STORY - SEE BUSINESS
MOULTRIE BLASTS BUDGET FORECASTS AS ‘ILLUSION’ By FARRAH JOHSNON Tribune Staff Reporter fjohnson@tribunemedia.net
HOUSE Speaker Halson Moultrie has criticised the revenue projections of the 2021/2022 Budget, calling them an “unrealistic political mirage” and an “illusion”. The government’s 2021/2022 revenue forecasts revealed it is projecting a 51.5 percent year-over-year increase in real property tax collections, together with a 77.5 per cent hike in
taxes paid by the web shop gaming industry. Real property tax revenues are projected to increase by more than $54m to over $158m on the strength of greater enforcement and improved administration, while web shop gaming revenues are forecast to jump by $17.9m to $41m largely on the basis of the government finally implementing the long-awaited tax on patron winnings. SEE PAGE FIVE
PLEASE HELP
A CHILD taking part in a demonstration in Abaco holds a sign asking for help as a fact finding team from the United Nations visited the island to assess the handling of shanty town demolition. Meanwhile, residents have spoken out about the demolitions, and asked for help with a shortage of accommodation on the island. See pages THREE AND NINE inside today.
PILOT ERROR CAUSED FATAL CRASH By TANEKA THOMPSON tmthompson@ tribunemedia.net
THE US National Transportation Safety Board has found that pilot error caused a 2019 helicopter crash that killed coal American billionaire Chris Cline and six others. Cline, a 60-year-old American coal tycoon, his 22-year-old daughter Kameron and five other people, including the two pilots,
THE HELICOPTER after it was pulled from the water. were on board the helicopter, registration number N32CC, that departed Big Grand Cay in the Abacos around 2am on July 4, 2019
for Fort Lauderdale. A report by the NTSB said based on the sequence of events and the flight crew’s actions and comments before the crash, it appears they lost awareness of the helicopter’s flightpath after takeoff over water during dark night conditions, which likely led to spatial disorientation and the subsequent collision with water. SEE PAGE TWO
Nassau & Bahama Islands’ Leading Newspaper
VACCINES ARE THE SOLUTION TO CRISIS By TANYA SMITHCARTWRIGHT tsmith-cartwright@ tribunemedia.net
WITH COVID-19 cases and deaths on the increase, a local health official is imploring all Bahamians to protect themselves from the deadly virus by following health protocols and getting vaccinated. Dr Nikkiah Forbes, director of the National HIV/ AIDS and Infectious Diseases Programme at the Ministry of Health, said the benefits of the vaccine far outweigh the risks. She spoke after the country’s coronavirus death toll increased by one to 230 over the weekend. The latest death is a 60-year-old New Providence woman who died on May 27. The Ministry of Health also reported that 15 new cases were recorded on Friday, pushing the case count to 11,760 up to press time. SEE PAGE FOUR
DEBT AND SUBSIDY PAYMENTS HIT $938M
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas “must walk and chew gum” on its fiscal and economic revival, a leading banker has warned, with $938.5m - one third of government spending - taken up by debt and subsidy costs. Gowon Bowe, of Fidelity Bank (Bahamas), compared the public finances to “a turnaround situation” with a private company, adding the government needed to invest to stimulate growth and reduce debt and interest costs. FULL STORY - SEE BUSINESS
INSIGHT IT’S NOT JUST MINNIS - IT’S AN OUTDATED PLAYBOOK
SEE PAGE EIGHT