By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ELIMINATING VAT on foreign yacht charters by combining it into one 14 percent all-in fee is “not enough of a carrot” to reclaim The Bahamas’ lost 40 percent market share, a marina chief is warning.
Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business that the move was unlikely to “move the needle” after it was confirmed on Friday that 10 percent VAT will no longer be due on foreign yacht charters once the 2025-2026 fiscal year begins on July 1.
The Port Department, in a Friday Zoom call with boating and yachting stakeholders, said reforms accompanying the Budget will now require charter captains, and their
Bahamas-based representatives, to pay a combined, single 14 percent fee to the Port Department and no longer have to deal with the Department of Inland Revenue.
Previously, besides the 10 percent VAT, foreign yacht charters had to also pay a 4 percent fee to the Port Department on the contract’s value, but now the latter will collect all these funds at the consolidated 14 percent rate. This leaves the
effective combined tax rate unchanged from what it was previously, meaning the Government in reality is conceding nothing on the revenue front.
The move appears to be designed to reduce the bureaucracy, red tape and inconvenience that foreign yacht charter captains and their Bahamian representatives were encountering in having to deal with two separate agencies, the Port Department and the Department of Inland
Revenue, and obtain the likes of Taxpayer Identification Numbers (TINs), compliance certificates plus file returns with the latter.
However, Mr Maury told this newspaper that, with the effective tax rate remaining the same, The Bahamas was still likely to be less attractive than other jurisdictions including its lower-cost
‘Beef up brand Bahamas’ via yacht registry tax cuts
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A YACHT broker has urged this nation to “beef up brand Bahamas” by cutting charter fees for vessels that register under this country’s flag, as he asserted: “Everybody wins.”
Travis Delva, director of yacht services at Windermere Yacht Services, told a maritime industry seminar discussing legal reforms accompanying the 2025-2026 Budget that such incentives could spark “a domino effect” where both the private sector and
government earn more revenue by driving vessels to The Bahamas yacht registry.
He argued that driving more business to this nation, as opposed to the Government seeking all its revenue upfront via the new 14 percent charter fee that incorporates the former VAT, would likely be more profitable for all while enabling the Public Treasury to earn more tax income at the back end from the increased economic activity.
Speaking after Bahamas Maritime Authority (BMA) officials confirmed
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN Opposition MP says he has “zero confidence” that the Government is going to make last-minute changes to proposed legal reforms that threaten to throw real estate sales “on their head”.
Adrian White, the St Anne’s MP and an attorney who specialises in conveyancing, told Tribune Business that based on his conversation with Wayne Munroe, minister of national security and the Government’s leader of business in the House of Assembly, it appears the Davis administration will not back down on measures to crack down on suspected tax evasion worth $100m. He warned that the proposed amendments to the VAT and Conveyancing and Law of Property Acts, if passed as is, will result in parties to a real estate deal having to “take steps in reverse” to confirm the title
Pilot shortage fear eased from exam dispute settlement
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN airmen and this nation’s aviation regulator have settled their dispute over the newlymandated ‘air law’ exam that some feared would spark a pilot shortage and damage the local industry.
The terms of the agreement between the Civil Aviation Authority of The Bahamas (CAAB) and the Bahamas Aircraft Owners and Pilots Association (BAOPA) are set out in a May 29, 2025, ‘consent Order’ that was approved by Supreme Court justice, Leif Farquharson KC, and their respective attorneys.
The Order, which has been obtained by Tribune Business, appears to give the Association - and its estimated 100 pilot and aircraft owner membersmuch of what it was seeking without compromising the Authority’s position that all Bahamian aviators must take the ‘air law’ exam in order for their licences to be validated.
In return for the Association withdrawing its Judicial Review challenge, which named the Civil Aviation Authority of The Bahamas, the Attorney General and minister of tourism, investments and aviation as defendants, the Authority has pledged to issue a “new notice to airmen” detailing the revised air law exam requirements.
The Order stipulates that all Bahamian pilots and Civil Aviation Authority of The Bahamas “licence/ validation holders, who have not sat and passed the air law exam at the time of expiration of their licence/ validation”, will now have their licences extended until year-end December 31, 2025, once they apply for this to the regulator. The previous deadline to take and pass the exam had been June 1.
This will give them more time to study for, and pass, the exam, and the settlement also requires pilots to “attend a mandatory seminar” on civil aviation
PETER MAURY
ADRIAN WHITE
Recalling my mentor in public procurement
Most of you know that my written articles are geared towards sharing knowledge and insights with both my public procurement colleagues and the Bahamian public at large. But, today, I write sombrely and reflect on how my journey in public procurement began
with my departed friend, Joshua Sears. It was the summer of 1977, after I had graduated from A.F. Adderley senior high school and obtained employment at the Ministry of External Affairs as a summer student, when I met this quiet, well-mannered
young man who had just completed college. I had desk in the same office with him, and I soon discovered he was born on the island of Exuma and, in particular, the Forbes Hill area. This was the island where both my parents were born, which created an instant bond between us and
he became my mentor from then.
My job, though much more menial than his, was clipping out newspaper articles relative to international issues that could affect The Bahamas. He would always explain to me the significance of the stories in those articles and encourage me to
select a career that I would be comfortable with. At that time, I was interested in criminology and joining the Royal Bahamas Police Force. After meeting with the then-Commissioner of Police, a meeting organised by the late Paul Adderley, my hopes were dashed when the Commissioner advised that the police force did not need a criminologist. My second choice was the Royal Bahamas Defence Force, which I subsequently joined on May 1, 1978. After spending some 16 years there, and realising that it was time for me to move on and make another contribution elsewhere in the public service, I contacted Mr Sears and requested a secondment to the Ministry of Health where he was the permanent secretary at the time. That request was granted by the then-Defence Force commander, and Mr Sears appointed me as a co-ordinator for a biological diversity conference.
After the conference I was assigned to the Materials Management Directorate of the Ministry of Health, a department responsible for the procurement of medical and surgical supplies. It was not long after this, when the Defence Force realised that I had no intention of returning, that they stopped my salary. It was Joshua Sears who made sure I was paid to meet my financial obligations.
While at Materials Management, he appointed me to manage a group of consultants who were to reorganise the Department, which at the time was extremely inefficient. We were successful in introducing the first competitive bidding process for medical and surgical supplies. The entire procurement process was computerised, resulting in a savings of $1m at that time and a new warehouse was organised. During the reorganisation process, Mr
DANIEL
FERGUSON
Sears was never bullish, nor did he act in an all-knowing manner but always respected another person’s views with tolerance. These are attributes that are so lacking in procurement today. I was subsequently transferred to the Ministry of Health, and became responsible for a $4m budget for the procurement and distribution of medical and surgical supplies for the Princess Margaret Hospital, the Rand Hospital, Sandilands Rehabilitation Centre and the Public Health Department clinics where I spent a total of eight years. During this period, Mr Sears also found time to sponsor me to Scottish Freemasonry. I wish to offer my sincere condolences to his wife Michelle, children, Khandra, Kristi, Kharin and Mikhail. To my Brother, friend and mentor, I will always be indebted to you. Rest in Peace Josh.
NB: Daniel Ferguson, FCIPS, is a retired chief petty officer from the Royal Bahamas Defence Force (RBDF), lead investigator on the 2004 Lorequin Commission of Inquiry, a former chief supplies officer of the Ministry of Health, procurement consultant at the Ministry of Finance, adjunct facilitator on public procurement at the University of the Bahamas, and former component co-ordinator for the IDBsponsored public financial management reform project, in particular public procurement reform. He led the drafting team for the development of the Public Procurement Act 2021 and public procurement regulations, and assisted with the creation of the University of the Bahamas professional procurement officers training framework while managing the development of the e-procurement supplier registry. He is a chartered member of the Chartered Institute of Procurement and Supply with more than 25 years' experience in public procurement. He was the Caribbean’s representative to the International Network of Public Procurement Officers for the years 2019-2021.
IS FATHER’S DAY GETTING MORE RESPECT? DEPENDS ON WHO YOU ASK
By The Associated Press
Is Father's Day starting to get a little more attention as a holiday? Not if you check some social media. In an expletive-filled post on TikTok and X, rapper Plies, best known for his collaborations with T-Pain and DJ Khaled on hits "Shawty" and "I'm So Hood," complains about how Father's Day on Sunday carries about as much clout as Groundhog Day, saying it might as well be removed from the calendar. "The disrespect to Father's Day is real " declares a separate Reddit post, which adds, "We get it, fathers aren't important to corporations, but damn, can't I at least get some free donuts or chicken strips?" Perhaps Shake Shack's buy one Double ShackBurger get a second one free in stores and on its app through Monday doesn't count? Or Wendy's buy one get one free deal on premium sandwiches through its app on Sunday? Or Burger King's buy one get one free deals on Whoppers through the app? It's true the offers aren't quite as broad as on Mother's Day.
But the spending disparity with Mother's Day may be narrowing, according to the National Retail Federa-
and
Analytics.
FAMILY ISLAND WHOLESALE VISITS ‘NOT A WITCH HUNT’
By FAY SIMMONS
THE Government’s consumer watchdog on Friday visited several Bahamian wholesalers to investigate claims of expired or damaged goods being shipped to Family Island retailers.
Senator Randy Rolle, the Consumer Protection Commission’s chairman, said the move was to gain a better understanding of the shipping process and no company was specifically targeted.
Speaking to Tribune Business, he said the discussions with wholesalers are part of the broader Affordable Bahamas programme
SENATOR RANDY ROLLE
and checks were conducted at the dock as well. “We need to understand the process, especially with goods being shipped out to the southern islands. We just want to make sure that everyone receives quality products and we’re not going to point fingers at any
company. All were compliant and it’s a part of us building relationships with them,” said Mr Rolle. “This is not a witch hunt. That’s not our goal here. This is part of the Affordable Bahamas programme, and a part of that is to look at every aspect of logistics, shipping, wherever there may be a window that some expired or damaged products can get to the consumer and we adjust. Our number one goal is consumer protection, and where there are concerns from consumers we have to do our role.”
Mr Rolle said while wholesalers have allowed retailers to exchange damaged or expired goods with little hassle, some Family Island stores may not thoroughly check items before placing them on shelves.
“Retail businesses have said that when they find issues, and they report back to the wholesalers, they have been good with allowing them to exchange it. But retail stores in the islands may not necessarily look at them before they put them on the shelves. They might think ‘I just bought this’ and put it out on the shelf without checking those details,” said Mr Rolle.
He said the problems could lie with wholesalers or shipping companies, and discussions can allow the Commission to identify gaps in the supply chain and help to bridge them.
“If we understand the process, we can lend our voices to help make it easier for the consumer. That is our role. We work with companies to ensure
that consumers are getting value for money. There may be something that CPC can adjust, but we will not know this unless we start to have these conversations. It is our intent to continue to have conversations as to how we can ensure that consumers benefit,” said Mr Rolle.
“The issue could stem from the wholesaler, it could be an issue with shipping. Items can get damaged, be stored at incorrect temperatures; it can happen anywhere. So we need these partnerships so we can identify where is an issue along the chain and work with them to correct it.” Mr Rolle added that after a recent visit with retailers in Fox Hill, Prime Minister Philip Davis KC
Abaco hotel concern over BPL power woe
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
ABACO hoteliers are warning that Bahamas Power & Light’s (BPL) outdated infrastructure is causing yet another challenge for the island’s tourism sector.
Molly McIntosh, the Bluff House Beach Resort and Marina’s proprietor, said recent “load sharing” and “load shedding” is “the worst it’s been” even though she described
Abaco’s BPL linesmen as hard working and doing the best with the resources they have. She added that her generator cannot support the resort, and the surrounding houses are without electricity. As a result, Ms McIntosh said some visitors to the island are becoming upset over the power woes. “Right now, it’s the worst it’s been,” Ms McIntosh said. “They’re load sharing every day. Our electricity goes off at the Bluff House two or three times a day now. Like they’ll turn off
the village of New Plymouth, and they’ll turn us on, and then they’ll turn us off and turn them on. It’s the same thing in Hope Town, and just in the last few days, it’s gotten worse.
“I know BPL is working. I was just getting off the ferry. I saw a big contingent of BPL workers getting on a boat to come over to Green Turtle Cay. We don’t know the details of what’s wrong, but I know they’re working on it. I don’t want to crucify those guys, because they’re working hard, and they’re working day and night, and
they were working on the holiday.
“But it’s really tough on us, because no generator can handle the marina. And, of course, all the marinas are full. So all of those boats, they’re getting irate with us for not having reliable power. We do have generators that run our restaurant and our rooms. However, any of the houses that are rented right around our property don’t have generators. And it’s bad.”
Ms McIntosh said guests have been “good natured” about the situation so far. However, she called on BPL to have a plan for resolving its infrastructure issues. “It is the busiest that I have ever seen it for June,” she added. “I mean, it is chock a block. If I had 50 more rooms, I think I could rent them. It’s really, really busy.
“People are having fun. They want to be in Abaco. And, you know, people, they’ve been very good natured. Nobody’s putting
a noose around a tree to string me up yet. So, I mean, they’ve been cooperative. But you’d be the same way. If I’m going to go and pay $300, $400 even more a night, I want electricity.
“I’m unqualified. I don’t know all the facts, but I think that money needs to be put into the infrastructure for BPL. I just think that they need to make a plan. And like I said, I’m unqualified. I don’t know all the details, but I think if they make a plan and just start to make some progress... How do you eat an elephant? One bite at a time. Just make a chip at it, and we’ll see improvements,” Ms McIntosh said.
“And they have good people working for them. It’s really, really important that we get power, even with generators. All the resorts need to have generators, but we can’t run every single thing all the time. Like I said, there’s not a generator big enough to handle the marinas.”
had encouraged the Commission to examine the full scope of the supply chain and work on the issues that increase the cost of living.
“During the Prime Minister’s walk about in Fox Hill, some retailers expressed concerns about the cost of living and the Prime Minister asked directly ‘are we also looking at warehouses? Are we looking at the broad scope of things’?,” said Mr Rolle.
“So, it’s not just focusing on food stock, because price control is doing a phenomenal job. Consumer Protection is simply supporting what it is they’re doing and covering as much ground as possible. We want consumers, as well as retailers, to feel us, see us, and know that we are there to protect their rights.”
Ms McIntosh noted the cost associated with frequently operating a generator, including maintenance and the availability of fuel. “That increases our expenses by a huge amount,” she said. “And not to mention that you’ve got to maintain [it]. You’ve got to know how much diesel you need to run the generators, how long they’re on. You have to be monitoring that constantly.
“That takes more manpower filling the generators. And then the other problem is going to be we’re going to run out. We’re a little island, so diesel comes in, and if we have a big demand then it could run out and then we don’t have any.
“It hasn’t happened yet, but my fear is that it might happen. The supply to get the diesel here, and it has to come by boat and, of course, that’s weatherrelated. That’s depending on where they’ve got it. You know, they have scheduled other islands.
“So it’s tough. It really is. Like I said, we’re so
SEE PAGE B7
WATER CORP SAYS LONG ISLAND WOE NOT AS BAD AS SUGGESTED
By FAY SIMMONS
THE Water and Sewerage Corporation has fired back at assertions by Long Island’s MP that his constituents lost water supply because of troubles at the island’s reverse osmosis plant.
The state-owned water utility provider, in a statement, responded to concerns raised by Adrian Gibson by stating that “at no point was Long Island entirely without water”. It confirmed, though, that recent challenges resulted
GAS
from a mechanical fault at the reverse osmosis plant, but said this only affected two areas.
“Let us be clear; at no point was Long Island entirely without water. The recent challenges were localised and intermittent, affecting two specific areas, the Simms water supply system, which serves communities from Millerton to Whymms, and portions of the Central Long Island water supply system, which spans from Thompson Bay to Lochabar and is supplied via Deadman’s Cay,” the Corporation said.
“The disruption was due to a mechanical fault at
the reverse osmosis plant, and our teams have been actively addressing the situation. Temporary measures were swiftly put in place to ensure service continuity while we await the arrival of replacement parts. The affected communities continued to receive water intermittently during this period, and [service] was fully restored as of Wednesday, June 11.”
Speaking in Parliament last Thursday, Mr Gibson said Long Island has been having water issues for days and questioned when the issue would be resolved.
“We’ve been having water issues on Long Island
for the past few days. People have been…water been off for days, for days. Water has been off for days, some issue with the plant. We want to know what’s the state of affairs with the part for the plant,” said Mr Gibson.
During his contribution he said Long Island has been neglected under the Davis administration, citing deteriorating infrastructure, damaged roads, delayed clinic renovations and an ambulance that has become a nesting place for wasps due to inactivity.
The Water & Sewerage Corporation, however, refuted claims of neglect,
branding them as “false” and “disrespectful”. It rebuked Mr Gibson for the “politicisation” of technical problems.
The Corporation said it is upgrading water systems on all Family Islands, including Long Island, and will continue to make investments that will improve reliability and expand access to water services.
“What is most disappointing is the politicisation of a technical issue. The Corporation has made, and continues to make, strategic investments in Long Island and throughout the Family Islands. Work is ongoing to upgrade water systems,
RETAILERS HOPE NO ‘TREMENDOUS’ PRICE IMPACT FROM MIDDLE EAST WAR
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
BAHAMIAN gasoline retailers are hoping to escape any “tremendous” price hike from the impact Israel’s conflict with Iran will have on global oil costs.
Bernard ‘Porky’ Dorsett, operator of Porky’s Rubis Service Station on East
Street, said “we’ll have to just watch and see what happens” given that The Bahamas has no ability to influence global oil prices. He added that gas prices for Bahamian motorists are currently “stable” and have been for the past few months.
“The way it looks right now, it don’t look like we are going to have any serious fuel problems,” Mr
Dorsett said. “I mean, I don’t suspect because I was just looking at fuel prices, but I guess we’ll have to wait.
“You know, this thing just happened about two, three days ago, so we’ll have to just watch and see what happens. We’ll probably have to just watch it. But prices have been pretty steady here over the last three to four months. So
hopefully it’ll stay like that when the summer comes.”
Oil prices were yesterday afternoon trading at $72.98 and $74.23 per barrel on the West Texas Intermediate (WTI) and Brent Crude indices, respectively, having increased by 7.26 percent and 7.02 percent, respectively.
“When the summer comes, more people moving. Prices normally go up during the summer. We get more people on the road. … Let’s watch it for another couple weeks and see what happens,” Mr Dorsett reiterated.
“We don’t seem to be having no big fuel problems around the world because I mean, let’s face it, the Canadians just decide they ain’t selling Americans no more fuel. They sending their fuel to China and Europe. They decided, ‘Hey, we ain’t going to supply Americans with fuel no more. So that, in itself, I don’t see the prices moving. I’ve been looking at the barrel price, and that seemed to remain steady.”
Peter Roker, operator of Roker’s Gas Station, warned that the threat of sanctions and embargoes, which can drive gas prices higher, always seems to accompany conflicts in the Middle East. However, he added that if The Bahamas is to see an increase in gas prices, it will not be “tremendous”.
“That part of the world is always a jewel,” Mr Roker said. “It’s impacted whenever they have any threat of any sort over there. Fuel will definitely be impacted. And I understand that fuel has already begun to escalate. The price of fuel will be escalating.
“As a matter of fact, we had a fuel increase, I don’t think, more than about a week ago. In other words, that fuel increase may not have been directly because of the Iran problem, but I think it was in anticipation of something happening over in that area.
“Generally speaking, I don’t think you’ll see any really tremendous increase, unless it’s really a reaction
improve reliability and expand access,” said the statement.
“The suggestion that Long Island is being neglected is not only false but disrespectful to the hardworking staff on the ground responding to these challenges every day. We welcome constructive criticism, but we will not allow misinformation to go unchallenged. The Water and Sewerage Corporation remains committed to transparency, accountability and to the people of Long Island, without political gamesmanship.”
to how things are changing in front of our face. So I would say, off-hand to the public, be conservative. Don’t overspend on fuel. Don’t overuse in fuel. At the end of the day, fuel is something, gasoline and diesel is something, we don’t produce, so we are then held at the mercy to any increase.” Mr Roker added: “Iran is an oil producing country as well. They produce oil. Now there may be sanctions against them in terms of exporting into this part of the world, but they are an oil producing country. And besides that factor, they are in the Middle East. So if there’s any conflict going on in that area, then people anticipate there could be a likelihood of embargos.
“It could be likelihood of not being able to get fuel out. There could be a likelihood of fuel facilities being being destroyed. So the minute there’s any form of disruption in that area, the first thing that is affected is the fuel. Saudi Arabia, Iran, Qatar, any of those areas. So, that’s the situation.
“And we in this part of the world have to be
Exuma developer hits solar power milestone
AN Exuma resort developer says he has achieved another milestone towards developing a $75m ecofriendly, sustainable resort by finishing a 240-panel solar array that can power the entire project.
Bob Coughlin, founder of Turtlegrass Resort & Island Club, said completion of the 240-panel installation marked the latest step in the resort’s development. However, he added that despite the progress, construction could still be halted after the first phase is completed unless environmental concerns related to the nearby $200m Rosewood Exuma project are satisfactorily addressed.
“We made a promise to the people of Exuma, and to ourselves, that we would build out the infrastructure and the first cottages, and that is what we are doing,” said Mr Coughlin. “The installation of this solar power system is part of that promise.
“Where we go from here is in the hands of officials
who are considering a proposed development by a Miami group named Yntegra that would render it impossible for Turtlegrass to continue past this phase, and we would have to let all the workers go, and abandon plans that would take Turtlegrass from a $25m to a $75m investment in Exuma and create an experience for visitors and locals like none other in The Bahamas.”
Turtlegrass is currently the second largest employer in the Exuma cays with about 25-30 workers on site daily, according to the company’s project manager. Mr Coughlin broke ground on the eco-friendly resort months before another Heads of Agreement was signed with Yntegra, granting permission for the latter to build a hotel and residences.
The Rosewood Exuma project would involve dredging the marine resource-rich North Bay of Big Sampson Cay, threatening living hard and soft
corals plus conch hatcheries with hundreds of baby conch. There are fears it may also displace thriving sea turtle populations and destroy vast meadows of sea grass.
More than 3,600 people have signed a petition opposing the Yntegra/ Rosewood Hotels plan, calling for a halt until it can be scaled down. An alliance of central Exuma businesses, tour operators,
Tourism targets boost from airline's Out Island growth
THE Ministry of Tourism says Makers Air's move to expand service to two Family Islands will help The Bahamas build on the momentum generated by a 9 percent 2025 first quarter arrivals increase.
The ministry, in a statement noting that The Bahamas received 3.3m total visitors between January and March this year, said Makers Air will launch daily service between Fort Lauderdale Executive Airport (FXE) and Cat Island on November 1.
residents and owners and managers of nearby islands have joined forces under the name SEA, Save Exuma Alliance, to unify their opposition.
Mr Coughlin said he is still hopeful that the right decision will be reached, allowing the central Exumas to continue to attract visitors who seek the experience of a rare undersea world while protecting it for future generations.
“Meantime, one step at a time, and today’s step is a successful testing of the solar power install that produces up to 1,000 kWh (kilowatt hours) daily with 540 kWh lithium battery storage, a system that comfortably outpaces our needs allowing us to use little or no fossil fuels to power the island,” he added.
To understand the output, Coughlin pointed to figures provided by the US Energy
TURTLEGRASS Resort & Island Club has installed a 240-panel solar array, enough to power its entire $75m lowimpact project despite plans to suspend work after phase one if a conflicting proposal is approved allowing Miami-based Yntegra to dredge the North Bay (top of picture).
Information Administration, which calculates the average US use is between 30 and 40 kWh per day, or 900kWh a month, for a small household. This is less than the output of a single day from the Turtlegrass Resort solar system
“We are doing our part to ensure that we maintain the magic that made astronaut Scott Kelly call the Central Exumas ‘the most beautiful place on Earth from space’,” said Mr Coughlin. “We did this in good faith and we hope officials who hold the future of Exuma in their hands will do the same justice to this amazing area.”
Flights will connect to New Bight-Freetown Settlement Airport on five days per week, and to Arthur's Town airport two days per week. “Increased air service is always a signal that we are doing something right," said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.
"Makers Air’s expansion is more than just flights; it’s a connection between people, cultures and economies, and it reinforces The Bahamas’ position as a must-visit destination in the region.” And, building on the strong performance of Makers Air's existing Thursday and Sunday flights from Fort Lauderdale to Long Island’s Stella Maris airport, the carrier is adding a third weekly flight on Tuesdays.
CRUISE PORT CELEBRATES FATHER'S DAY WITH GIFTS
NASSAU Cruise Port celebrated Father’s Day this year by providing a hot breakfast and self-care kits to taxi drivers, police officers, Bahamas Customs and Immigration staff, linesmen, Nassau Cruise Port employees and more.
It sponsored breakfast prepared by Linda Braun of Linda’s Place, a port tenant, which included tuna and grits, steamed sausage and grits, chicken souse and Johnny cake. The self-care kits were filled with dental products, branded water bottles, car air fresheners, hand sanitisers and a 'thank you' note celebrating the joy of fatherhood.
Latia Duncombe, director-general of tourism, said: “The expansion of existing services to Cat Island and Long Island is a meaningful step forward. It not only makes the destinations more accessible but also speaks to the growing appeal of what each island has to offer.
“We are proud to see two of our unique 16-island destinations gain momentum, and deeply appreciate Makers Air’s continued investment in connecting more travellers to everything that makes The Bahamas a must-visit destination.”
FOREIGN YACHT VAT END ‘NOT BIG ENOUGH CARROT’
Caribbean rivals. He added that VAT’s elimination, and combining the two separate levies into one, was an admission by the Government that it “made a mistake” in more than tripling the sector’s tax rate in 2022-2023.
“I don’t think it’s going to move the needle,” the ABM chief said. “We’ve already run the business out of the country. We have to make it attractive to get the boats back; that’s the problem. To say that you don’t have to file for VAT, but still pay 14 percent, that’s not enough of a carrot. That’s not attractive enough any more. Brokers have been calling me saying it will not make any difference.
“Our competitors are at zero percent, and there’s a huge movement of yachts from the Mediterranean to the United Arab Emirates. We saw that; that’s already happened. I don’t know how long Israel and Iran will go at it, but to me I’d drop our charter fee to 7 percent and put it online. We’ve lost the portal that allowed us to do that.
“Obviously, they’ve [the Government] made a mistake. They wouldn’t be changing it otherwise. They’re not going to admit it,” Mr Maury said of VAT’s elimination in favour of one 14 percent levy. “A lot of companies have already moved. The VAT has been a disaster for the whole industry. “For the first time in history we’ve had brokerage companies boycotting The Bahamas. I’ve never seen that in the 31 years that I’ve been in this industry. We’ve had the major brokerages boycotting this country. It’s good to have 9.4m cruise visitors annually, but we know the marinas and our properties in the Out Islands have steadily lost customers these last few years.”
The Government more than tripled the total tax rate for foreign yacht charters in the 2022-2023 Budget, expanding this from the original 4 percent Port Department fee to 14 percent with the addition of VAT on the value of the charter contract.
Michael Halkitis, minister of economic affairs, justified the move by arguing that there was significant avoidance and evasion of the 4 percent Port Department fee. And he argued that foreigners exploiting The Bahamas’ ocean and natural resources for commercial profit should pay more, hinting that this sector had been undertaxed for years. However, the extent of the tax rate increase, and the fact it occurred in one jump, may have been too much, too fast. Asked how much foreign yacht charter business the ABM believes The Bahamas has lost as a result, Mr Maury replied: “I’d say at a minimum, from what I get back from the industry, about 40 percent. A lot of it has moved to the Caribbean.
“We saw quite a bit of a downsizing in [marina] occupancy as well. Even the boats that were chartering went to the Caribbean. We noted quite a decline in our slips. For us, that was meaningful. We’re basically a hotel business and vacation property. We saw a major
decline in occupancy, and that’s when all those boats went to the Caribbean.”
Mr Maury reiterated that the negative economic impact from this extended far beyond the marinas themselves. Spending in food stores and restaurants declined, as fewer boats meant less guests and reduced stocking up or provisioning in The Bahamas, while there was less business for local yacht brokers and agents and a range of service providers, including technical maintenance and cleaning.
“This is what we fight for,” the ABM chief said. “They always look at it as the marinas, but it’s bigger than that. We have Bahamian crew members on these boats, support businesses and everything else.” Lonna Bethel, the Port Department’s assistant controller, confirmed the taxation switch to maritime industry stakeholders on Friday morning.
“A lot of you are familiar with the 4 percent charter fee that we, the Port Department, charge for each charter contract or each charter that your client contracts, and 10 percent was meant to have been received by the Department of Inland Revenue,” she said.
“I know from some of you, you have been voicing your concerns verbally to us, especially telling us about some of the difficulties you have experienced with submitting that 10
percent VAT, and then a lot of your clients have expressed - we can just be candid - their displeasure, so to speak, with paying an additional tax or having to operate in such a manner where everything is disclosed, so to speak.
“I’m sure you can infer what I really want to say,” she added. “So what we did, based on the advice we have been hearing from the sector, we’ve been hearing from some of you, we collated.... What we did or what we have that is coming on stream, is a consolidated fee, so to speak.
“There’s no more split between the Port Department and Inland Revenue. It is just one 14 percent charter tax or charter fee that is payable to the Port Department.... You no longer have to go to the Inland Revenue. There’s no requirement for your client to get a Taxpayer Identification Number, a Tax Compliance Certificate.
“I know Inland Revenue have their own processes, which would have made it slightly cumbersome for you and your clients. I know a lot of you on this call are agents and brokers, but there’s no longer a requirement to go to the Inland Revenue as of July 1.Your only contact is the Port Department, and you’d submit the full 14 percent to the Department.”
This raised multiple industry questions, including whether boats and yachts would be able to reclaim the VAT they pay on Bahamas-based purchases, such as provisions, if they are not longer registered with the Inland Revenue to pay the 10 percent levy. Mr Maury said vessels had never been allowed to reclaim VAT on local purchases, but Ms Bethel pledged to check.
Other queries related to the de-registration process. Sean Ives, a charter broker with Bahamas-by-yacht. com, said de-registering with the Department of
Inland Revenue “has been quite a cumbersome process for almost two years. We’ve had yachts trying to be de-registered and still having to submit zero returns. Are there any short-cuts, is there anything we can perhaps do?
“Is there a way we can stop doing the returns,” he added, “or will we still need to do zero returns until the vessel is de-registered?” Ms Bethel promised to check this, too, and added: “As it pertains to the movement of that vessel, that vessel being chartered coming into The Bahamas, once that vessel is on the water, the charter fee of 14 percent goes straight to the Port,” she added.
“There’s no need for you to go to Inland Revenue, say here’s my 10 percent, wait on them for a return or anything of that nature. From our perspective you have no reason to go to Inland Revenue.” Ms Bethel also confirmed to Mr Ives that VAT returns, both monthly and quarterly, will have to be filed with the Department of Inland Revenue for the 2025 second quarter as the new rate does not take effect until July 1. Travis Delva, director of yacht services at Windermere Yacht Services, added: “I just wanted to circle back to de-registration of the VAT TINS for a second because the way the Inland Revenue system works, even once July 1 takes effect, the vessel will still be required according to the system to submit a quarterly return or submit a zero return.
“Even though we’re shifting to this set up now, would you be able to get any clarity from the Department of Inland Revenue on if we can stop that once July 1 hits or will the system continue to trigger that every quarter until the de-registration occurs?”
Abaco hotel concern over BPL power woe
FROM PAGE B3
busy and the people are so happy, I just don’t want to see that ruined,” Ms McIntosh continued. “It’s really stressful to see such a good thing. And you don’t want it to go south. You want things to really be good for these guests so that they keep coming.
“And the other thing is our season has extended. I’ve always wished for that. We started being busy in February. June is the busiest I’ve ever seen it. A lot of these people are from Florida, and they’re in boats, and they’ll come back in
August, which would be huge for us. If the weather’s good, they’ll come back. But if they think they’re going to come back and not have power, that’s going to make them think twice.
“I have a boat group that came in yesterday. I have another boat group coming in today. They leave on Saturday, and I have 70 people coming in on boats and staying a week on Green Turtle Cay at Bluff House. And if I have this, it’s not going to be good,” she added.
“I’m really worried about it. And that’s my little small resort. We’re smaller than
most of the other ones, so you can imagine what it’s going to be like for Abaco Beach Resort or Green Turtle Club. All of them, Hope Town and Marina, we’ve all got this challenge. And the more people in, the more space you have this, the harder the challenge is.”
Ms McIntosh said the linesmen on Abaco have “been very good about communicating with my operations manager and trying to let us know what’s happening, so we can let guests know”, adding that this has been a great help. She said: “We are so grateful that those guys do consider us and do communicate with us as best they can.”
PILOT SHORTAGE FEAR EASED FROM EXAM DISPUTE SETTLEMENT
FROM PAGE B1
regulations and licensing, then register for and take what will now be an “open book exam”. The seminar and exam will be “available on or before August 31, 2025. And the exam will have a revised format with “content based on Bahamian regulations”. The Bahamian content, extra time and “open book exam”, were key demands of the fledgling Bahamas Aircraft Owners and Pilots Association (BAOPA) which, within less than a year of its September 18, 2024, formation, appears to have obtained several concessions from the regulatory authority.
The ‘consent Order’ stipulates that the exam will be taken at the regulator’s offices, and be rolled out in digital format come January 2026. “Once a candidate successfully passes the exam, they will not be required to sit any future exams for licensing/ validation purposes,” the settlement stipulates, while preserving the Authority’s stance that taking the test is “non-negotiable” for Bahamian pilots.
Both sides appeared to be tight-lipped on the settlement, and its impact for Bahamian aviation, pilots and regulation moving forward. Neither Mornel Brown, the Association’s president, nor Drexel Munroe, its secretary, returned multiple Tribune Business messages and calls seeking comment.
Devard Francis, the Civil Aviation Authority of The Bahamas chairman, referred this newspaper to Darren Bain, the attorney who represented it in the Judicial Review proceedings. Mr Bain, in response to inquiries, messaged that he would have to take instructions from the
Authority, his client, and no reply was received before press time.
However, legal documents filed with the Supreme Court earlier this year that have been obtained by Tribune Business set out both sides’ respective positions. The Association argued that the Authority had created a “reasonable expectation” that it would consult with itself and its members before implementing the ‘air law’ exam, but failed to “discharge its duty” as a public body to do so.
It also claimed that the exam’s original content and structure held “jurisdictional irrelevance” because it was not sufficiently based on the conditions and regulations pilots will encounter in The Bahamas, instead including questions on take-offs and landings at London’s Heathrow airport and flying through volcanic ash.
The Association also said the 75 percent grade required to pass the ‘air law’ exam was “an irrational high bar”, and also challenged whether the Authority had complied with the National Accreditation and Equivalency Council of The Bahamas Act 2007 as it had produced no proof that the exam had been accredited, registered and recognised by that body.
The Authority, though, hit back by asserting that the Civil Aviation Act of The Bahamas Act 2021, as well as its accompanying regulations and the global Chicago Convention on civil aviation, gave it the necessary legal authority to test airmen’s knowledge by imposing the ‘air law’ exam. And it warned that not imposing such a test on Bahamian pilots “exposes a country to serious risks”, including the possibility
that this nation would be downgraded by the Federal Aviation Administration (FAA) and European regulators, and also suffer International Civil Aviation Organisation (ICAO) findings, resulting in “economic harm to its aviation industry”.
Chequita Johnson, the Authority’s deputy directorgeneral, in an April 4, 2025, affidavit warned “there is no ‘wiggle room’” when it comes to ensuring compliance with national aviation regulations for Bahamian pilots seeking to have their FAA and other licences converted, or validated, in this nation.
Mr Brown, the Association’s president, said his members and all pilots first discovered the Authority’s ‘air law’ exam plans when it issued a notice on April 17, 2024. “Despite the fact that CAAB posted notice of its decision, it subsequently promised and committed itself in the public domain to consultation with stakeholders of the civil aviation community,” he added.
“And confirmed publicly that it had voluntarily embarked on a stakeholder consultation course of action. The individual members of BAOPA held out a reasonable expectation that the CAAB would discharge its public duty to consult with them.”
The deadline to take and pass the ‘air law’ exam was first extended to end-January 2025, then to June 1, 2025. Mr Brown noted that, in unveiling the latter move, Alexander Ferguson, the Authority’s director-general, said for the first time that passing this exam was “non-negotiable”.
He added: “Any declaration that any aspect of an administrative decision is non-negotiable flies in the face of the duty to consult and makes a mockery of
this right vested in BAOPA, as stakeholders of the civil aviation community.”
Noting that The Bahamas is not an “issuing state”, which issues pilot licences, but instead “validates” those obtained from other countries such as the US, Mr Brown added that pilots had “found it onerous to source study guides and have been given inadequate time to prepare”, in effect having to act as both student and teacher while still working full-time.
“The passing grade upon which the future of every member of BAOPA rests is 75 percent,” Mr Brown asserted. “To the best of my knowledge, information or belief there are no standardised tests or professional exams in The Bahamas where a 74
percent is a failing mark, despite possessing practical skills to operate an aircraft in The Bahamas, which the CAAB does not dispute.
“The air law is already loaded with questions which are foreign or unknown, and/or irrelevant to civil aviation in The Bahamas and the region. To make this passing mark 75 percent is an irrational high bar in all circumstances.
“Coupled with the volumes of study materials provided by the CAAB, and the fact that this is required to be self-study, the only possible conclusion is that the CAAB is trying to sabotage the careers of certain Bahamian pilots and operators....,” Mr Brown blasted. “The members of the BAOPA and the aviation industry as a whole
could face a crisis should too few pilots pass the exam by June 1, 2025.”
However, Mr Ferguson, the Authority’s director-general, in an April 30, 2025, affidavit argued that the Judicial Review action was “premature” and the Association’s arguments “incorrect”. He added that the exam was “not to prevent any airmen from working or conducting business” but, rather, to ensure they understood the regulatory framework that governs passenger safety.
Noting that 28, out of 30, Bahamasair pilots had taken and passed the exam, generating a 90 percent pass rate, Mr Ferguson added:
“To-date, 83 exams have been sat with 59 passes. This represents a 71 percent pass rate.” To improve this, he added that the Authority was setting up a training course free-of-charge for the aviation sector.
BAHAMAS POWER & LIGHT’S (BPL) HEADQUARTERS
PM: 'Fulfill pledges' on climate change
By FAY SIMMONS
THE Prime Minister says this year’s COP30 global climate summit must ensure that “pledges are fulfilled”.
Speaking at the Brazil–Caribbean Summit, Philip Davis KC asserted that developed countries must “honour their commitments” on climate finance and supported Brazil’s call for enhanced nationally determined contributions (NDCs).
“As we look ahead to COP30 in Belém, our expectations are clear. This must be the conference where pledges are fulfilled, and 'implementation' becomes the word to watch,” said Mr Davis.
“Developed countries must honour their commitments regarding climate finance, adaptation and
technology transfer. We support Brazil’s call for enhanced nationally determined contributions, and commend the launch of initiatives such as the Rainforests Forever Fund and the Global Alliance Against Hunger and Poverty.”
Mr Davis also confirmed
The Bahamas’ candidacy for a non-permanent seat on the United Nations (UN) Security Council for the term 2032-2033.
“If elected, we shall be a steadfast advocate for small states, for reform, and for the prioritisation of civilian protection over narrow interests. The world cannot afford international legal exceptionalism and continued paralysis when human lives hang in the balance,” he added.
Mr Davis said Brazil is a “vital ally” on climate change, investment and technical co-operation, and the Caribbean and Latin
America must continue to be known as a “zone of peace”.
“Brazil is not only a valued neighbour but also a vital ally on matters of climate change, investment and technical co-operation. It is through such purposeful collaboration that regionalism and multilateralism become the engines driving progress, stability and opportunity across the Americas,” said Mr Davis.
“The Caribbean and Brazil share a vision of a region defined by peace, stability, opportunity and mutual respect. We must continue to champion Latin America and the Caribbean as a zone of peace.”
Mr Davis said The Bahamas will seek Brazil’s assistance in strengthening food security and disaster response through the Caribbean Disaster Emergency Management Agency (CDEMA).
‘BEEF UP BRAND BAHAMAS’ VIA YACHT REGISTRY TAX CUTS
FROM PAGE B1
their desire to grow The Bahamas’ existing yacht registry, Mr Delva backed their call to drive increased registrations through offering foreign-flagged charter vessels incentives such as reduced charter fees.
“I think in general that we should be trying to encourage foreign-flagged charters, vessels that are chartering in Bahamian waters, to register under The Bahamas flag,” he agreed. “And so I think we should try to look at some incentives or some concessions to encourage these
yachts to re-flag Bahamian, whether it be a reduction in the charter tax or whatever.
“This is just as a suggestion, of course. We want to beef up brand Bahamas... So right now, our company, we register vessels in The Bahamas, and one of the questions they always ask is what are the advantages. So if we want to really create a strong position for those advantages, I think starting with encouraging them to flag Bahamian and giving them a reason to would be a great start.”
Lonna Bethel, the Port Department’s assistant controller, who was leading the
call, said she could “make no promises” on whether the suggestion for tax breaks and other incentives to grow The Bahamas’ yacht registry. And she pointed out that there is “a very tight window” of two weeks before the Budget and accompanying legislation must pass ahead of the new fiscal year’s July 1 start.
“Even if it means a differentiation of the charter fee?” she asked. “I can’t make no promises, you all, but we do have the right people on this call, so I will be doing a lot of sidebar conversations after this to see how we can best utilise
our very tight window that we have; a very tight window.”
When one attendee suggested cutting the 14 percent foreign yacht charter fee rate, which will be implemented come July 1, 2025, to 12 percent or 11 percent for vessels that choose to register under the Bahamian flag, she replied: “Hold on. Wait now. Whoa, whoa, whoa. One thing at a time you all.”
Mr Delva then added: “To help you to pass it on to the policymakers, if the current tax is 14 percent straight across-the-board, if a Bahamian-flagged vessel comes into play, and we know that based on the ultimate beneficial owner they still have to obtain a charter licence because the vessel is still perceived
as foreign-owned, because it is not owned by a Bahamian or is not owned by a Bahamian company that is owned by a Bahamian, I think we need to offer them some type of concession.
“Whether that be going from 14 percent to 10 percent for a Bahamian flag specifically because, again, you’re going to have the balance on the other side.
The BMA will now be gaining more revenue because we have more Bahamianflagged vessels coming to the register, and it’s a ricochet effect from that, a domino effect.”
“Everybody wins,” ventured Ms Bethel. “Everybody wins,” replied Mr Delva, “because local agents like myself, they’re going to approach us. Imagine, ‘how do I flag vessel as Bahamian?’ So now we, as the tax-paying businesses who pay the Business Licence fees and so on and
“Our co-operation with Brazil and the wider region is rooted in practical action. We draw on Brazil’s expertise to strengthen food security and improve disaster response through CDEMA. We recognise the urgency of removing barriers, physical and digital alike. Those that restrict trade, limit mobility, and retard regional integration,” said Mr Davis.
“Such regional partnerships have a direct impact on national well-being, reminding us why international engagement remains essential to our mandate as leaders. Through active participation on the world stage, we deliver practical outcomes back home. Reducing the cost of living, strengthening our ability to respond to crises, modernising our infrastructure, and opening new doors for Bahamians.”
so forth, will now be gaining more revenue.
“We’re also VAT registrants. That’s more tax revenue for the Government through VAT, and so it’s just again a domino effect that would be a positive outcome straight across-the-board versus trying to seek all that revenue from the 14 percent when we know folks like to evade taxes as much as possible.
“So if we can encourage then to do this, I think it will work for the Port Department, it will work for the Government in generating more revenue. It will impact local businesses by increasing their income and growing their clientele and expanding their services.” Stephen Keenan, the London-based BMA’s senior deputy director in its inspections and surveys department, had initially suggested offering tax breaks for vessels that register under The Bahamas’ flag as a critical incentive to help build and grow a yacht registry.
“One of the ways we think we might be able to do that is if we can offer an advantage to a Bahamian flagged yacht rather than a foreign-flagged yacht,” he explained, “so that’s why we were wondering if it’s possible that these fees do not apply to Bahamas-flagged yachts or are reduced in some way? It might give us an advantage, it may not, but if we don’t try it.....
“We’ve made a policy decision as well that, after July 1, we will no longer register private yachts of less than 20 metres in length. The ones that are already registered are fine. They’ll stay with us, but we won’t accept anything under 20 metres as of July 1.”
PHILIP DAVIS KC
MP’S ‘ZERO CONFIDENCE’ ON REAL ESTATE VAT REVERSAL
and close the transaction because the conveyance will have to be recorded, and due tax paid, first as opposed to being the last stages of the process as at present.
“There has been nothing publicly, and a conversation that the minister of national security participated in ended with me having zero confidence they are going to change the Bills as they are,” Mr White told this newspaper.
“Despite what Sean McWeeney wrote, the minister of national security sees the issue differently from Sean McWeeney, and the Prime Minister and minister of state for lands, Leon Lundy, have not said anything yet. It could be changed at the committee level, after we’ve finished the debate and gone through the Budget heads, but I don’t anticipate this government is going to do that.
“The outcry from the professionals has not had any impact and caused them to change course from the Bills as is. He [Mr Munroe] didn’t see the arguments presented by Sean McWeeney, and because of his position in Cabinet I don’t anticipate that they have seen any necessity change the Bills as they are presently drafted.”
Mr McWeeney, the former attorney general, now a consultant counsel at Graham, Thompson & Company, in a note understood to have been shared with some 100 attorneys warned that legal reforms intended to combat real estate-related VAT evasion will have “disastrous consequences” for the industry and all related sectors if passed as is.
He added that, if proposed changes to the
Conveyancing and Law of Property Act are not altered, they threaten to create multiple “title woes and legal controversies” when the Government’s new fiscal year begins on July 1.
Asserting that the present Bill should be “abandoned”, he added that its intent - rendering all real estate transactions closed since July 1, 2022, “void” unless they have been recorded in the Registry of Records - creates numerous unanswered questions such as whether, and how, a “void” conveyance can be “resurrected from the dead” and brought into compliance with the amendment.
Mr White, meanwhile, told Tribune Business of these reforms and planned changes to the VAT Act: “It’s going to have an immediate impact. It’s going to throw the titles of a number of property owners who have completed their purchases into questions of validity according to the law. They won’t be valid transfers until they are stamped and recorded.”
He explained that, under current practice, attorneys first confirm whether there is good and marketable title to the subject property. If the go-ahead is given, the purchaser then pays the agreed price into an escrow account, the vendor delivers over title, and the transaction is closed.
Now, under the proposed reforms, where the Government is seeking to ensure the VAT due on the sale is given priority and paid first, rather than at or after closing, Mr White said: “It’s really going to turn the process of land transfers in The Bahamas on its head. It’s going to end up with the steps in reverse” with the conveyance’s recording,
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SHORNETTE SHAYANN HILTON of Gerald Bartlett Subdivision, New Providence, The Bahamas, mother and legal guardian of DEOVANO TITO BERNARD JR., intend to change his name to D’VANO MATEO SEAN HILTON If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that NADINE SAMANTHA ALBURY of CB-13355 #18 Bishop Way, indsor lace is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that ARISNOR WILEX of Hanna Hill, Eight Mile Rock , Grand Bahama is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
and payment of due tax, happening first. He pointed to the increased risk that will result, arguing that the planned amendments “almost limit purchasers coming out of a sales agreement because they’ve already paid the VAT to the Department of Inland Revenue”.
“This is more of a tax collection measure than Bills to ensure completeness of land title in the Commonwealth of The Bahamas,” Mr White added. “You’re really going to have to put your best forward to make the most of what has become an overly-complicated, overly-litigated and prohibitive real estate industry.
“The market’s thrown up in the air, and we’re having to wait and see how it plays out. It throws a cloud over the certainty of the sale and purchase process in The Bahamas. The period where a property remains without closing is going to be extended. It isn’t when the attorney says everything is in order, it’s when the Department of Inland Revenue says everything is in order.”
The St Anne’s MP suggested that properties will remain on the market longer before any sale
closes, which will delay realtors receiving their commission, and as much as three months could be added to the completion process if the tax authorities challenge the purchase price because it appears significantly less than the value attached to it by the Department of Inland Revenue’s real property tax assessment.
Mr McWeeney, acknowledging the Government’s legitimate desire to promptly collect all VAT due on real estate sales, amid the belief that it is losing $100m in revenue per year to avoidance and evasion in this area, argued in his note that the problem could be tackled by reform measures of a much different nature.
Instead of amending the Conveyancing and Law of Property Act’s section 40 to stipulate that “all conveyances of land, or of any interest therein, are void
Gas retailers hope no ‘tremendous’
price impact from Middle East war
FROM PAGE B4
mindful that, particularly this time right now, with all what’s happening in the US, don’t rely too heavily on the US providing fuel, in my opinion. And it’s only my opinion because they, I think, have embarked on
a ‘US first’ type policy. So my feeling is that it’ll be a bump in the road, but it will not be us falling through a big hike,” he continued.
“Having said that, again, don’t forget there are facilities in the Caribbean besides the facilities you have in the US and,
NOTICE
NOTICE is hereby given that WILLIAM SARPONG of P.O. Box SP 6123 West Ridge, Cable Beach, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
of course, we are a minute consumer compared to other areas. So another thing you got to consider, too, is that the companies that are represented in The Bahamas, you got Shell that deals with Total, and Shell is a multi-national company,
for the purpose of conveying or creating a legal estate unless made by deed and duly registered”, he suggested it instead focus on reforms to the VAT and Stamp Acts.
Mr McWeeney recommended that a transaction be blocked from closing unless the due VAT is “first collected and held” in an escrow account controlled by either of the attorneys representing the buyer and the seller. These taxes must then be paid within either 30 days of closing, 30 days from the Department of Inland Revenue determining the amount of VAT due, or within 30 days of a court or appeal ruling. And, in addition, he suggested that the Government finally enforce a provision in the Stamp Act which makes it a criminal offence for attorneys to hold on to taxes generated by real estate sales “for their own benefit rather than paying it over to the Government”. These provisions were also thought to be contained in the VAT Act.
Sol Petroleum deals with Exxon.
“They, again, that’s a multinational company. I mean, they have facilities all over the world. And then Rubis is French in origin but they have their facilities all over the world as well. So they have an obligation to juggle things around where their outlets throughout the entire world will be. I guess you might say that’s another benefit that we have in The Bahamas.”
NOTICE
NOTICE is hereby given that ANMORINE GETTENB of Lumumba Road, o ill is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
WAYNE MUNROE
G7 leaders gather in Canada for a summit overshadowed by Israel-Iran crisis and trade wars
By ROB GILLIES and JILL LAWLESS Associated Press
LEADERS of some of the world's biggest economic are arriving in the Canadian Rockies on Sunday for a Group of Seven summit, overshadowed by an escalating conflict between Israel and Iran and U.S. President Donald Trump's unresolved trade war.
Israel's strikes on Iran and Tehran's retaliation, which appeared to catch many world leaders unawares, is the latest sign of a more volatile world.
Trump in recent days vetoed an Israeli plan to kill Iran's Supreme Leader Ayatollah Ali Khamenei, a U.S. official told The Associated Press, in an indication of how far Israel was prepared to go.
British Prime Minister Keir Starmer said he had discussed efforts to de-escalate the crisis with Trump and Israeli Prime Minister Benjamin Netanyahu, as well as other world leaders and said he expected "intense discussions" would continue at the summit.
Trump is summit's wild card As summit host, Canadian Prime Minister Mark Carney has decided to abandon the annual practice of issuing a joint statement, or communique, at the end of the meeting. With other leaders wanting to talk to Trump in an effort to talk him out of imposing tariffs, the summit risks being a series
of bilateral conversations rather than a show of unity. Trump is the summit wild card. Looming over the meeting are his inflammatory threats to make Canada the 51st state and take over Greenland.
French President Emmanuel Macron visited Greenland on Sunday for a highly symbolic stop on his way to Canada. Macron warned that Greenland is "not to be sold" nor "to be taken."
"Everybody in France, the European Union thinks that Greenland is not to be sold, not to be taken," he said during a news conference, applauded by the local crowd.
"The situation in Greenland is clearly a wakeup call for all Europeans. Let me
tell you very directly that you're not alone," Macron added.
Trump is scheduled to arrive late Sunday in Kananaskis, Alberta. He will have a bilateral meeting with Carney on Monday morning before the summit program begins.
'He tends to be a bully'
Leaders who are not part of the G7 but have been invited to the summit by Carney include the heads of state of India, Ukraine, Brazil, South Africa, South Korea, Australia, Mexico and the UAE. Avoiding tariffs will continue to be top of mind.
Asked if he planned to announce any trade agreements at the G7 as he left the White House on Sunday, Trump said: "We
have our trade deals. All we have to do is send a letter, 'This is what you're going to have to pay.' But I think we'll have a few, few new trade deals."
Bilateral meetings with the American president can be fraught as Trump has used them to try to intimidate the leaders of Ukraine and South Africa.
Former Canadian Prime Minister Jean Chrétien told a panel this week that if Trump does act out, leaders should ignore him and remain calm like Carney did in his recent Oval Office meeting.
"He tends to be a bully," Chrétien said. "If Trump has decided to make a show to be in the news, he will do something crazy. Let
him do it and keep talking normally."
Last month Britain and the U.S. announced they had struck a trade deal that will slash American tariffs on U.K. autos, steel and aluminum. It has yet to take effect, however, though British officials say they are not concerned the Trump administration might go back on its word.
Starmer's attempts to woo Trump have left him in an awkward position with Canada, the U.K.'s former colony, close ally and fellow Commonwealth member.
Starmer has also drawn criticism — especially from Canadians — for failing to address Trump's stated desire to make Canada the 51st state.
A MAN walks past a G7 sign outside the media centre for the G7 Summit on Sunday, June 15, 2025 in Banff, Alberta.
Asked if he has told Trump to stop the 51st state threats, Starmer told The Associated Press: "I'm not going to get into the precise conversations I've had, but let me be absolutely clear: Canada is an independent, sovereign country and a much-valued member of the Commonwealth."
Zelenskyy expected to meet Trump The war in Ukraine will be on the agenda. President Volodymyr Zelenskyy is due to attend the summit and is expected to meet with Trump, a reunion coming just months after their bruising Oval Office encounter which laid bare the risks of having a meeting with the U.S. president.
Starmer met with Carney in Ottawa before the summit for talks focused on security and trade, in the first visit to Canada by a British prime minister for eight years.
German officials were keen to counter the suggestion that the summit would be a "six against one" event, noting that the G7 countries have plenty of differences of emphasis among themselves on various issues.
"The only the problem you cannot forecast is what the president of the United States will do depending on the mood, the need to be in the news," said Chrétien.
Photo:Adrian Wyld/AP
Oil prices leap 7% and US stocks slump more than 1% on worries about the crude market
By STAN CHOE, DAVID McHUGH and JIANG JUNZHE Associated Press
OIL prices leaped, and stocks slumped Friday on worries that escalating violence following Israel's attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.
The S&P 500 sank 1.1% and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8%, and the Nasdaq composite lost 1.3%.
The strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude jumped 7.3% to $72.98. Brent crude, the international standard, rose 7% to $74.23 for a barrel.
Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price
of crude and gasoline higher for everyone worldwide. Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran's coast. Much of the world's oil that's been pulled from the ground moves through it on ships.
Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later "once it became clear that the situation was not escalating and there was no impact on oil supply," according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights. That has Wall Street waiting to see what will come next. U.S. stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel.
For now, the price of oil has jumped, but it's still lower than it was earlier this year. "This is an economic shock that nobody really needs, but it is one that seems more like a shock to sentiment than to the fundamentals of the economy,"
said Brian Jacobsen, chief economist at Annex Wealth Management.
That in turn sent U.S. stocks to a loss that was notable in size but outside their top 15 for the year so far.
Companies that use a lot of fuel as part of their business and need their customers feeling confident enough to travel fell to some of the sharpest losses. Cruise operator Carnival dropped 4.9%. United Airlines sank 4.4%,
and Norwegian Cruise Line Holdings fell 5%.
They helped overshadow gains for U.S. oil producers and other companies that could benefit from increased fighting between Israel and Iran.
Exxon Mobil rose 2.2%, and ConocoPhillips gained 2.4% because the leaping price of crude portends bigger profits for them.
Contractors that make weapons and defense equipment also rallied. Lockheed Martin, Northrop
Grumman and RTX all rose more than 3%.
The price of gold climbed as investors searched for safer places to park their cash. An ounce of gold added 1.4%.
Often, prices for Treasury bonds will likewise rise when investors are feeling nervous. That's because U.S. government bonds have historically been seen as some of the safest options around. But Treasury prices fell Friday, which in turn pushed up their yields, in part because of worries that a spike in oil prices could drive inflation higher.
Inflation has remained relatively tame recently, and it's near the Federal Reserve's target of 2%, but worries are high that it could be set to accelerate because of President Donald Trump's tariffs.
That sent the yield on the 10-year Treasury up to 4.41% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.
A better-than-expected report Friday on sentiment among U.S. consumers also helped drive yields higher. The preliminary report from the University of Michigan said sentiment improved for the first time in six months after Trump put many of his tariffs on pause, while U.S. consumers' expectations for coming inflation eased.
On Wall Street, Adobe fell 5.3% even though the company behind Photoshop reported a stronger profit for the latest quarter than Wall Street expected. Analysts called it a solid performance but said investors may have been looking for some bigger revenue forecasts for the upcoming year.
All told, the S&P 500 fell 68.29 points to 5,976.97. The Dow Jones Industrial Average dropped 769.83 to 42,197.79, and the Nasdaq composite sank 255.66 to 19,406.83. In stock markets abroad, indexes slumped across Europe and Asia. France's CAC 40 lost 1%, and Germany's DAX dropped 1.1% for two of the larger losses.
MARINE FORECAST
TRADER Steven Gohl works on the floor of the New York Stock Exchange, Tuesday, June 10, 2025. Photo:Richard Drew/AP
First direct flight from US to Greenland since 2008 lands on Trump’s birthday
By KWIYEON HA Associated Press
THE first direct flight from the U.S. to Greenland by an American airline landed in the capital city of Nuuk Saturday evening
and is set to make its return flight on Sunday morning. The United Airlinesoperated Boeing 737 Max 8 departed from Newark International Airport in New Jersey at 11:31 a.m. EDT (1531 GMT) on Saturday and arrived a little
over four hours later, at 6:39 p.m. local time (1939 GMT), according to the flight-tracking website FlightAware.
A one-way ticket from Newark to Nuuk cost roughly $1,200. The return flight had a $1,300 to $1,500 price tag.
Saturday's flight marks the first direct passage between the U.S. and the Arctic island in nearly 20 years. In 2007, Air Greenland launched a route between Baltimore/ Washington International Thurgood Marshall Airport and Kangerlussuaq Airport, some 315 kilometers (195 miles) north of Nuuk. It was scrapped the following year due to cost.
Warren Rieutort-Louis, a 38-year-old passenger from San Francisco, decided to visit Nuuk for just one night to be a part of the historic flight.
"I've been to Greenland before, but never this way around. I came the other way through Europe, so to be able to come straight is really amazing," RieutortLouis said after the plane landed.
The United Airlines flight took place on U.S. President Donald Trump's 79th birthday, which was celebrated in Washington with a controversial military parade that was part of the Army's longplanned 250th anniversary celebration.
Trump has repeatedly said he seeks control of Greenland, a strategic Arctic island that's a semi-autonomous territory of Denmark, and has not ruled out military force.
The governments of Denmark, a NATO ally, and Greenland have said it is not for sale and condemned reports of the U.S. stepping up intelligence gathering on the mineral-rich island.
United announced the flight and its date in October, before Trump was re-elected. It was scheduled for 2025 to take advantage of the new Nuuk airport, which opened in late November and features a larger runway for bigger jets.
"United will be the only carrier to connect the U.S. directly to Nuuk — the northernmost capital in the world, providing a gateway to world-class hiking and fascinating wildlife under the summer's midnight sun," the company said in a statement at the time. Saturday's flight kicked off the airline's twice weekly seasonal service, from June to September, between Newark and Nuuk. The plane has around 165 seats. Previously, travelers had to take a layover in Iceland or Copenhagen, Denmark, before flying to Greenland. The new flight is beneficial for the island's business and residents, according to Greenland government minister Naaja Nathanielsen.
Tourists will spend money at local businesses, and Greenlanders themselves will now be able to travel to the U.S. more easily, Nathanielsen, the minister for business, mineral resources, energy, justice and gender equality, told Danish broadcaster DR. The route is also an important part of diversifying the island's economy, she said. Fishing produces about 90% of Greenland's exports.
Tourism is increasingly important. More than 96,000 international passengers traveled through the country's airports in 2023, up 28% from 2015.
Jessica Litolff, a 26-year-old passenger from Louisiana, said she also hopes the new route will benefit the U.S. and Greenland.
"Distance-wise it's only like four and a half hours, so by flying you can get to Greenland faster than you can to some parts of the United States," she said.
Visit Greenland echoed Nathanielsen's comments. The government's tourism agency did not have projections on how much money the new flights would bring to the island.
"We do know that flights can bring in much more than just dollars, and we expect it to have a positive impact -- both for the society and travellers," Tanny Por, Visit Greenland's head of international relations, told The Associated Press in an email.
