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DRAINING THE PUBLIC PURSE: Taxpayers pump more than $90M into Bahamasair since onset of pandemic ewnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ewnews.com Daily Mail and Mail on Sunday newspapers.
$26M in payments remaining in schedule NASSAU, BAHAMAS The government settled $52.3 million in payment arrears in the nine months ending March 2021, according to the Ministry of Finance. The ministry, in its nine-month report on budgetary performance for the period July to March of fiscal year 2020/2021, noted that approximately $289.6 million has been settled to date versus the total scheduled $315.6 in government arrears payments. The Minnis administration has argued the value-added tax (VAT) rate hike from 7.5 to 12 percent it introduced after taking office was necessary to pay off the past-due government arrears it inherited, which had no budgetary allocation. Elsewhere, it was noted that government subsidies, which represent transfers to government-owned and/or controlled entities or private sector partners who provide goods and services to the general public, increased by $19.2 million (6.2 percent) to $330 million and represented 89 percent of the budget a ....
Airline may call on Treasury for extra $41m Hikes mirror recommendations by PwC By NEIL HARTNELL nhartnell@tribunemedia.net A Cabinet minister yesterday said the Government had no choice but to increase Bahamasair s fares in a bid to contain skyrocketing losses that could hit $60m for the airline s current financial year. Dionisio D Aguilar, minister of tourism and aviation, told Tribune Business that COVID-19 s devastating impact on the national flag carrier s already-precarious finances meant the Government couldn t hold back any longer on raising fares across all its domestic routes from January 4, 2021. Conceding that the projected $50-$60m loss for the 12 months to end-June 2021 was conservative , and could easily be exceeded depending on how quickly travel rebound in the first six months of the New Year, Mr D Aguilar acknowledged that Bahamasair s red ink represented a further bail-out call for already-stressed Bahamian taxpayers. ....