Saturday, May 30, 2020

Govt looking at overflight fees, aragonite contracts for revenue

DPM and Minister of Finance Peter Turnquest

By Chester Robards

The government is looking to overflight fees and dormant aragonite mining contracts, among other options, for unexpected revenue in its 2020/2021 national budget moving forward, Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday, adding that the government will not divest itself of its stakes in the Bahamas Telecommunications Company (BTC) and Aliv just yet.

Turnquest, who made the remarks during the question and answer session of the Ministry of Finance’s budget communication press conference, said the government is looking at three areas to raise new revenue and unbudgeted revenue, including mining, overflight fees and cruising and fishing permits, amidst an expected $900 million revenue shortfall.

Turnquest said the country could have the long-awaited overflight fee structure in place by the beginning of 2021.  Read more >>