BCCEC: Government policy shifts making it more difficult to do business

BCCEC: Government policy shifts making it more difficult to do business

NASSAU, BAHAMAS — The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) has accused the government of making it more difficult to do business in the country through a series of policy shifts.

The private sector representative body in a statement yesterday noted that these policy shifts include the requirement of all businesses to supply the Department of Inland Revenue with a Real Property Tax (RPT) assessment number before being granted a business license renewal, even if the business is renting; requiring businesses earning less than $100,000 to submit proof of income at the time of applying for a business license renewal, without reasonable notice; and the mandated migration towards the Click2Clear Bahamas Electronic Single Window Integration and its associated costs.

“Requiring all businesses to supply the Department of Inland Revenue with a property tax assessment number at the time of applying for a business license renewal, even for businesses that rent means that these business owners are at the mercy of their landlords to provide this information. Further, should the information not be supplied, delays are guaranteed,” the BCCEC noted. 

It continued: “Requiring businesses earning under $100,000 to submit proof of income when this was not a requirement previously nor being provided with adequate notice is depleting their already challenged efforts. This gravely impacts micro and small businesses that do not have the resources to quickly have this information gathered in an acceptable format. Business License Renewals, which previously took significantly less time, are now taking three to four weeks or even longer to obtain.”

The BCCEC noted that these decisions have added to the mounting frustration of the private sector, added delays, and continue to hinder the timeliness in how businesses are able to operate and prepare for the future.

“Businesses suffer and cannot properly plan when the government of The Bahamas makes policy shifts that have a material impact on how they are to operate without providing a fair and adequate notice period for implementing new policies,” the BCCEC noted. 

Last month, officials at the Department of Inland Revenue announced that greater focus will be placed on verifying the gross turnover of businesses across the country, as they expressed serious doubt that only 9,000 of the nearly 50,000 registered businesses have an annual gross turnover of $100,000 or more. Businesses with an annual gross turnover of $100,000 plus are required by law to be Value-Added tax (VAT) registrants.

The Ministry of Finance in a statement last month suggested that the Customs department was losing more than $50 million in annual revenues due to the manual submission of documents as it defended the need to utilize electronic data interchange.

The Ministry of Finance in a statement also dismissed assertions that it is directing brokers and importers to utilize a particular software vendor to integrate with Customs’ Click 2 Clear platform at a significant cost.

5 comments

The digital economy is being pushed and forced upon us from every angle lately do you remember a year ago the media was saying its a conspiracy theory right.
The government wants our money our businesses and our prooerty/Land that what this scheme is all about to repossess private property and private ownership of anything you will own nothing and you will be happy future.🤦🏿

No astute government will implement the new strategies mentioned in this article.
It appears that an ignoramus still in its stages of idiocracy introduced these new ideas and a legal mind will not accept this.
Talk about a NEW day? It sure is.
Donkeys are now on the loose and have found themselves in Parliament.

Think about paying a company for permission to operate your company and paying a company yearly for the land you bought and owned. And the company has nothing to do with your land or your business but they are telling you they do and you have to give them money.
Well thats what they want you to do and are doing with this scheme/scam.

Everything concerning business and finances in The Bahamas need transparency. We are oppressed as Bahamas in every business sector, weeding out small busunesses, the mom and pops that are a part of the economy.
The SBA of America is well known for keeping their businessess and financial organizations on top with everyrhing required ti operate and do business.
What is wrong with us? Why are we never moving forward…it’s time The Bahamas play by the rules of engagement.

Comments are closed.