Huge tax break on the way for small businesses

Announcement comes during PM national address

Business owners recording earnings of under $100,000 will have their business license fees waived for 2018.

While the exemption is welcomed news for businesses that fall within this category, Prime Minister, Dr. the Hon Hubert Minnis, announced during his national address on January 28, that they will however, still be subjected to the licensing process.

It is still unclear how the fees will be assessed and just when that waiver will come into effect.

Aspiring entrepreneurs will also benefit from new incentives, as the prime minister noted a complete waiver of fees for new businesses.

The prime minister said these new incentives are in effort to encourage entrepreneurship, eventually bringing about some relief for the economy.

In addition to this latest incentive, the Small Business Development Centre of The Bahamas, which was scheduled for this year, has been given Cabinet approval.

“This centre will provide a resource for all Bahamians to receive advisory and technical support when seeking to open a business or expand their operations,” the prime minister said.

The initiative will be spearheaded by the Government, in conjunction with the University of The Bahamas (UB) and The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), and will be supported by the Organization of American States (OAS).