Only 30 percent of VAT registered businesses sign up with e-procurement platform

NASSAU, BAHAMAS — Only 30 percent of Value-Added Tax (VAT) registered businesses have signed up for the government’s e-Procurement and Supplier Registry to-date, with Deputy Prime Minister and Minister of Finance K Peter Turnquest describing the procurement platform as a ‘critical’ part of efforts to reform public procurement practices.

Turnquest said: “The government has introduced legislation to reform public procurement practices.

“A critical part of that is the procurement platform which will serve as a marketplace of sorts for government tendering and request for proposals. Qualified vendors are thus encouraged to register to ensure that they can be pre-qualified and have access to open tenders.”

The Ministry of Finance said in a statement yesterday noted that the Ministry of Finance’s eProcurement and Supplier Registry System (ePSR) enables businesses interested in securing government contracts to participate in a “360-degree digital procurement process”.

“However, since the system launched in 2019, only 1,629 of the 5,330 VAT registered businesses have signed up as ePSR suppliers – enabling them to bid on and secure government contracts through the online portal,” it was noted.

It was also noted that the web-based, user-friendly ePSR system brings greater efficiency and transparency to the government procurement process with all contracts across all agencies requisitioned and sourced online.

To date, more than 300 government opportunities have been posted on the portal. However, businesses must register to access the stream of government contract opportunities available through the portal.”