MOF and The Bahamas Chamber of Commerce meet to discuss the new requirements for Business Licence

Posted on: February 3, 2016

February 3rd, 2016 (Nassau, Bahamas) – Executives from The Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) met with officials of the Ministry of Finance on Friday, January 28th, 2016 to discuss the new requirements for business licence. The BCCEC was concerned that the new requirements placed an unnecessary financial and administrative burden on small and micro businesses (i.e. businesses with a turnover of less than $400,000) and the new timelines for certification of turnover by January 31st was too tight and unreasonable for full compliance. They also recommended that the threshold for certification of accounts by a licenced accounting practitioner should be $400,000 and not $100,000 as is the case currently.

After discussions the following was agreed between The Ministry of Finance and The BCCEC:

o The publishing of guidelines indicating that for the current tax year the deadline for certification of accounts has been extended to March 31st 2016 payment deadline rather than January 31st 2016 for tax filing;

o The publishing of updated and clear guidelines on the certification;
o Companies who filed but need to make amendments to their filings will have until March 31st to do so;
o A commitment to work in closer collaboration with the BCCEC as the Ministry implements strategies to improve tax compliance among local businesses.

The Ministry also confirmed that although business licences expire on December 31st each year, the Government of The Bahamas has a policy of business licences being honored for the conduct of business with its agencies until March 31st each year.

The Ministry of Finance is very appreciative of the timely intervention and understanding of the Chamber of Commerce and other stakeholders in this matter.



Post a Comment

All News

New Year to bring several ‘ease of doing business’ reforms for starting a new business

The Ministry of Finance will roll out a provisional business license in the New Year to significantly reduce the time it takes to start a new business. This addition was approved by Parliament during the 2018/2019 budget exercise, and will be implemented by the Department of Inland Revenue in the first quarter of 2019. Click…

Inland Revenue Open on Saturdays in January

The Department of Inland Revenue is opening its Client Services Centre on Saturdays for the month of January to support businesses applying for business licence renewals. Click the link below for the full Press Release Press Release – Inland Revenue open on Saturdays in January

The Ministry of Finance’s VAT Zero Rating on Breadbasket Items

PRESS RELEASE Breadbasket Items In an official statement released to the media on July 24, 2018 Deputy Prime Minister and Minister of Finance, The Hon. K. Peter Turnquest reiterated that VAT will be removed from all Breadbasket items effective August 1, 2018.

The Ministry of Finance’s VAT Zero Rating on Medication

PRESS RELEASE VAT-Free MEDICATION Deputy Prime Minister and Minister of Finance, The Hon. K. Peter Turnquest announced in an official statement on July 24, 2018 that consumers stand to benefit from the Government’s policy on VAT- Free medication which will come into effect August 01, 2018. All prescription and most over-the-counter medication will now be…

New Cabinet Sworn In by the Governor General

Free National Movement Members of Parliament forming the new Government of the Commonwealth of The Bahamas were sworn in as Cabinet Ministers by Governor General Her Excellency Dame Marguerite Pindling at Government House on Monday, May 15, 2017 Read More…