The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive Edison Sumner said that the chamber’s proposal to assume responsibility for the management of the business licences register was “still on the table”, adding that the private sector representative was still seeking to have the Government review the entire business licence fee structure.

“The structure hasn’t changed. It is something that we are actively pursuing with the government ad that is not only looking at the business licence fees but looking at the entire structure, said Mr Sumner. “We know the government has made some improvements with regards to their business portal where person and companies can apply for and review some of their business licences online. I think that is something still being tweaked in some cases. We wanted to look at the entire structure of the business licence regime and not only with the collections but also with how it is being managed, administered and how easy or efficient it is for businesses to be able to go and get things done,” he added.

“Some parts of the process are still too onerous but our proposals to the government are still on the table where we propose to asset them with the management of that business licence register. We feel that we can do that because if most of those who are registered business are also members of the chamber then we are able to effectively be a self-regulatory agency for this part of the process.”

Mr Sumner said that the chamber would have the responsibility to ensure the on-time payment of business licence fees and be able to assist the government with enforcement. “The rules have to be enforced so that we can have a level playing field and not have some businesses operating in a formal economy where they are paying their fees and acting responsibly while you have others who are not regulated and not paying their taxes. We want to see this kind of practice cease.”

Mr Sumner said that over the course of the next several weeks the chamber would be drafting policies and procedures and may even give consideration to some amendments to the Business Licence Act to support its position. “The intent is that when we get into the next business licence cycle we would have these matters addressed and begin to implement the policies and plans we recommend to the government.”

Prime Minister Perry Christie said during his 2016/2017 budget communication that from January 2016 to the present, the department has approved 10,430 licences, almost 70 per cent of which are for businesses with turnover of $50,000 or less. “Another roughly 20 per cent are for those with turnover from $50,000 to $500,000 and some 12 per cent or so for those with turnover from $500,000 to $5m. Licensees with turnover in excess of $5m number 265. Business licence revenue collected, thus far for the current fiscal year, is just under $92m. The focus is now on education to allow businesses to improve compliance, as there is still a significant amount of businesses that are not meeting their legal obligations,” said Mr Christie.