The Tribune

By NATARIO McKENZIE

Business Reporter

nmckenzie@tribunemedia.net

THE Prime Minister yesterday said the Government will allow companies to pay and renew Business Licence fees when their financial year ends, rather than the current end-March deadline.

Dr Hubert Minnis, addressing a Bahamas Chamber of Commerce and Employers Confederation's (BCCEC), suggested the change would be introduced by year-end in a bid to alleviate the current end-January rush to submit Business Licence filings and certifications.

He also indicated that the administration was working to better define the 'turnover' upon which Business Licence fees are calculated, in a bid to address another concern of the private sector and their accountants.

Dr Minnis's comments came as the Government was urged to undertake a review of the tax incentives it grants to ensure these lead to economic prosperity for all Bahamians, not just isolated special interests. Michael Maura, the Chamber's chairman, said: "As a Bahamian I am 110 per in favour of any industry that allows our economy to grow. The concern that I have is that for far too long we have handed out concessions to the foreign investor, as well as established concessions to local investors, without any analysis that it does in fact lead to economic growth."

Mr Maura said these incentives effectively amount to a tax shared by all Bahamians and residents, and added: "I would hope that the Government would undertake a review of all concessions to ensure they do lead to prosperity to all of us, and are not isolated to a special interest group."

Dr Minnis said that while he supports Bahamianisation, local products must be of a certain quality and standard. "That's why we have a Bureau of Standards. The Government will do all to ensure Bahamian manufacturers are protected," he added.

Mr Maura said the Bahamian economy remains in a "perilous state", and that while the opening of Baha Mar has provided obvious economic benefit "it is simply not enough".

"The Government's stated reforms must move at light speed," Mr Maura urged.

He added that the private sector is asking that there be no increase in taxes without meaningful reductions in the cost of essential goods and services. "Please consider revenue enhancement strategies driven by tax reductions, such as the elimination of import duty on apparel and shoes. This tax disproportionally affects the most vulnerable, while discouraging our over six million visitors from buying clothing in the Bahamas," said Mr Maura.