The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Prime Minister yesterday said that just 157 companies were responsible for collecting more than half of the Government’s VAT revenues during the first eight months of 2025.

Philip Davis KC, addressing the Department of Inland Revenue’s large taxpayer symposium, told attendees: “Consider that through the first eight months of 2025, a total of $478m of VAT revenue was collected by 7,517 VAT registrants. 

“Now break that down to our largest taxpayers. The 157 enterprises, which are administered by the Large Taxpayer Unit, collected $246m of that total, which is more than half. Let me then state the obvious – to say that you are important to the nation’s financial well-being would be a vast understatement.

“You provide essential jobs, produce goods and services critical to our economy, and anchor key industries such as tourism, financial services, telecommunications, energy and logistics. The Bahamian economy cannot grow without you.  Our government cannot deliver essential services without your partnership. 

“And our people cannot thrive without the stability that your contributions help secure. Every road we pave, every school we support, every hospital we modernise, every service we improve – each one is strengthened by the contributions you make through taxes, investments, and leadership.”

Meanwhile, Shunda Strachan, the Department of Inland Revenue's controller, said most liquor businesses have responded positively to the Government’s new registration, certification and licensing regime.

She added that the tax authority has begun informing liquor businesses about the new requirements, and many have been receptive. Mrs Strachan said the market is crowded with numerous small outlets, some of which are in locations that may not be ideal.

“The Government did initiate new liquor registration legislation. The Department of Inland Revenue has been tasked with administering that legislation. We have started by informing liquor businesses we are on the streets, letting them know what is required,” said Mrs Strachan. 

“We have had a good response from most businesses because, again, there seems to be a saturation in the market where you have so many little places all over the place; some of them in places where they shouldn't necessarily be. So right now, we've had more positive feedback than negative feedback.”

Mrs Strachan said that to obtain a 2026 Business Licence, liquor businesses must complete a registration process that ensures they meet all requirements, but enforcement will not begin until April 1 to give them time to make their premises compliant.

“In order for them to get a 2026 Business Licence, liquor businesses will have to go through a registration process, which will mean that they have to get all of the requirements, ensuring that the businesses are in adequate locations, the facilities are adequate to meet the purpose of the business, and so that's now going on. We expect that enforcement will not take place until April 1. So we are giving businesses an opportunity to get their premises fit for purpose,” said Mrs Strachan 

She added that liquor businesses located close to schools will be carefully reviewed to decide whether they can continue operating. “There are some little businesses that are in close proximity to schools where they shouldn't be, and so those ones we're going to look at very closely. It will be a challenging decision, but it's one that we are still going to have to make in terms of whether we allow them to continue to operate.

“That decision will not only rest with the Department of Inland Revenue. There will be a Board or committee appointed to review all of the requirements and to ensure that businesses have what they need or are in the correct proximity to schools.”