The Tribune

BY FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

BUSINESS owners with multiple companies will have to manage separate Bahamas Identification Numbers (BINs) under the Government's new One Tax system, it was revealed yesterday, although they will be able to access each account through a single log-in.

Beaumont Todd, the Department of Inland Revenue’s (DIR) communications and training manager, said the BIN will serve as both the taxpayer's unique identifier and log-in, meaning owners and manages of multiple corporate entities will initially have the same number of BINs.

“If you have five, six, seven, eight, nine, ten different entities - not necessarily businesses, meaning you have one sole proprietor, one partnership, another limited company, another non-profit organisation - then for each of those different entities, you will have a BIN, which would mean you would have to sign in and out with each of those different entities,” said Mr Todd. 

Speaking at a Rotary Club of West Nassau meeting, he described this as “the pain point that we know a lot of persons may get frustrated about understanding”.

However, Mr Todd said the One Tax Bahamas system’s tax representative function is intended to ease that burden by allowing an individual or other authorised representative to manage multiple taxpayer accounts from one log-in.

“In the new system, we will have what we call a tax representative. They will act in the same capacity in the same way,” said Mr Todd. “From one BIN login, you will be able to see all of your different BINs in one place.”

Under the current system, taxpayers can have multiple taxpayer identification numbers (TINs) associated with their log-in depending on how their businesses are structured. Mr Todd said that arrangement will change under One Tax Bahamas because each separate legal entity will have its own BIN.

He used the example of a sole proprietor, partnership and limited company to explain that each remains a separate taxpayer despite being owned or controlled by the same individual.

The tax representative function, though, will allow taxpayers to appoint an individual or entity to act on their behalf, including filing returns and conducting other tax-related business.

Mr Todd said both the taxpayer and the person appointed as a tax representative will be required to have a BIN, after which the representative can be added through the One Tax portal. The issue is one of several practical changes taxpayers are being asked to navigate as the Department of Inland Revenue moves all taxes on to one single platform.

It opened BIN registration on September 1, following the August 24 pre-launch of One Tax Bahamas, and is currently sending out about 4,000 BIN applications a day.

The Business Licence and VAT modules are scheduled to come online in November 2026, while real property tax notifications and bills are expected to move fully digital in October. The real property tax module itself is expected to follow in a later phase beginning early next year.

Mr Todd also sought to dispel speculation that One Tax Bahamas represents the introduction or preparation for an income tax, stressing that the platform is not a new tax.

“Firstly, it is not a new tax. I've heard that it is ushering in income tax. There has been no legislation in that direction. It is not income tax,” he said.

Mr Todd said the wider purpose of One Tax Bahamas is to consolidate services that are currently spread across multiple systems, including VAT, real property tax, Business Licences, Stamp Tax and first-time home buyer exemptions.

“The issue is we have a number of systems that our taxpayers have to go to, and the biggest issue for us is they don't speak to each other,” said Mr Todd. “So that creates issues for the taxpayer on getting information quickly and efficiently. That creates issues for compliance, and it definitely creates issues for revenue.”

The transition comes as the Department of Inland Revenue's revenue responsibilities continue to expand, having previously reported that collections were forecast to exceed $2.3bn this year.

Mr Todd said the Department's existing platform has struggled to keep pace with the growth in its taxpayer base, making the transition necessary to improve service delivery and allow taxpayers to access information through a centralised system.

The Department of Inland Revenue is continuing online education sessions for taxpayers, and expects to begin offering in-person assistance within the next few weeks as the transition progresses.

Mr Todd also said the Department of Inland Revenue is looking at introducing a ticketing system that would allow taxpayer complaints and service requests to be formally tracked and routed to the appropriate person.