The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is still seeking to play a greater role in managing private sector tax services, arguing that it could help raise compliance and provide greater efficiencies.

    “That is something that we are still advocating for,” said Edison Sumner, its chief executive, yesterday. “We are very pleased with the advances we have seen recently and the announcement with regards to online Business License registration and renewals.

“That is certainly a step in the right direction and we applaud the Government for that; bringing the process into the modern era.”

Beginning on August 4, business owners will be able to apply for and pay Business License fees through the Department of Inland Revenue’s online tax administration system (OTAS). The OTAS is the same system used for Value-Added Tax (VAT) payments.

     “There is still a challenge with businesses as a whole who may not be compliant with the Business License regulations as far as maintaining their businesses and keeping them in good standing,” Mr Sumner said.

“We want to assist in that process where we can, raise the level of compliance, cause there to be less activities in the informal sector and try to get other businesses properly regulated.

“We also want to be able to assist businesses in being able to navigate through some of the loopholes and nuances of running a business in The Bahamas,” added Mr Sumner.

“We feel strongly that if we are given the opportunity to assist the Government with managing that register we can bring greater efficiencies to the process, streamlining it and ensuring that these businesses would also be monitored and measured by the Chamber.

“It would give us an opportunity to provide better data and statistics as it relates to doing business in the Bahamas. It is something we are still advocating for. I think the Government sees some value in it; it’s really just a matter of us packaging it properly, presenting it to them again.”