The Tribune

By KHRISNA RUSSELL

Deputy Chief Reporter

krussell@tribunemedia.net

BRANDING the Minnis administration “wayward” and “stubborn,” Exuma and Ragged Island MP Chester Cooper said a failure to listen about changes to the Business Licence Act was an embarrassment that did nothing to support government’s pledge to improve the ease of doing business in the country.

In a harsh rebuke yesterday, Mr Cooper told Parliament the government now had “egg on its face” in an attempt to clean up a mess before any real damage was done.

The government yesterday passed an amendment to revert to the previous version of the Business Licence Act. The previous changes were made on May 30 almost without notice.

The amended regulations required companies with an annual turnover of $10m or more to provide audited financial statements that will confirm their prior year’s earnings.

But for those businesses earning between zero to $10m, the regulations stipulated that “a financial statement” confirming their turnover must be supplied to the Department of Inland Revenue (DIR). This, though, was also to be accompanied by “a certified bank statement” covering each bank account held in the business’s name and any other accounts “that are used in transactions” on its behalf.

Mr Cooper said these requirements did nothing to improve ease of doing business.

“It is my honour to point out to this wayward, stubborn government the error of its ways as it now scrambles to undo what many, many people told them should have never been done in the first place,” Mr Cooper told Parliament yesterday.

“It is an honour for me to speak here today but for the other side I struggle to identify the honour in wasting people’s time.

“We will support the Bill. It was just last week that members opposite, including our esteemed minister of finance, took great umbrage as I explained to them that in my view the downfall of this administration will be its failure to consult.

“The failure apparent today was also apparent on Monday when the attorney general, whom I suggested members opposite consult, delayed for a week the Non-Profit Organisations Bill due to concerns from the church and civil society, in his words so that they might consult. Some might find that strange, however I don’t.

“One would think one would get tired of telling this government ‘I told you so’ but one does not because again I did tell you and again you did not listen and again you end up looking like you don’t know what you (are) doing because somewhere in your heads you cannot fathom that grown men and women who have invested lifetimes in many of these businesses have their own good senses to know what is good or bad for their business and their interests.”

Mr Cooper said there have been too many instances where the government has failed to listen to the concerns of Bahamians.

“It’s because you did not listen to the business community, like you did not listen to the business community on VAT, now you struggle to meet your projected targets.

“You did not listen to the (Bahamas) Christian Council and the non-profits, now you seek to rush their participation in the revamped bill before the end of the year.

“You did not listen to us on Grand Lucayan. Now here we are using the people’s tax dollars to fix up the hotel and make it somewhat attractive to investors. Here we are settling with government money severance costs for those employed for years by a private business, all because you negotiated poorly on behalf of the Bahamian people. They call that fattening frog for snake.

“And, of course, you did not listen to the business community on your ill-thought out plan to make it harder for business to do business. Isn’t it hard enough already?”

Many accountants and private sector executives viewed the new regulations as “overkill” and an incursion into corporate privacy, especially since business licence fees are currently calculated based on just one indicator: top-line turnover. Accountants verify this, with businesses submitting such attestation along with their filings and payment by end-March every year.