business@tribunemedia.net
FRIDAY, MAY 2, 2025
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Growing fears on Business Licence fee over-payment THE PRIME Minister and other Cabinet ministers meet with private sector leaders yesterday.
PM: New Budget ‘will not hurt’ the business sector t 1MFEHFT AUBSHFUFE UBY JODFOUJWFT EVUZ DVUT t #BOLFS .VTU FOE QPMJDZ ADPVSTF SFWFSTBMT t )PQFT NFFUJOH DPMMBCPSBUJPO AUPOF TFUUJOH By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister yesterday pledged that the upcoming 2025-2026 Budget will be proeconomic growth, and asserted that it “will not introduce measures that hurt the business community”. Philip Davis KC, in a read-out of a meeting with senior private sector executives including bankers, real estate developers and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said the new Budget - set to be presented on May 28 - will provide “targeted tax incentives” for businesses as well as attempt to further slash Customs duties on “essential goods”. However, he reiterated his administration’s previously-unveiled policy position that foreign firms who profit financially from exploiting The Bahamas’ natural assets namely its ocean and land environment - “must pay their fair share” in taxes and contribute to the country’s economic and social development. Gowon Bowe, the Fidelity Bank (Bahamas) chief executive, who was present at the breakfast meeting, told Tribune Business that no “specific announcements” or policy “directives” were unveiled by the Government as this was not the event’s purpose or focus.
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN companies are increasingly fearful they have overpaid their Business Licence fees for 2025 given predictions that sales will plunge due to the economic uncertainty unleashed by Donald Trump’s tariffs. Mark A Turnquest, founder of the 242 Small Business Association and Resource Centre, and a well-known consultant to the sector, told Tribune Business that many of his clients “are really concerned” that their Business Licence fee estimates and payments will be “incorrect” given the anticipated slowdown in global economic activity and consumer demand unleashed by the US president’s policies. He asserted that top-line turnover, upon which Business Licence fees are based and calculated, will now “not
t FTUJNBUFT NBEF CFGPSF 5SVNQ UBSJGG UVSNPJM t .BOZ mSNT ASFBMMZ DPODFSOFE QBZNFOU AJODPSSFDU t A1BZJOH NPOFZ CFGPSF FBSOFE SFDJQF GPS EJTBTUFS even be close” to estimates already submitted to the Department of Inland Revenue (DIR) with many small businesses “scared as hell” about their prospects for the remainder of 2025. Meanwhile Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told this newspaper that his group and others in the private sector had already warned the Government and tax authorities that requiring companies to effectively pay Business Licence fees in
advance - based on estimated, rather than actual, turnover was “a terrible idea”. Agreeing that these concerns are now being exacerbated by the fall-out from Mr Trump’s tariffs, he argued it was “a recipe for disaster” and may force some firms out of business because they are having to “pay out monies they’ve not even earned yet”. The BCA chief, in a renewed plea for the Ministry of Finance and DIR to reverse course, asserted “it’s not good
LEONARD SANDS policy to make the business pay before they earned it.” Accountants consulted by Tribune Business have confirmed that, in this yea’s Business Licence filings and fee payments, companies with annual turnovers of $250,000 and above were required to cover any difference between their 2024 estimated and
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BICA chief: ‘Bottlenecks’ remain but Business Licence smoother By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Institute of Chartered Accountants (BICA) president yesterday said “a meaningful number” of $5m-plus turnover firms have sought Business Licence filing extensions amid “notable” process improvements. Pretino P. Albury, in written replies to Tribune Business questions, said the 2025 Business Licence filing and payment process - now in its second year in the current format - had operated far more smoothly that last year due to better readiness
by accountants and their corporate clients, as well as enhanced collaboration with the Department of Inland Revenue. However, he added that “a primary bottleneck” to completing either the full Business Licence audit or verification check for firms with annual turnovers between $250,000 and $5m - remains those companies that did not prepare or failed to “engage their auditors in a timely manner”. Inadequate or unavailable information required for these processes is another obstacle. And Mr Albury told this newspaper that increased
outreach by the Department of Inland Revenue will also be critical to addressing newlyemerged “complexities” caused by the introduction of the 15 percent corporate income tax for entities that are part of multinational groups with annual turnover exceeding 750m euros. This, together with new reporting requirements and Business Licence Act reforms that treat corporate income tax as a credit to be applied against this fee, have already produced “some confusion and compliance pressure” for Bahamas-domiciled corporate entities - especially those
PRETINO P. ALBURY involved in cross-border structures. Still, hailing the improved Business Licence processes, Mr Albury said: “From BICA’s perspective, the 2025
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$200m Exuma resort in planning approval
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By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE controversial $200m Rosewood Exuma resort was yesterday said by its developer to have received the necessary approvals to proceed from the Town Planning Committee. Felipe MacLean, Yntegra Group’s chief executive, said the Sampson Cay development has received
approval for its master plan but is still waiting on environmental permissions from the Department of Environmental Planning and Protection (DEPP). “We just received the approval from Town Planning for our master plan. So, we’re very happy with that and looking forward to finalising the process with DEPP on our application,” said Mr MacLean. “It’s still
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Nobody Does it Better!
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TWO legal battles challenging the Utilities Regulation and Competition Authority’s (URCA) authority to supervise Freeport-based utilities have “stalled” over bids to have the judge overseeing the cases step down. URCA, in unveiling its 2024 annual report yesterday, revealed that long-running challenges by both Grand Bahama Power Company and Cable Bahamas to its ability to regulate their Freeport operations are awaiting rulings on applications for the trial judge to “recuse”
themselves. No reason was given for this move and, while the judge was not identified, Tribune Business understands it is Justice Loren Klein. “At the beginning of 2024, there were two preexisting litigation matters. Both of which are stalled awaiting the decision of the Supreme Court on a submission in limine surrounding the application requesting the recusal of the trial judge assigned to hear both matters,” URCA said. Both GB Power and Cable Bahamas are contesting the Nassau-based regulator’s authority to
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