The heavily-debated new Business Licence Act is finally here, with the Ministry of Finance sending out a reminder that registration forms for businesses can now be obtained online.
“The Ministry of Finance advises the public that the new Business Licence Act 2010 took effect on January 1, 2011,” said a statement sent to Guardian Business yesterday. “All businesses operating within The Bahamas must register under this new act by March 31st, 2011.
“Applications must be made at the business licence offices in New Providence, Grand Bahama, Abaco and Exuma, or at the office of the island administrator in all other islands. All required forms are available at the aforementioned offices. Forms are also available online at http://forms.bahamas.gov.bs.”
During a recent town hall meeting in San Salvador the Minister of State for Finance Zhivargo Laing said the new Business Licence Act 2010 would make doing business in The Bahamas a lot easier.
Laing explained to residents that with the new act, which will come into force in January 2011, businesses are going to be taxed every year, and a business owner would only need to send in a simple form explaining how much he or she made.
“Once I know how much you made, I will be able to assess your taxes,” Laing said. “If you are making $250,000 or less a year, for the next two years, you will have no business licence tax to pay because you are exempt under this new law.”
The act will also take the power to issue business licences away from Family Island district councils, he explained.
In New Providence, the secretary for revenue, resident in the Business Licence Unit, will have that responsibility.
