During the 2010 session in the House of Assembly, 33 Bills were passed into law.
Among those was the Business License Act, which was passed in July 2010.
It was the topic of discussion for Minister of State for finance Zhivargo Laing at a town meeting in San Salvador who noted that it makes conducting business in The Bahamas easier.
He said of the Act that was passed in January 2011, that businesses are now taxable every year and business owners are simply required to send in a form outlining how much they made during the year.
“Once I know how much you made, I will be able to assess your taxes, and it is going to be a Business License Tax.
“If you are making $250,000 or less a year, for the next two years, you will have no Business License Tax to pay because you are exempt under this new law,” Laing said. “Before it used to be $50,000, but now it is $250,000.”
Laing also said the Business License Act eliminates much of the paperwork that previously came with applying for a business license. Businesspersons are no longer required to apply for numerous licenses to run their businesses.
