Economic Affairs Min: Biz License Applicants are Following Process

NASSAU, BAHAMAS – By and large applicants have been complying with real property tax requirements, according to Economic Affairs Minister Michael Halkitis.

In a press statement issued Sunday, Halkitis said the Department of Inland Revenue is asking business license applicants to provide either a Real Property Tax assessment number; or, if the tenant does not have or cannot get an assessment number, they should provide the name of the landlord and the location of the premises being rented.

The Department of Inland Revenue will then do the necessary due diligence, he explained.

“Once this information is provided, there is no delay in issuing the business license and in fact the staff at the Department of Inland Revenue has done and continue to do yeoman service in processing and approving thousands of business licenses in the past weeks,” Halkitis adds.

Business operators are reminded that they can utilize their current business license to conduct all business up to March 31, 2023, at which point all licenses would have been processed.

Several categories of small businesses, including taxi drivers, straw vendors, roadside vendors and small landscape companies among others, have been fast-tracked by the DIR.

However, Halkitis explains it is the duty of the DIR to exercise due diligence to ensure that revenue due to the Public Treasury is correctly assessed and collected so that there is fairness to all.