National

Inland Revenue Clamping Down

NASSAU, BAHAMAS – The Department of Inland Revenue introducing some changes as it relates to the Business License Act.

Published

1 year ago

January 14, 2023

Megan Shepherd

NASSAU, BAHAMAS – The Department of Inland Revenue introducing some changes as it relates to the Business License Act. The government’s target for this year, some $124 million in business license fees. According to Acting Controller, Shonda Strachan, there are three key changes the business community should know. The first being the change to the business year.

Strachan noting that just under 50,000 businesses registered with the department last year. But only 9,000 of those businesses registered for VAT. Something the department is a bit skeptical about.

The second change, export turnover is back in.

And finally, financial institutes are now back in as well, meaning they will have to apply for a business license and pay the fees.