Categorized | National News

Chamber Anticipates Business Licence Fees Reduction

The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) is taking exception to the government’s 2017/18 budget, which is set to see a reduction in business licence fees, calling it a move in the right direction.

Speaking at a recent press conference, Chief Executive Officer of the Chamber Edison Sumner said they are looking forward to what is proposed in the budget as presented by Deputy Prime Minister and Minister of Finance Peter Turnquest.

“We had the occasion to meet with the deputy prime minister and minister of finance to discuss the budget and we are looking at it now.

“The chamber in fact, will be producing, as we did in the two or three years, a full set of analysis and comments on the 2017/18 budget, [so] that will be done in about a week or two.

“As it relates to the business licence fees, we think that it is moving in the right direction in that the rate of the business licence fee is going to be reduced in this new budget.

“We know that the hotels will be pleased that they are seeing some reduction in their rates as well for business licence fees,” Mr. Sumner said.

Noting that the chamber always held the position that the idea of business licence fees needed careful consideration, Mr. Sumner said business licencing fees is a major concern of businesses.

“We think that the whole idea and concept of the business licencing and the infrastructure of the whole regime has to be further reconsidered.

“So, we look at the fact that business licence has been one of the single issues that businesses have been lamenting over.

“We are pleased that the government is taking into account that they are reducing the fees for business licences, but we feel there has to be a more holistic approach to the entire infrastructure,” Mr. Sumner said.

Written by Jones Bahamas

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