Bahamas Extends Deadline For Turnover 'Certification'
by Mike Godfrey, Lowtax.net, Washington
09 February, 2016
The Bahamas has agreed to ease the deadline for small businesses to have their turnover verified by a licensed accounting practitioner.
The announcement came after a meeting between the Bahamas Ministry of Finance and the Bahamas Chamber of Commerce and Employer's Confederation (BCCEC).
The BCCEC expressed concerns that new requirements surrounding obtaining or renewing a business license were placing an unnecessary financial and administrative burden on businesses with a turnover of less than BSD400,000 (USD400,000). These changes required businesses to have their turnover "certified" by January 31, in line with the tax filing deadline.
The Chamber had recommended that the threshold for the certification of accounts by a licensed accounting practitioner should be BSD400,000 and not BSD100,000, as is the case currently.
The Government has agreed to ease the deadline for the certification of accounts to March 31, 2016 – the payment deadline.
The Ministry also agreed: to publish updated and clear guidelines on the requirements; that companies who have already filed accounts but need to make amendments to their filings have until March 31, 2016, to do so; and that it will engage more with the Chamber on strategies to improve tax compliance in the future.
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