17/06/20

BAHAMAS: Business Licence Act Needs 'Export Turnover' Clarity.

As published on tribune242.com, Tuesday 16 June, 2020.

The government is being urged by the financial services industry to reform the Business License Act to clarify the definition of "export turnover", a Cabinet minister said yesterday.

Elsworth Johnson, minister of financial services, trade and Immigration, told the House of Assembly during the budget debate: "The co-chairs of the Bahamas Financial Services Board (BFSB) tax working group met with officials at the Department of Inland Revenue (DIR) to discuss the amendments to the Business Licence Act, specifically export turnover.

"During that meeting the co-chairs expressed to officials at the DIR the intention to draft recommended guidance notes to assist in clarifying export turnover. The guidance notes will look at different scenarios to craft the most appropriate definition for export turnover."

Mr Johnson said the guidance notes were expected to be completed by March 16, 2020, but the COVID-19 pandemic and emergency orders have delayed this.

He added: "The FinTech working group met during the first quarter of 2020, and the Securities Commission of The Bahamas (SCB) was present to give an update on the Digital Assets Registered Exchanges (DARE) Bill 2020. The Securities Commission indicated that the DARE Bill, which was circulated for consultation, has been revised and that an updated version of the Bill is expected to be released soon."

 

 

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