The Department of Inland Revenue (DIR) is in need of a small businesses services department or desk that will facilitate the requirements of businesses that make less than $100,000, as they do not require as much scrutiny to facilitate businesses license renewals as companies that make more, Minister of Economic Affairs Michael Halkitis said yesterday.

Halkitis, who made the remark during an appearance on Morning Blend Business on Guardian Radio 96.9 FM, explained that the DIR is fast-tracking businesses like straw vendors and taxi drivers who are likely to not meet the $100,000 threshold, and therefore can have their licenses renewed rather easily.

Halkitis also admitted that there is a need for DIR to communicate more effectively with the business community, especially when there are changes in the way licenses are to be renewed, or any new process.

"There's a need for more constant communication, so people know what's coming up and what is required, because like I said, a lot of these requirements are in the law, but obviously individuals and business people don't know about them," said Halkitis.

"We just need to provide more information on what is required, even how to prepare what is required and giving some assistance in that area."

He explained that the DIR is being reorganized to make revenue collection more effective.

The DIR has been working hard to efficiently collect real property tax. It has gotten the banks involved by insisting they are responsible for paying the property tax of those they hold mortgages for.

It is also now asking the tenants of retail rental space to assist with identifying who their landlords are and where the properties exist, in order to ensure real property tax is being paid on those properties.

"We're asking for a bit of an assist because we believe that once we get the [real property tax] rolls complete you collect more revenue," Halkitis said.

This has stirred some unease in the business community that the DIR is now seeking to quell.

Halkitis said the government will look at making revenue enhancement a "distinct function as opposed to the administrative function of the DIR" to improve processes.

According to Halkitis, the government met with the ease of doing business unit at the Bahamas Chamber of Commerce and Employers' Confederation, and ensured that there would be more dialogue with the businesses sector as shifts in policy are made.

"We agreed that we would have a regular quarterly sit-down and just a sharing of any new initiatives that are coming forward, so that they can just share it with their membership," he said.

"We have accepted that we need to to more communication beforehand, so that we don't cause this sort of unease and distress that has been manifested."

The post Small business desk needed for Inland Revenue, says minister appeared first on The Nassau Guardian.

The post Small business desk needed for Inland Revenue, says minister appeared first on The Nassau Guardian.

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