NASSAU, BAHAMAS — The Ministry of Finance's top official said yesterday warned that there will be "consequences" for businesses over tax non-compliance while making the case that government's primary motivation is collecting outstanding taxes.

"We are not targeting businesses," Wilson told reporters yesterday. "Businesses which are non-compliant have consequences for non-compliance. Targeting gives the impression we are picking people. We are just going through a compliance strategy to ensure that businesses are compliant, if you're non-complaint there are consequences."

Wilson noted that there are 50,000 businesses registered and about 40,000 of those businesses report an annual turnover of less than $100,000. 

Earlier this year, Inland Revenue Department officials indicated that greater focus would be placed on verifying the gross turnover of businesses across the country, as they expressed serious doubts that only 9,000 of the nearly 50,000 registered businesses have an annual gross turnover of $100,000 or more. 

Businesses with an annual gross turnover of $100,000 plus are required by law to be Value-Added tax (VAT) registrants.

Last week Inland revenue officials confirmed that several boats, cars, golf carts, cases of beer and other assets were seized in the department's first 'search and seizure' operation which took place on Harbour Island last week.

Wilson also noted that an estimated $800 million in property taxes is owed to the government, which he revealed is mostly non-Bahamian-owned properties, particularly on the family islands.

Wilson said that March's tax collections were almost seven percent ahead of projections.

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