NASSAU, BAHAMAS – Recent updates to the Department of Inland Revenue (DIR) portal have led to significant disruptions, causing frustration and raising substantial concerns within the business community according to Bahamas Institute of Chartered Accountants (BICA) President Pretino Albury.
In response to Eyewitness News via email, Albury expressed that the challenges are "especially distressing," particularly in light of the simultaneous introduction of new legislation and imposed deadlines related to enhanced Business Licence verification measures.
Addressing the disruptions caused by DIR portal updates, Albury emphasized, "The recent updates to the DIR's portal have resulted in major disruptions, causing frustration and significant concerns. This is especially distressing given the simultaneous introduction of new legislation and imposed deadlines. Businesses are reporting a notable absence of assistance from the DIR, exacerbating the challenges they face. The unavailability of knowledgeable personnel to address concerns and provide guidance adds an extra layer of difficulty."
He cautioned that if these concerns are not promptly addressed, they could significantly impact businesses across various sectors.
BICA has also urged the Government to postpone the Business License audit requirement for firms with an annual turnover of $5 million or more by one year. The suggestion has been backed by The Bahamas Chamber of Commerce and Employers Confederation. The government plans to extend the deadline for companies to submit their audited financial statements until the end of April 2024, with a further two-month extension available until the end of June 2024 upon application and justification.
Albury noted, "Many businesses are grappling with administrative and financial challenges stemming from the introduction of new rules. The sudden shift has placed a significant burden on resources and operations. Numerous businesses, especially those unfamiliar with or previously exempt from such procedures, are finding it challenging to become 'audit-ready' within the stipulated timeframe. The lack of adequate preparation time is exacerbating the stress on these entities. A common concern is the limited availability of training resources or comprehensive guidelines to assist businesses in navigating the complexities introduced by the new legislation."
He further noted that the perceived ease of doing business has considerably eroded, impacting day-to-day operations for numerous businesses.
"Uncertainty looms as businesses grapple with how to survive in the changed regulatory environment, unsure of the best strategies to adapt and thrive under the new legislation and requirements," Albury warned.
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