BCCEC CEO: Businesses must be in good standing for tax deferral, credit assistance program

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APRIL 8TH 2020: Bahamas Chamber of Commerce and Employers Confederation chief executive Jeffrey Beckles told Eyewitness News that the business community has been waiting with ‘great anticipation’ for the details surrounding the government’s tax credit and tax deferral program according to Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive Jeffrey Beckles.

Last week, the government announced that in an effort to protect up to 10,000 jobs within the private sector it would introduce a payroll support initiative for qualifying businesses, as it will forego some $60 million in revenue over the next three months.

Under the program qualifying businesses can receive assistance under a tax credit and tax deferral to help cover payroll expenses. In order to qualify, a business must have a minimum of 25 employees.

Beckles said: “As of now that is the primary expectation. Many companies are still waiting for the unveiling of the details surrounding it. We think that it is an important component of the overall strategy to help businesses keep their doors open. We do now that work is still being done and we are very encouraged that the work continues and we do look forward to those details being unveiled shortly.”

“By in large the business community is holding out with great anticipation the unveiling of those details and embracing those opportunities because we worked and collaborated to ensure that no stone is left unturned with regard to how we keep our economy going under these very difficult circumstances.

Beckles said: “The BCCEC continues to work especially at a national level. We have representation on the National Advisory Council and we are doing everything to ensure the concerns of the business community are heard. These are challenging times and these times require all of our minds thinking creatively and thinking outside the box but more importantly working collaboratively.”