Published by: Youri Kemp, Nassau Guardian, January 6th, 2025
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) will have a study on corporate income tax completed by the end of the third quarter of 2025, with the assistance of the United States Agency for International Development (USAID).
Dr. Leo Rolle, executive director of the BCCEC, told Guardian Business that one of the core items on the Chamber’s agenda is completing the study. He added that the BCCEC is working with USAID on several studies in various areas, such as the ease of doing business, business cost, energy reform, and tax reform.
“All of them will be done before the end of Q3,” said Rolle.
The BCCEC will also continue with its lobbying efforts on behalf of its members in 2025. These efforts include a “quarterly standing meeting with the Department of Inland Revenue and a Ministry of Finance official”, Rolle said. “We are also creating a tax committee, where the tax study will be presented when it’s done.”
Rolle said the USAID is providing the educational component for the income tax project, and the BCCEC is providing everything else. “The study which will involve surveys, educational components, and public awareness campaigns, is expected to be completed by summer 2025.
“Additionally, the BCCEC is expanding its Chamber Institute initiatives, including a certified business professional in leadership, and a new entrepreneur training course, to enhance business training and continuity for new members in partnership with the OAS [Organization of American States] and Walden University.”
The BCCEC revealed in a document submitted to The Nassau Guardian that it also has on its agenda lobbying for a funded apprenticeship program, to ensure an increase of the skills and knowledge base of young adults before and within the workforce; the implementation of a funded and operational Productivity and Customer Care Council; stronger collaborations with family island chambers through quarterly meetings; and boots on the ground visits to help with membership and local support.
The document also revealed the mission of the BCCEC to continue focusing on new patron sponsorships, international collaborations, and the attraction and retention of members.
“Increased webinars and releases from partnerships with DIR [Department of Inland Revenue], SBDC [Small Business Development Centre], BAIC [Bahamas Agricultural and Industrial Corporation], MOF [Ministry of Finance], MOEA [Ministry of Economic Affairs], MOE [Ministry of Education] and others that create an environment conducive for a thriving community. Increased access to international opportunities and foreign direct investment with delegation missions to India, Kuwait, Indonesia, London, Brazil, Africa, Canada, China, Haiti and other jurisdictions of interest to our members. Lowered importation costs and increased trade/export opportunities through active collaboration with the Trade Commission and the established Trade Diversification Program, along with the Made in The Bahamas trademark, and increased attention to local production of goods and services, especially food for sustenance through governmental and private collaboration,” the document notes.
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