GOVERNMENT IS SUPPOSED TO HELP BAHAMIAN BUSINESSES SUCCEED, NOT KICK THEM WHILE THEY’RE DOWN!

Dec 18, 2023

FOR IMMEDIATE RELEASE

Hon. Michael Pintard

Leader, Free National Movement

December 14, 2023

 

THE BAHAMAS – Over and over this Davis Administration demonstrates that it simply has no interest in helping Bahamian businesses succeed and flourish.

It has virtually discarded the notion of ‘ease of doing business’ and has instead imposed a number of unreasonable and draconian measures on small and medium-sized Bahamian businesses since taking office.

The Opposition supports the reasonable recommendation by the Bahamas Chamber of Commerce and the Bahamas Institute of Chartered Accountants (BICA) to provide an additional 12-month transition time for medium sized businesses to complete the now required annual audited statements, especially given that many of these businesses are just now recovering from the worse effects of the global pandemic. Such an accommodation will not disadvantage the government in any way as any tax liabilities uncovered by the audits will remain payable to the Treasury.

We in the Opposition suspect that the heavy-handed approach by the Davis Administration to squeeze Bahamian businesses stems from an ongoing cash flow crunch that has been caused by the government’s extravagant and wasteful expenditure. They have long since found that its revenue flows are being outpaced by its unchecked spending.

Yet while the Prime Minister as Minister of Finance demands adherence to reporting timelines, his very Minister is unable to get legally required budget and fiscal reports out on time. Between the Ministry of Finance and its Fiscal Responsibility Council, the government presently has ten reports that are significantly late – some over a year..

How can they demand from the Bahamian people what they don’t demand from themselves?

The Opposition maintains that the government should lead by example and bring its reporting up to date – as well as the outstanding audits from state-owned enterprises – before it makes stringent demands on Bahamian small and medium sized businesses.

Pin It on Pinterest