By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHAMIAN businesses were yesterday said to be "on the edge of our seats" over the Prime Minister's pledge to approve and issue Business Licences within seven days.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executive, hailed the announcement as a "tremendous" improvement for a process that can presently take "months".

Addressing the Bahamas Business Outlook conference, Dr Hubert Minnis said: "Just recently we have had representatives of the Business Licence department and various government agencies give a presentation to Cabinet.

"They were given a mandate to ensure that Business Licences shall, and will be, obtained within seven days. They have assured us that that will be accomplished." Mr Sumner told Tribune Business: "That is going to be tremendous for the business community considering that now that process takes, in some cases, months to get completed. They have got to go through so many different agencies in order to get a licence approved or renewed in some cases.

"The fact that we are able to hopefully consolidate that process, not only as far as the timeline is concerned but also as far as the number of agencies involved, is a really great thing. That's one of the things we have been advocating for - a single window, single agency approach to getting this done.

"Seven days or less is going to be a phenomenal achievement. I think everyone in the business sector is going to welcome it. We are sitting at the edge of our seats wondering if it is going to happen, and we will do everything we can to ensure the objective is achieved."

Mr Sumner added: "The private sector and the Government is going to benefit. They would get revenue sooner than when they had to wait months on approvals. There are other things happening, but we will have to wait and see the details of these initiatives, and see how well they will play out."

Mr Sumner said the Chamber has been calling for the Government to look at how the Business Licence fee is assessed. "Currently, the way it works is you assess the Business Licence fee on your gross turnover, which includes your gross revenue. What we are asking for is to either look at reverting to the system which was in place a few years ago, and to asses the Business Licence fee on your net profits.

"We have to look at the whole system of taxation, meaning are we going to stick with levying a Business Licence fee on businesses, or do we need to consider another form of taxation? We need to look at a more equitable form of taxation. Right now, charging a Business Licence fee on gross turnover is not equitable for many businesses who are paying more to renew their Business Licence than their take home profits every year."