By ANNELIA NIXON

Tribune Business Reporter

anixon@tribunemedia.net

The Chamber of Commerce’s chief executive yesterday warned that failing to resolve ever-growing challenges with the cost and ease of doing business will “inevitably force” companies to close their doors

Dr Leo Rolle told Tribune Business that failing to implement the necessary reforms and adjustments will also drive businesses into the informal, or underground, economy and present challenges for workers’ rights, job security and compliance with government taxes.

“It will inevitably force businesses to cease operations or push them to the informal economy, which would be another challenge in and of itself and one we do not want, encourage or endorse,” he added. “Hence our continued advocacy for the lowered cost and increased ease of doing business for our members and the business community at large.”

Mr Rolle said the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has been “seeking an audience with the Department of Inland Revenue for a few months now” in a bid to head-off the frustrations and hardships endured with last year’s Business Licence filings and payments, but efforts thus far have proven “futile”.

Stating that “the BCCEC has always strived to be a catalyst for advocacy and ease of doing business for our members”, Mr Rolle added that the Chamber will also seek to discuss processes that impact the ease of doing business with the tax authority.

“We have been seeking an audience with the Department of Inland Revenue for a few months now, with the intent to discuss the concerns of our members and to ensure that they are adequately apprised of any possible process changes, new requirements or backlogs ahead of the renewal season,” Mr Rolle said.

He said the Chamber’s “efforts have proven futile” to-date but it continues to push for a meeting, adding that a solid relationship is “built on consultation rather than confrontation”.  The Chamber is aiming be proactive and meet with stakeholders “involved in the Business Licence renewal process ahead of any foreseeable challenges with 2025 renewals”.

“Unfortunately, to date, our efforts have proven futile, but we continue to press and insist on the same. We welcome the opportunity to sit with officials for open, candid and reciprocal conversation aimed at streamlining and enhancing what is often one of the most cumbersome processes in entrepreneurship,” Mr Rolle said.

“We believe that this would be the first step in solidifying a relationship built on consultation rather than confrontation, which we have laid the foundation for in prior months through initial dialogue and participation in our National Conclave of Chambers of Commerce.

“We note with keen interest that BICA (Bahamas Institute of Chartered Accountants) officials are expressing some of the same concerns and lobbying for extensions on reporting requirements - requirements we strongly opposed when initially suggested, instead asking for delayed implementation for better stakeholder buy-in.”

As to suggestions that the Department of Inland Revenue should be privatised, Mr Rolle said: “While it is wishful thinking, we are [a] long way off from such a notion. Accountability, ingenuity and flexibility are what the department most needs at this time but these aspects are a feat privatisation will not readily achieve.”