REMOVING MORE RED TAPE!
FIVE THINGS YOU MISSED: Tax breaks for small businesses and simplifying processes to get Bahamians back in business
1️⃣ If you are applying for a Business Licence, the Department of Physical Planning will no longer need to do physical pre-checks of the premises, before a business licence is issued to a low-risk business. The removal of the Physical Planning pre-checks will simplify and shorten the process for obtaining a business licence, and therefore encourage new businesses.
2️⃣ $1.2M in tax concessions have already been awarded with 49 approvals granted to date. Tax concessions are available online via MYGATEWAY (https://mygateway.gov.bs/) and ATLAS (https://atlas.revenue.gov.bs/ )
3️⃣ Applications are open on MyGateway until December 31 for the Employment Incentive Programme which allows businesses to receive tax credits to support their payroll expenses.
4️⃣ New services will be launched via MYGATEWAY every single month. Services are expected to be open to all Bahamians by 2022.
5️⃣ Many Tax Concessions are available and ready for you to apply! These include:
⚫️ Affordable Home Concession
⚫️ Small and Medium Business Concession
⚫️ Special Concessions for Andros & The Southern Islands
⚫️ Clothing and Shoes Concession
⚫️ Employment Incentive programme
⚫️ Special Economic Recovery Zone Concessions for Abaco & Grand Bahama
⚫️ Economic Empowerment Zone Concessions
⚫️ Cottage and Light industries Concessions (For Manufacturers)
Watch the recap here: https://www.facebook.com/1681330155293877/videos/537200584062790
Ministry of Finance Facebook page: https://www.facebook.com/FinanceBAH