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.