Private sector group welcomes gov’t’s help for small businesses

NASSAU:

The Bahamas Chamber of Commerce and Employers’ Confederation has praised the government’s decision to further support and grow small businesses even as it expressed concerns that additional spending could lead to increased taxes, eventually negatively affecting businesses in the country.

Earlier this week, Prime Minister Dr Hubert Minnis warned that the fiscal package presented to Parliament reflects the fact that “our economy will not likely return to full capacity during the upcoming fiscal year”.

Minnis announced plans to level the playing field for small and medium-sized businesses that are faced with prohibitive start-up costs, telling legislators that local businesses will be able to apply for and obtain duty concessions on items needed to start or expand their businesses, including on the first stock of inventory.