![\"\"](\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2013\/08\/ian-jennings-commonwealth-bank.jpg\" "\\"ian-jennings-commonwealth-bank\\"")
A \u201cphased\u201d approach to increasing business license fees along with a provision for assessments to be made based on profitability rather than gross revenue\u00a0\u00a0\u00a0 is\u00a0\u00a0\u00a0 being\u00a0\u00a0\u00a0 proposed\u00a0\u00a0\u00a0 by\u00a0\u00a0\u00a0 a\u00a0\u00a0\u00a0 senior Commonwealth Bank executive, who foresees a \u201cvery hard\u201d 2014.<\/p>\n
Taxes for Commonwealth Bank are expected to nearly triple once the new business license fees take effect in early 2014, at which time the government will impose an additional three percent levy on banks\u2019 interest and fee-based income.<\/p>\n
President of Commonwealth Bank Ian Jennings told Guardian Business that in this current economic climate the \u201cbanks have taken very high losses\u201d, and are concerned about the change in fees as a result.<\/p>\n
Specifically, based on 2012 figures, Jennings said the new fee proposed in the 2013\/2014 budget would result in the bank\u2019s tax liability rising from $2.4 million to over $7.4 million.<\/p>\n
The senior executive projected that the imposition of the fees will result in losses for the bank in 2014, despite 2013 bringing an improved financial picture for the institution.<\/p>\n
The banks, via the Clearing Banks Association, have made representation to the government on the matter but have yet to receive a definitive response.<\/p>\n
\u201cUp until the budget, the domestic banks paid business license fees based on asset size. So if you\u2019re below $1.5 billion, the fee was $1.8 million, and if you\u2019re above $1.5 billion, then it was $2.4 million. We have been crossing that threshold for the past couple of years,\u201d said Jennings.<\/p>\n
\u201cNow, the tax being proposed is in addition to that tax which is three percent of gross revenue, which based on our 2012 numbers would be in excess of $5 million.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
A Commonwealth Bank executive is calling for a \u201cphased\u201d approach to increasing business license fees along with a provision for assessments to be made based on profitability rather than gross revenue.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[83,1563],"class_list":["post-38072","post","type-post","status-publish","format-standard","hentry","category-business","tag-banks","tag-fees"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/38072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=38072"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/38072\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=38072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=38072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=38072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}