EXTENDING THE DEADLINE ON SUBSTANCE LAW
The Government sent out an announcement late on Friday 1 January 2021 that they were extending the deadline. The bungling of the implementation of this law is another example of the insensitivity and clumsiness of the management of public policy by the FNM. Here is the statement of Senator Fred Mitchell on the subject:
31 December 2020
I refer to the reporting requirements pursuant to the Commercial Entities (Substance Requirements) Act 2018.
It is clear that many businesses in The Bahamas will not and cannot meet the reporting deadline of 31 December 2020 confirming their substantive and material interests in The Bahamas.
Further, we are advised that there is a huge backlog in the processing of the required documentation which the government cannot handle.
Instead of causing panic in the business community, the government should suspend the enforcement of the current deadline while companies seek to comply with the reporting requirements.
This is the practical course of action under the current circumstances.