Prime Minister Dr. Hubert Minnis announced today that Bahamian small business owners will be able to apply for and obtain duty free concessions on all the items needed to start or expand their business.
Minnis, who was delivering his budget communication in the House of Assembly, said this will also include duty free concessions on the first stock of inventory.
“Small and medium sized businesses have often lamented that startup costs are prohibitive and that big businesses and foreign investors get the kinds of incentives they do not qualify for,” Minnis said.
“We are addressing this concern head on, ensuring that Bahamians have access to startup concessions just as large investment projects do.”
He added: “You will get the same treatment as the mega resort, or the large manufacturer.
“We are leveling the playing field.”
The prime minister also announced the government’s intention to launch an Employment Incentive Programme, which will allow businesses to apply for a VAT tax credit to cover the salaries of up to 10 new employees brought onto their payrolls as of July 1.
“The allowable tax credit will be up to $400 per week per employee,” he said.
“We anticipate that up to 250 businesses will take advantage of this opportunity and get up to 2,500 persons back to work.”
Minnis said the estimated cost of this investment in job creation will be approximately $40 million in foregone revenue.
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source https://thenassauguardian.com/pm-small-businesses-eligible-for-duty-free-concessions/
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