PM announces VAT holiday for hurricane preparation and back-to-school

The government will introduce a back-to-school value-added tax (VAT) holiday ahead of the new school year, Prime Minister Dr. Hubert Minnis announced on Wednesday.

The prime minister also announced a VAT holiday for hurricane preparations, which will begin in July.

“The hurricane season began yesterday, June 1 and lasts until November [30],” Minnis said as he led debate on the 2021/2022 budget in the House of Assembly.

“I remind Bahamians and residents to begin their hurricane preparations.

“To assist with these preparations, this year, for the first time, we will undertake a VAT holiday for hurricane preparations. This will be during the month of July.

“This will assist Bahamians and residents to enjoy VAT free shopping on a range of critical hurricane supplies and equipment.”

Minnis said the Ministry of Finance will provide the details of the dates and the items to be included for VAT free shopping.

“I remind the House and Bahamian residents that the VAT holidays are only applicable for eligible items purchased inside the country from local wholesalers and retailers.”

As it relates to the back-to-school VAT holiday, Minnis said that will  be introduced in August.

“Last year, my administration introduced legislation that permitted the minister of finance to provide VAT holidays up to two times per year for up to 30 days for specific reasons,” Minnis noted.

“We then introduced the back-to-school VAT holiday last August. And this provided Bahamian households with VAT free shopping on a range on school supplies as they got their children ready for the new academic year.

“The VAT holiday provided millions of dollars in savings across the country and were a boost [for] Bahamian businesses.

“This year, we are once again undertaking a back-to-school VAT holiday during the month of August.”

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source https://thenassauguardian.com/pm-announces-vat-holiday-for-hurricane-preparation-and-back-to-school/