Small and medium-sized enterprises (SMEs) can now take advantage of the customs concessions touted by Prime Minister Dr. Hubert Minnis in May, as they have been added to government’s MyGateway.gov.bs platform along with several other services, a government statement revealed.
Prime Minister Dr. Hubert Minnis said during his speech that opened the 2021/2022 budget debate that the concessions were created to ensure SMEs can get the same kind of help with start-up costs that many foreign investors enjoy.
“Now every Bahamian small business and entrepreneur will be able to apply for and obtain duty-free concessions on all the items needed to start or expand their business, including on the first stock of inventory,” Minnis said in May.
“Any Bahamian entrepreneur. Any small business with an annual turnover of less than $5 million. Anywhere in the country. You will get the same treatment as the mega resort or the large manufacturer. We are leveling the playing field.”
Other services recently included on the government’s platform include the Affordable Homes Exemption, that allows duty-free importation and local purchases of selected items for first-time homeowners with government-serviced lots; the Family Island Development Encouragement Act (FIDEA) Exemption, which allows select Family Islands duty-free and value-added tax-free importation of selected items; and the Special Economic Recovery Zone Exemption for Grand Bahama and Abaco.
These five additions bring the total number of services available on the MyGateway platform to twenty-one. According to the statement, the government hopes to offer 200 services by the end of five years.
Notably added to the platform last week was the application for the highly-touted and highly-scrutinized community for young professionals in Prospect Ridge, which provides accessible and affordable lots.
“MyGateway.gov.bs makes it easier than ever before for Bahamian citizens, 18 years and older and residing in The Bahamas, to access everyday government services,” the government’s statement noted.
“The online platform is part of the five-year, $30 million Government Digital Transformation to Strengthen Competitiveness project, a major component of the government’s ongoing digital transformation initiative to increase the global competitiveness of The Bahamas, provide more efficient and effective government services and create a path of sustainable economic development for Bahamians.”
The post Concessions for SMEs now live on govt’s online portal appeared first on The Nassau Guardian.
source https://thenassauguardian.com/concessions-for-smes-now-live-on-govts-online-portal/
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