Only 168 businesses, individuals apply for new tax concessions

Only 168 businesses and individuals have applied for some tax concessions just introduced during the 2021/2022 budget, a Ministry of Finance official said yesterday.

Those new incentives which came into effect on July 1, include the Small and Medium Business Exemption, the Affordable Homes Exemption, the Family Islands Development Encouragement Exemption and an extension of the Special Economic Recovery Zone (SERZ) Order. They are only accessible via application through the government’s e-portal website MyGateway.com.

Revenue analyst Mahalia Bootle said between July 1 and August 18 there were 136 applications for the small and medium-sized businesses exemption; 12 applications for the SERZ order extension; 20 for the Family Islands Development Encouragement Exemption; and zero applications for the affordable homes exemption.

“There were a total of 49 approvals with a total value of $1.2 million,” she said during a Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) and Ministry of Finance webinar.

She continued, The affordable homes exemption is designed to assist young Bahamians become home owners solely for the purpose of constructing a dwelling in one of the approved subdivisions granted by the government of The Bahamas. This exemption applies to the following service lots in Carmichael Village, Prospect Ridge, Gambier and family island lots. Applicants have up to two years to claim concessions such as building supplies, materials and furniture. Furniture concessions will be approved subject to receipt of an occupancy certificate issued by the Ministry of Public Works. This provision expires December 31, 2023. As of today, no applications were submitted for the affordable homes exemption.”

Other concessions included duty-free building materials and first-time inventory for new businesses or existing business expanding, as well as for vehicles that are marked with a permanent business logo.

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