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BAHAMAS: Government to Provide Tax Relief to Individuals and Businesses

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#Bahamas, May 31, 2018 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said in its bid to meet its commitments to Bahamians and provide tax relief to individuals and businesses, this Bahamas Government Administration is, effective August 1, eliminating Value Added Tax (VAT) on all breadbasket items, with the exception of sugar, as sugar will – for health reasons – be removed from the list of breadbasket items.

DPM Turnquest was presenting the 2018/2019 Budget Communication in the House of Assembly, Wednesday, May 30, 2018.

He said this would mean the elimination of VAT on the following items:

 

  • Butter
  • Cooking Oil
  • Mayonnaise
  • Grits
  • Cheese
  • Corned Beef
  • Evaporated Milk
  • Margarine
  • Rice
  • Flour
  • Bread
  • Tomato Paste
  • Baby Cereal
  • Baby Formula
  • Soup
  • Broths
  • Baby Food
  • Powdered Detergents
  • Condensed Milk
  • Soaps
  • Fresh Milk
  • Mustard

 

The DPM said the Government is eliminating VAT on medicines; residential property insurance.

“We are waiving VAT on residential electricity bills at or under $100 and water bills at or under $50; for clarity, this is not for the first $100 or $50 in a person’s bills, but it is targeted at those bills which come in at or under the stated amounts. For electricity customers, this would impact over 30,000 BPL households alone. For water customers, this would impact some 43,000 Water & Sewerage customers.

“This waiver will be applicable to all licensed utilities in the country.”

He said the Government is increasing the Customs personal travel exemption from $300 to $500 per person; it is providing for the VAT zero-rating of fund-raising activities held by charitable organizations; it is implementing various concessions in respect of Real Property Tax, Customs duties, Excise duties, Business License fees and Stamp Tax in favour of designated Economic Empowerment Zones, beginning with the “over-the-hill” community; it is providing for the waiver of duty on clothing and shoe imports upon application by importers and retailers of same.

DPM Turnquest said this will be extended to any merchant, large or small, who has a business license for the sale of clothes or shoes.  We are at the same time putting in place procedures to ensure that the savings are passed on to consumers.  This will be a benefit to all Bahamians, but particularly to those who do not have the means to travel abroad to shop for their clothes like others are sometimes able to do.

He said the Government is providing duty-free entry for goods for use in the commercial printing industry, as well as for processing and garment manufacturing equipment without the need to apply for specific concessions as before.

It is eliminating duties on solar kits upon application to the Ministry of Finance.  Presently solar panels are duty free, and this new allowance will mean that vendors or individuals who are bringing in full solar kits can have all related elements brought in duty free.

It is reducing duties on floor tiles and fabric softener and extending the 0.75 per cent Business License fee rate, currently applicable to hotels with turnover over $400 million, to all hotels with 10 rooms or more so that smaller Bahamian-owned hotels can take advantage of the concession that was offered to the larger foreign-owned properties.

The Government is extending the duty exemption to church buses eight years old or less from the current limitation that limits the concession to buses that are three years old or less; we are providing an exemption from Business License fees for all schools that are registered with the Ministry of Education; and we are eliminating the duty on airplanes and helicopters in an effort to build an Airplane Registry Industry within the country.

 

By: Llonella Gilbert (BIS)

Photo Caption: The Government of The Commonwealth of The Bahamas presented its 2018/2019 Budget Communication in the House of Assembly on May 30, 2018. Pictured on the steps of Churchill Building prior to the walk to the House of Assembly, Prime Minister, Dr. the Hon. Hubert Minnis (centre left) and Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest (with red briefcase that contains the Budget Communication document) pause for a photograph before leading members of the government across Rawson Square.

(BIS Photo/Kemuel Stubbs)

 

 

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Monument Beverage Co. Caribbean Wines & Spirits Uniquely Bahamian Newest Product

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor is proud to announce the launch of Monument Beverage Co., its newest 100% locally produced ready-to-drink alcoholic cocktail.

Monument, “Made to Celebrate”, perfectly encapsulates everything the brand represents. Created and distributed by CWS, Monument is inspired by culture, crafted with excellence and bursting with innovation.

This unique beverage celebrates island living with three bold flavors, Ginger Lime, Peach Passion and Melon Fizz. All of which can be enjoyed at an ABV of five-point-two percent.

The brand’s creativity really shines through each can’s packaging. Bold colored stripes, cherished native flora and fauna and of course, national monuments can all be found on each can.

The beverage’s two year plus development is a testament to CWS’ dedication to quality and innovation. Countless hours of tastings, reformulations, focus groups and package design reviews all paid off with the creation of Monument.

Karla Wells-Lisgaris, Chief Commercial Officer of Caribbean Wines & Spirits and Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, shared what this authentically Bahamian made product launch means for the company.

“When we were conceptualizing Monument, we wanted to create a product that not only tasted like The Bahamas but would be an ode to the nation as well. With those two thoughts in mind, I, along with a team of experts, created three incredible flavors we believe really connect with and celebrate the essence of island living,” she said.

“Additionally, being that Monument is the first product to be 100% manufactured by Caribbean Wines & Spirits, we really wanted to ensure that both the flavors and packaging honored our rich heritage. On each of the cans, you can find various monuments such as the Nassau Public Library in New Providence, the Garden of the Grove in Grand Bahama and the Hatchet Bay Silos in Eleuthera; all of which pay homage to our diverse Bahamian heritage.” Wells-Lisgaris concluded.”

The historic monuments found throughout our islands are more than places we pass every day; they are reminders of who we are, where we’ve come from and the stories that connect us as Bahamians.

Monument is perfectly formulated with quality ingredients, and each can celebrates a collection of these cultural icons from across The Bahamas.

Whether chilling solo beachside, gathered around a family table or backyard a grill with friends, make Monument your sip of choice.  Monument is made to celebrate, visit  www.cwsbahamas.com today for more details.

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Lady Kayla Crowned Goombay Punch Cup Sailing Champion of 2025/2026

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L–R: Joss Knowles, Kianno Hutchinson, Jazmin Darling, Assistant Marketing Manager at Caribbean Bottling Company and Dallas Knowles receiving a donation on behalf of the Exuma Sailing Club at the Long Island Regatta awards ceremony.

NASSAU, Bahamas —– Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to crown Lady Kayla of Exuma as this year’s annual Bahamas Goombay Punch Cup winner.

CBC created the Bahamas Goombay Punch Cup to further the advancement of sailing and Bahamian culture through monetary and social support. The competition judges the skipper’s performance across three regattas, The Best of the Best, the National Family Island and Long Island Regattas.

The winning sloop led by Kianno Hutchinson and Joss Knowles showcased their skillmanship in the E-Class category across each round of competition. In addition to winning the trophy, the skippers were awarded a $5,000 donation, an $8,000 stipend to the junior sailing club of their island and a limited-edition Lady Kayla Bahamas Goombay Punch commemorative can, which will be released soon.

Jonathan Thronebury, Marketing Director of CBC shared the significance behind The Bahamas Goombay Punch Cup.

“The Bahamas Goombay Punch is more than a beloved local brand; it’s a vibrant part of our cultural fabric. Just like sailing, our national sport, it carries a rich legacy that spans generations. Recognizing this shared history, we’re proud to support initiatives that celebrate and advance Bahamian culture,” he said.

Hutchinson and Knowles shared what this win meant for them.

“I felt super proud when I realized we won. I am grateful and thankful to God, for good coaches and Joss. It was really an honor winning the Bahamas Goombay Punch Cup,” Hutchinson expressed.

“I am very honored to have been able to compete in the Bahamas Goombay Punch Cup, I think it is a great concept and idea for a competition and really adds a new motive throughout the regattas. The whole championship was super competitive, and every single race was a fight. Alvington McKenzie was extremely competitive and had us until the Long Island regatta, which made it a very fun and tough competition. Very excited to have been the winner of a super close championship,” Knowles revealed.

Lady Kayla’s owner, Dallas Knowles, shared the team’s winning strategy.

“In sailing consistency is key and our guys in Lady Kayla are some of the best in the business at staying near the top.  In the end, that was enough to secure their first Bahamas Goombay Punch Cup win. We are so proud of Joss and Kianno for what they have done in Lady Kayla.  Thank you to Caribbean Bottling Company for such an amazing and forward-thinking initiative,” Knowles shared.

The Bahamas Goombay Punch Cup is proud to continue its impact on sailing and community building through clean and fair competition.

For more updates on the Bahamas Goombay Punch Cup and Caribbean Bottling Company visit the website www.cbcbahamas.com today.

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Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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