Bahamas News
BAHAMAS: Government to Provide Tax Relief to Individuals and Businesses
#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)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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