Bahamas News
BAHAMAS: The Government Proposes a Number of Tax Relief Measures to Provide Reprieve to Citizens
#Nassau, May 30, 2019 – Bahamas – The Government has proposed a number of tax relief measures to provide some reprieve to all citizens and to encourage economic activity by making the import of certain items relatively cheaper, thereby comparatively easier for persons to enter existing markets and, in some cases, create new ones.
Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest listed the tax relief measures during the Budget Communication 2019/20, in the House of Assembly, Wednesday, May 29, 2019.
DPM Turnquest explained that there will duty reductions worth $28 million in revenue. “In an effort to rebalance the tax burden between the provision of goods and services and reduce the attendant distortionary impacts, we are beginning to make good on our commitment to reduce duty and excise rates over the next three years.
“To that end, we will, at this time, adjust the duty on selected frequently imported items. Generally, the focus of these reductions is around educational supplies and equipment, and household implements and goods. These items include:
· Home Refrigerators of 18 cubic feet or smaller (to become duty free)
· Home Stoves that are 30 inches wide or smaller (to become duty free)
· Garbage Can Liners (from 45 per cent to 25 per cent)
· Fire Extinguishers (from 45 per cent to free)
· Flashlights (from 45 per cent to 25 per cent)
· Pens (from 10 per cent to free)
· Pencils (from 10 per cent to free)
· Crayons (from 10 per cent to free)
· Sharpeners (from 45 per cent to free)
· School Rulers (from 10 per cent to free)
· Chart Paper (from 20 per cent to free)
· Projectors (from 45 per cent to 35 per cent)
· Projector Screens (from 45 per cent to 35 per cent)
· Radios (from 45 per cent to 35 per cent)
· Pots/Pans (from 45 per cent to 25 per cent)
· And all Household Furniture (from 45 per cent to 25 per cent)
The Government has also reduced the duty from musical instruments; allowed trailers for commercial fishing boats to be eligible for duty exemption and amended the Spirits and Beer Manufacture Act to reduce the minimum bushel requirement for production, to now make microbreweries eligible for import duty concessions.
The DPM explained, “You would recall that the government earlier in the fiscal year increased the VAT zero-rating on Light Bills from those under $200 to those under $300. It was approved as a temporary measure that was to expire at the end of June.
He added, “I am pleased to advise that this higher ceiling has been made permanent, and customers will continue to enjoy VAT zero-rating on electricity bills under $300. Water Bills under $50 per billing cycle will also continue to enjoy VAT zero-rating. I can also announce today Mr. Speaker that as of March of this year over 23,500 households have benefitted from this elimination of VAT from these utilities.”
Environmental Protection and Advancement
DPM Turnquest also explained that to advance the Government’s commitment to environmental sustainability, it has tailored several measures in the 2019/20 Budget with an aim to not only protect the environment, but also to increase environmental awareness across all islands.
In addition, he stated that the measures aimed at environmental purposes are in line with the Government’s planned ban on plastic by January 2020. These measures include:
Reducing the duty on new vehicles between 1.5 liters (1500cc) and 2.0 liters (2000cc) valued at $50,000 or less from 65 per cent to 45 per cent. In this context, only cars with less than 200 miles on the odometer will be considered ‘new’. This makes smaller, more fuel-efficient vehicles more affordable.
Harmonizing the rates on all new electric and hybrid vehicles valued up to $50,000 to 10 per cent. It should be noted here that this measure will have a sunset clause of five years, after which this special revision will revert closer to the rates for other small size vehicles.
Increasing the duty on biodegradable and compostable plastic shopping bags, from five per cent to 45 per cent; but at the same time, reducing the duty on reusable cloth shopping bags from 30 per cent to 5 per cent.
Banning the use of selected single-use plastic bags, plastic food utensils, and Styrofoam food containers by January 1, 2020.
By Llonella Gilbert
Photo Caption: Parliamentarians walked from Churchill Building, across Rawson Square to the House of Assembly for the Budget Communication, today, led by Prime Minister, the Most Hon. Dr. Hubert Minnis, centre, and next to him Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest (with the Budget document in briefcase). DPM Turnquest highlighted the government’s proposed tax relief measures to provide some reprieve to all citizens during this Budget 2019/20 presentation in the House of Assembly, May 29, 2019.
(BIS Photo/Patrick Hanna)
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.
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.
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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