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Prime Minister Perry Christie said the performance of the VAT tax value of sales since its implementation in January opened the door to several reductions in customs duties and tariff elimination to reduce the burden of Bahamians.
During his 2015 2016 Budget Communication in the House of Assembly yesterday, M. Christie announced a maximum tariff of 65 percent on vehicles down to the current tax of 85 percent.
In addition, the used car industry is set to experience a clamp down with the decision to ban the import of vehicles destroyed and older cars more than ten years the government said M. Christie.
The decision was taken to various environmental and safety reasons.
M. Christie told lawmakers that taxi owners would now be able to import free of duty for used vehicles up to three years, as opposed to the current existing restriction of new cars only.
He also announced the outright elimination of duties on several items, including equipment and medical supplies, bicycles, alarm systems and audio-visual equipment used by churches He also announced rate duty on canned vegetables and frozen has been reduced, but did not specify by how much.
Tax incentives, M. Christie said, designed to stimulate economic growth, job creation, building repairs and improve the lives of Bahamians.
M. Christie announced several tax breaks for real estate.
We expect that, through better compliance and more equitable treatment of the owners, we will be able to offer tax relief Bahamians through lower tax rates, while improving revenue performance.
To do this, the enhanced compliance tools and modernized platform administration are essential The proposed amendments to the Real Property Tax Act will begin to give some relief to homeowners and businesses as well as strengthen the Compliance and 'application.
Some emergency measures that we propose in this budget a reduction of the highest tax rates on housing owner-occupied with attached rental units, more pronounced relief from property taxes for retirees in the mid-value properties, the introduction of a 10 percent reduction for residential property owners to pay their taxes at the beginning of each year, and the harmonization of tax rates of commercial property to a level from 0 to less than 75 percent.
Stamp duty on property transactions is also reduced to a lower, flat tax rate of 2 5 percent, M. Christie said.
He also said the government also proposes to set a two-year exemption on tariffs in place for building materials used to repair small houses and buildings in some depressed areas of New Providence.
M. Christie said his administration would also extend the exemptions in the Island family encouragement Development Act for another year and include Abaco, the east and west sections of Grand Bahama, Eleuthera and Bimini under the exemptions.
A reduction in the maximum rate for the costs of operating license from 1 to 75 percent of sales to 1 5 percent, as well as rate reductions for agriculture and fisheries operated companies and independent distributors fuel in family islands, is also expected to come on stream.
M. Christie, wake up and smell the roses, many people on Eleuthera can not afford basic foodstuffs and even less an alarm system Visitors and complain about the extremely high cost of living As for reduced duty frozen fruit and veg is useless as Eleuthera merchants still take care and pocket the profit Lets face it, there is no such thing as seven hundred and a half in practice and all the merchants around UP.
If they are like most Bahamians they probably have a smartphone expensive, and they could afford an alarm which is much cheaper - just to say you probably do not need one of them on this island if.
What environmental reasons BS load If the environment is concern that it wouldn t just put a blanket ban on all cars over 10 years - Instead, it would reduce import tariffs on cars that have more energy efficient - or vice versa - increasing import duties on gas guzzlers in addition, many cars over 10 years consume less fuel than some of the new cars, I do not know who he s trying to fool with this nonsense but I work ain t want to see perry christie stop processing the audience like crazy everyone would have much more respect for him if he told the truth the truth behind the ban is that more than 10 years cars are obviously cheaper than new cars, and the government can afford to lower the rate of duty of 65 if everyone will buy cheaper v oitures oldest Psssh say environment Give me a break.
This ban will have a really bad effect on the community of BHRA race and those who might have wanted to consider acceding to the death of sport in the world of racing, I think the worst PM in the history of our country worst decision MakingOf all kinds in all areas in this country SMH.
Tax rate cut on cars, but banning old vehicles Tribune over ten years, duty, rate, cars, cars.
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