Sunday, Jul 12, 2020
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New tax-free zones eyed

Five additional areas will soon be designated Economic Empowerment Zones and will qualify for tax-free concessions, Prime Minister Dr. Hubert Minnis said yesterday. 

These areas are Fox Hill, Kemp Road, St. Barnabas, Englerston and Gambier.

Minnis made the announcement during his contribution to the budget debate, but did not indicate when the designation will take place.

The Economic Empowerment Zones Bill was passed last year and offers tax exemptions and benefits for residents and businesses in the designated economic zones.

A portion of Over-the-Hill has already been designated an Economic Empowerment Zone.

The prime minister has noted that, through these initiatives, the government hopes to see a rebirth of the values, beauty and economic viability of Over-the-Hill.

The idea of the initiative is to reinvigorate businesses, create job opportunities, stimulate higher living standards and improve the quality of life for residents.

Yesterday, Minnis noted that while duty on household furniture, stoves and refrigerators will be reduced from 45 percent to 25 percent for the entire country, the duty on those items in Economic Empowerment Zones and newly created government subdivisions will be eliminated.

He added that amendments to the existing legislation will be made to reflect the changes. 

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