The Free National Movement on Monday claimed that 90 per cent of Grand Bahamians are expected to see a decrease in the cost of electricity as the government recently took steps to move the value-added tax (VAT) exemption on electricity from $200 to $300.
“During the 2017 campaign, the FNM made it clear that we would work to help the people in Grand Bahama. We promised to improve education, create job opportunities by turning the economy around and lower the cost of living.
“Seventy-eight per cent of the people on the island benefited when we eliminated the VAT tax on electricity bills up to $200. And, as we take steps to move the elimination up to $300, ninety per cent of the people will see a reduction,” outlined a statement released by the FNM Monday.
According to the FNM, they are making sure that families keep more of the money they earn to spend the way they want, and this also helps to grow the economy.
“When investors are considering investing in Grand Bahama, they look at the cost of doing business and the cost of living for their employees. And, they are finding that Grand Bahama is looking more and more attractive every day.”
The FNM said in the coming weeks, they will be focused on further reductions on electricity bills across the country.
“There is still a long road ahead, but when one looks at how far we have come, it’s clear we have made great strides toward changing the country for the better and ensuring its future for the next generation so all Bahamians can reach their full potential,” the statement concluded.