NASSAU, BAHAMAS — The government has extended the Special Economic Recovery Zone (SERZ) Order amendment allowing for the tax free importation of building supplies on Grand Bahama and Abaco to the end of next year.
This administration will continue to provide immediate relief for Bahamians whose lives have been devastated by natural disasters.
– Minister for Grand Bahama Ginger Moxey
Minister for Grand Bahama Ginger Moxey made the announcement in a statement yesterday.
The extension applies to local and international purchases of building materials, plumbing fixtures and materials, electrical fixtures and materials, household furniture, furnishings and appliances, as well as hardware supplies.
“This extension supports the Davis administration’s commitment to assist the people of Grand Bahama and Abaco with the ongoing restoration and rebuilding of homes and businesses, which were extensively damaged or destroyed by the passage of Category 5 Hurricane Dorian in 2019,” said Moxey.
“As promised in our ‘Blueprint for Change’, this administration will continue to provide immediate relief for Bahamians whose lives have been devastated by natural disasters, while we execute our plans to rebuild our islands and create a more resilient Bahamas.”
The government in late 2019 declared the Abacos and the island of Grand Bahama special economic recovery zones to provide businesses and homeowners in the areas impacted by the deadly Category 5 Hurricane Dorian with a number of tax breaks and concessions.
Under the SERZ order, VAT, import duty and excise tax were eliminated on construction materials and all other physical goods sold and brought into the zones; discounts were offered on the VAT payable on the sale of real property for transactions valued up to $500,000; and exemptions were instated for import taxes on replacement vehicles.