NASSAU, BAHAMAS — Former Prime Minister Dr. Hubert Minnis called on the government yesterday to investigate the importation of millions of dollars worth of cars under the expired Special Economic Recovery Zone Order (SERZ) without paying duty, stating, “the racket needs to stop.”
During his remarks in the debate on the Securities Industry Bill 2020 and the Digital Assets and Registered Exchanges Bill 2024, Dr. Minnis, the MP for Killarney, said that he possessed evidence to show that the SERZ legislation introduced after Hurricane Dorian in 2019 was being abused. The SERZ order had originally eliminated VAT, import duty, and excise tax on construction materials and all other physical goods brought into the zones. It also offered VAT discounts on real property transactions valued up to $500,000 and exemptions from import taxes on replacement vehicles.
Dr. Minnis pointed out that despite the order being extended to December 1, 2022, by the Davis administration, many vehicles were imported into the country after its expiration, bypassing duties illegally under the SERZ bill.
He noted that he had documentary evidence-which he tabled- o prove that well over $1 million worth of high-end vehicles were imported under the SERZ order after its expiration. “You would find that in some instances, one individual would have had three high-end cars come in using the SERZ law and would have gotten authorization via that law in 2023.”
Dr. Minnis emphasized that it wasn’t just cars, but also clothing, bedding materials, generators, and hardware supplies that were brought in using the SERZ order and authorized improperly. “This needs a serious investigation and to be dealt with appropriately. The racket needs to stop. We cannot allow such an illegal racket to continue,” Dr. Minnis added, noting that high-end vehicles were entering through Abaco and Grand Bahama.
