Local businesses not thrilled about tax break

Local businesses not thrilled about tax break
Prime Minister Dr. Hubert Minnis and this Cabinet walk to the House of Assembly.

Many local store owners said they are not buying into the idea of the 45 per cent tax cut on the importation of clothes and shoes, considering the 4.5 per cent raise on value-added tax (VAT), which will be passed on to their customers beginning July 1.

Store owners complained to Eyewitness News Thursday and said, the time frame of just one month is too short.

They argued that the process of changing prices requires a lot more time and effort.

Tammy Cargill of Commonwealth Fabrics said it took her over two months to put together her store changes for the first VAT implementation.

During the tabling of the 2018-2019 Budget Communication Wednesday, Deputy Prime Minister and Minister of Finance Peter Turnquest said, the exemption would only apply to licensed businesses.

It was supposed to be a “sigh of relief” for local store owners, considering governments push to improve on the country’s ease of doing business ranking, however. The store owners said the change will only add to an existing burden.