50 individuals in Bain Town and Centreville utilize $2.5 million in concessions
NASSAU, BAHAMAS — The government has committed to expanding New Providence’s economic empowerment zone to include Gambier and portions of Fox Hill, Fort Charlotte and Adelaide.
In September, Prime Minister Dr Hubert Minnis tabled an amendment to expand the tax-free zone to allow Englerston and Montell Heights to qualify for concessions.
During the evening sitting of Parliament, while responding to questions from Englerston MP Glenys Hanna-Martin, Minnis advised that the government does intend to proceed with that extension, though he could not say when.
“It’s tabled already and it will be done,” he said.
Minnis said the extension of the zones will help to reduce the inequality in the country.
“We intend to include Gambier and segments of Fox Hill, segments of Fort Charlotte, segments of Adelaide, basically all marginalized areas we intend to give some benefits,” he added.
In the areas declared tax-free zones, there are no business license fees, real property tax or customs duties on particular items.
“[This will allow] them to build and plan their own, create a business or expand their business, all tax-free,” Minnis said.
The prime minister advised that 50 individuals in Bain Town and portions of Centreville have taken advantage of $2.5 million in concessions.