WHOSE TIME?: Thompson urges Bahamians to take advantage of budget incentives and concessions

“Don’t listen to the negative talk because at the end of the day, it’s not going to put you in a better position”

NASSAU, BAHAMAS — Minister of State for Finance Kwasi Thompson yesterday encouraged Bahamians to take full advantage of all the various incentives and concessions offered in the 2021/2022 fiscal budget.

Thompson, while wrapping up debate in the Senate on the 2021/2022 budget, urged Bahamians not to be deterred by political rhetoric.

“My plea and encouragement to businesses is: take advantage of the incentives. Don’t listen to the negative talk because at the end of the day, it’s not going to put you in a better position,” said Thompson.

He encouraged businesses to take advantage of the government’s employment incentive programme that will allow businesses to apply for a value-added tax credit to cover the salaries of up to ten new employees brought onto their payroll as of July 1. The credit will be good for a salary of up to $400 per week per employee.

Eligible businesses will have to follow certain compliance rules and be in good standing with the National Insurance Board.

The government expects up to 250 businesses to take part and that it will cost the government about $40 million in foregone revenue.

Thompson also urged small businesses to take advantage of the small business tax concession program. Under that initiative, Bahamian businesses will be able to apply for and obtain duty concessions on items needed to start or expand their businesses, including on the first stock of inventory.

Any Bahamian entrepreneur or small business with an annual turnover of less than $5 million will get the same treatment as a as a mega-resort or large manufacturer, according to the government.

The opposition has been critical of the 2021/2022 budget.

Opposition Shadow Finance Minister and Progressive Liberal Party (PLP) Deputy Leader Chester Cooper earlier this month called the budget “sheer fantasy” as he blasted the government’s expenditure plans as “shameless and dangerous electioneering”.

But Thompson yesterday slammed the opposition for not encouraging individuals to take advantage of the available concessions.

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