Duty & VAT Free Import SERZ To Be Extended!
From the The Official Nassau Guardian Ltd. (1844)
GOV'T TO EXTEND PORTIONS OF SERZ RELIEF ORDER
Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday that the government intends to extend certain portions of the Special Economic Recovery Zone (SERZ) Relief Order.
“We expect that furniture and construction activities will continue to June 30, 2021, as stated in the order. Vehicles will discontinue on December 31, 2020,” he said.
The order, which was enacted on December 4, 2019, created six main tax benefits for individuals and businesses disadvantaged by Dorian on Grand Bahama, Abaco and the surrounding cays.
The benefits include the tax-free importation of goods directly into the recovery zones, which applies to cargo directly imported into Grand Bahama, Abaco and the surrounding cays; value-added tax (VAT)-free purchases of goods inside the recovery zone; duty-free and VAT-free replacement of vehicles and boats; relief from paying all business license fees; relief from paying real property tax on improved property and not vacant land; and discounted VAT on the sale of real property.
The order was set to expire in June 2020, but was extended to the end of December 2020.
President of the Abaco Chamber of Commerce Ken Hutton said, “It was an excellent meeting, everyone was very candid.
“The private sector side was very candid about the challenges we face and will continue to face after December 31.”
He added, “Although the plan right now, as I understand it, is that the vehicle provision would expire, there were a number of very good points that were raised about that.
“So, we’ll see.”
On Monday afternoon, Turnquest met with the Abaco Chamber of Commerce to discuss extending the SERZ order.
Turnquest, Hutton, chamber directors, and stakeholders from the community were all present at the meeting.
Prior to Tuesday, numerous Abaco locals and residents had expressed concerns over the impending expiration date of the SERZ order.
Abaconians had grown anxious that they would not have sufficient time to complete homebuilding and other recovery measures before taxes were reimposed on cargo imports.