The Dr. Hubert Minnis-led government is following through with its plan to offer concessions and create tax free economic zones in Over-the-Hill areas.
In the Speech from the Throne, read by Governor General Dame Marguerite Pindling, the new government outlined its plan to encourage entrepreneurship and business growth in the inner city.
"My government will create tax free economic zones in these areas to encourage business growth and spur job creation in the redevelopment phase and beyond," the speech read.
"These zones will operate in a safe and clean environment, with each zone addressing the socioeconomic situation of the area, through tripartite arrangements with landlords, government and Bahamian investors."
According to the new government's plan, concessions related to the construction or refurbishment of a business in these economic zones will be offered. This is likely Prime Minister Minnis' effort to level the playing field between local business investors and foreign investors, who are often seen as receiving unfair advantages when it comes to economic incentives.
"My government will enact legislation which allows duty-free concessions on all construction materials and building supplies used in the construction of business premises and new or refurbished owner-occupied homes in these zones," the speech read.
Almost one year ago Minnis expressed support for the City of Nassau Revitalization Act. He insisted his administration would focus on "the positive transformation of impoverished Over-the-Hill and depressed areas by creating tax-free zones in the poor neighborhoods".
"Our vision is to revitalize these Over-the-Hill areas by providing Bahamians who live and invest in these areas with exemptions from the payment of customs duties on imported materials, exemptions from real property tax, business license and any other taxes," said Minnis.
The Speech from the Throne also revealed that Minnis' government plans to "encourage and empower absentee landlords to redevelop their ancestral lands and abandoned buildings".

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