The new FNM government has already taken steps to ease the financial burden on citizens and businesses by reducing the rate of business license tax and reducing or eliminating customs duties on certain items.
During the 2017/2018 budget presentation, Minister of Finance Peter Turnquest revealed that government was reducing the rate of business license tax from 1.5 percent to 1.25 percent of turnover for businesses.
For hotels with turnovers exceeding $400 million, the tax will be reduced from 1.25 percent to one percent of turnover.
"The latter (hotel reduction) to follow through on a commitment of the previous administration (the Progressive Liberal Party) to Brookfield, the owners of Atlantis," said Turnquest.
"This arrangement also calls for further reduction in their 48 business license fees in the next year and reductions in duty on salmon and shrimp."
Government has decided to also eliminate customs duties on medical supplies and equipment.
Government said it is eliminating customs duties on products, including X-ray machines and parts; breathing apparatus and masks; ophthalmic instruments and appliances; blood grouping reagents; nutritional preparations for tube feeding; dental cements and fillings and bone reconstruction cements; medical gel; sterile tissue adhesives; and parts for carriages for disabled persons.
Turnquest added that government would be eliminating or reducing import duties on certain food and beverage products, including milk, yogurt and ice cream; bread, cakes, pastries and chips, salmon fillets; shrimp and prawns, pastas and pizza sauce, fruit drinks, canned or preserved vegetables, jams, fruit jellies and marmalades and fruit or nut purees, mixtures of fruits and nuts, and soy sauce.
Turnquest also said government would be eliminating or reducing import duties on a number of personal care products and certain household items, exercise and gym equipment and certain building materials.
He said in an effort to foster the use of environmentally friendly, low cost vehicles, government will reduce the duty on electric motorcycles from 65 percent to 25 percent.
And in an effort to boost business at - it is assumed - the Grand Bahama Shipyard, government is providing duty exemption on "equipment and machinery specifically designed for ground repair, maintenance and service of cruise ships and sea vessels that conduct domestic and international travel".

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