PRIME Minister Dr Hubert Minnis announced that both a back-to-school value added tax holiday and a hurricane preparedness VAT holiday will take place during August and July.

He also announced during the budget debate in the House of Assembly yesterday that the Small Business Development Centre will reserve at least $2m to provide funding for Bahamians who wish to enter the home rental market.

“Last year,” he said, “my administration introduced legislation that permitted the Minister of Finance to provide VAT holidays up to two times per year for up to 30 days for specific reasons. We then introduced the back-to-school VAT holiday last August.

“This provided Bahamian households with VAT-free shopping on a range of school supplies as they got their children ready for the new academic year. The VAT holiday provided millions of dollars in savings across the country and was a boost for Bahamian businesses.

“This year, we are once again undertaking a back-to-school VAT holiday during the month of August.”

He continued: “The hurricane season began yesterday, June 1, and lasts until November 31. I remind Bahamians and residents to begin their hurricane preparations. To assist with these preparations, this year, for the first time, we will undertake a VAT holiday for hurricane preparations. This will be during the month of July.

“This will assist Bahamians and residents to enjoy VAT-free shopping on a range of critical hurricane supplies and equipment. The Ministry of Finance will provide the details of the dates and the items to be included for VAT-free shopping.”

Dr Minnis said the VAT holidays are only applicable for eligible items bought inside the country from local wholesalers and retailers.

“We want people to shop at home so that this money stays at home and benefits Bahamian businesses and, by extension, all of the employees of these commercial enterprises.

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