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'2.5m benefit' for residents in economic zones

Thu, Jun 3rd 2021, 05:00 PM
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RESIDENTS and businesses in inner-city economic empowerment zones on New Providence accessed about $2.5m in tax concessions up to November 2020, Prime Minister Dr Hubert Minnis said during debate on the budget in the House of Assembly yesterday.

The Over-the-Hill initiative was launched in 2018 to great fanfare from the Minnis administration. It was among Dr Minnis’ main proposals as leader of the opposition. Through the programme, people can import materials for constructing, equipping and completing buildings without paying taxes if they qualify.
#“Many people may argue that the government is giving away taxes, concessions, etc, and will find itself in problems,” Dr Minnis said yesterday.
#“I am a strong believer that a reduction in taxes stimulates growth, not the opposite.
#“(Here’s a) perfect example. In the inner-city, 49 individuals entered a programme for financial assistance to commence their own business. The inner-city had taken advantage of the tax concessions that were offered to the tune of $2.5m up to November of last year and 49 individuals had gotten $120,000 plus a few hundred as grants via the (Small Business Development Centre) to assist them in their businesses.
#“Those 49 individuals were able to employ 142 individuals. They created employment. In addition to that, they took advantage of $122,000 while the entire inner-city took advantage of only $2.5m in concessions, but those 49 individuals were able to generate $4.5m within our economy.”
#Dr Minnis also touted his administration’s plans for Junkanoo development, noting $2m has been allocated in the upcoming fiscal year to Junkanoo groups to assist them in the construction and development of their headquarters.
#Dr Minnis said more than 20 acres of land has been identified within the Gladstone Road area that would allow groups to construct their headquarters.
#“We will assist them with developing their home base. We will design what we call a Junkanoo village and allow them to demonstrate their arts and their craft, attracting tourists who can purchase paraphernalia, dolls, see the evolution of the Saxons, the evolution of the Valley, etc.”

The Over-the-Hill initiative was launched in 2018 to great fanfare from the Minnis administration. It was among Dr Minnis’ main proposals as leader of the opposition. Through the programme, people can import materials for constructing, equipping and completing buildings without paying taxes if they qualify.

“Many people may argue that the government is giving away taxes, concessions, etc, and will find itself in problems,” Dr Minnis said yesterday.

“I am a strong believer that a reduction in taxes stimulates growth, not the opposite.

“(Here’s a) perfect example. In the inner-city, 49 individuals entered a programme for financial assistance to commence their own business. The inner-city had taken advantage of the tax concessions that were offered to the tune of $2.5m up to November of last year and 49 individuals had gotten $120,000 plus a few hundred as grants via the (Small Business Development Centre) to assist them in their businesses.

“Those 49 individuals were able to employ 142 individuals. They created employment. In addition to that, they took advantage of $122,000 while the entire inner-city took advantage of only $2.5m in concessions, but those 49 individuals were able to generate $4.5m within our economy.”

Dr Minnis also touted his administration’s plans for Junkanoo development, noting $2m has been allocated in the upcoming fiscal year to Junkanoo groups to assist them in the construction and development of their headquarters.

Dr Minnis said more than 20 acres of land has been identified within the Gladstone Road area that would allow groups to construct their headquarters.

“We will assist them with developing their home base. We will design what we call a Junkanoo village and allow them to demonstrate their arts and their craft, attracting tourists who can purchase paraphernalia, dolls, see the evolution of the Saxons, the evolution of the Valley, etc.”

 

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