Seeking to level the playing field for Bahamian-owned and foreign-owned vessels operating in the local water sports and sport fishing industries, Minister of Transport and Housing JoBeth Coleby-Davis yesterday announced that vessels imported into The Bahamas for those purposes will pay a first-time registration fee in lieu of import duties and value-added taxes.

Contributing to the debate on the 2023/2024 budget in the House of Assembly, Coleby-Davis said the Port Department has allocated more than $9 million in the upcoming fiscal year to introduce significant reforms to the maritime industry, to improve regulatory oversight and support Bahamian entrepreneurs.

"For decades, there have been numerous complaints from Bahamians operating in our water sports and sport fishing industries surrounding the unfair competition from foreign vessels, which were allowed to temporarily operate in The Bahamas without the payment of import taxes. Given the significant capital costs associated with the purchase of vessels, government concessions were required to enable Bahamians to have a fair chance in participating in this industry," she told Parliament.

"In keeping with the commitment in our Blueprint for Change, this budget, for the first time, will provide to the water sports and sports fishing industries similar concessions and support as those given to taxi and livery tour businesses. Vessels imported into The Bahamas will pay a first-time registration fee in lieu of import duties and value-added taxes. This fee represents a significant saving for new and existing water sports and fishing operators. It is indeed a new day. To help equalize the playing field between Bahamian and non-Bahamian vessel owners, since coming into office, this PLP administration has increased the registration fees for persons participating in the foreign yacht charter program."

Coleby-Davis said the Port Department will also introduce new protocols requiring all privately owned vessels in The Bahamas to undergo an inspection.

"This amendment is long overdue and will save lives by ensuring that private vessels which are not sea-worthy are not issued licenses. The Port Department is presently engaged in discussions relative to the introduction of a licensing regime for persons to operate private vessels. Further updates will be provided to the public as discussions progress. The safety of our citizens and guests is the highest priority for this PLP administration," she said.

The minister added that the Port Department is expected to generate $18 million in revenue in the upcoming fiscal year through fees and taxes.

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