Prime Minister defends tariff elimination on pleasure vessels

Prime Minister Philip Davis defended the elimination of tariffs on tour boats, including yachts, yesterday, saying it is part of the country’s blue economic growth picture.

Opposition criticized the government for adjusting taxes to a 10% tax exemption, why the move was “secretly done” and why the government did not raise questions during recent parliamentary budget executions. I wondered if it was.

Davis asserted that the adjustments were not made in secret and added that he would investigate why the adjustments were omitted during the discussion.

“I spoke in a communication about yacht tax cuts. We plan to develop and build a yacht registry so that they can live in the Bahamas. Living in the Bahamas is more for the marina. That means, living in the Bahamas means more opportunities for the Bahamans to engage more directly in their maritime industry. As you know, one of our plans is to have a blue economy. It’s about developing, “Davis said at a press conference at Linden Pindling International Airport, returning from the Federal Summit in the Bahamas.

“We have already signed an agreement between the LJM Maritime Academy and the Ministry of Education to make scholarships available to many Bahamas who want to participate in the maritime industry, as well as commitments from the cruise industry. And the yacht industry can hire Bahamians with qualifications from the LJM Maritime Academy once they have a house here. “

He continued. “This is all part of the big picture of growing our blue economy. Now, the question about dropouts in the process of budget debate is how it went through the cracks and how it went through. You need to look at it to see if it’s best to settle, and I’ll do it now when I’m home. I sit with the Minister of Economy, the Minister of Finance, the Secretary of State, the Deputy Prime Minister, and the Blue Economy. Think about what you have to do to achieve what you think is necessary for your development. “

Tour boats no longer attract a 10% tariff, but they are still subject to a 10% value added tax (VAT).

Maritime officials said the tax cuts made the Bahamas’ boat and yacht industry more competitive, while the taxes remained higher than in Florida, where a significant number of boats entering the Bahamas depart.

Regarding the further expansion of the blue economy, the Prime Minister said significant progress has been made in mapping the country’s carbon assets that the government plans to bring to the trade market later next year for monetization.

“Currently there is a conference in Lisbon, Portugal for maritime nations, and we are well represented there. The scientists who helped map our carbon assets, especially the blue grass, , Publishing scientific papers for review, recruitment, and moving on to the next step for verification. As we speak, all of these steps are now in shape. Especially in this regard, working with me. Dr. Rochell Newbold, who has done this, represents us with a few other engineers and they are currently giving their presentations, “Davis said.

“This is the next step towards monetizing credit and we want to trade on the exchange. We are talking about it, but we have expressed a lot of interest and I don’t want to put things in and have a one-up manship in the next stage, so I don’t want to anticipate what’s happening in the public domain. But we’re on track. “

The government is currently developing a carbon credit secondary market transaction law with the Bahama Securities Commission, which is expected to be discussed shortly along with the recently submitted Climate Change and Carbon Market Initiative Bill, 2022.

Carbon credit experts estimate that the Bahamas could generate $ 375 million annually from carbon credits. Prime Minister defends tariff elimination on pleasure vessels

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