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Tax exemption 3 dozen foods

The government plans to eliminate tariffs on about three dozen foods amid historically rising inflation.

Prime Minister Philip Davis submitted the excise tax (amendment) bill of 2022 and the tariff (amendment) law of 2022 to Congress last week after presenting a budget contact for 2022/2023.

Most of the duty-free foods had a tariff rate of 5 percent. These items include cheese, lettuce, salad beetroot, turnips, cucumbers, pea and beans, asparagus, celery, peppers, chili peppers, eggplants, spinach, pumpkin, corn, beets, artichokes, yam potatoes, cauliflower, broccoli, Includes pumpkin, sweet potatoes and all preserved vegetables, yeast, baking powder.

In addition, cooked beef, pork and turkey have been reduced from 20% to duty free shops. Protein powder is reduced from 40%, vegetable-based flour from 35%, raw ground nuts from 10%, and mashed potatoes from 35% tax-free.

Other foods such as chicken eggs have been reduced from 30 percent to 5 percent, chicken parts from 30 percent to 10 percent, and ducks from 10 percent to 5 percent.

In contact with Congress, Davis said these tariff and excise cuts would help reduce the cost of living for Bahamans who have been dissatisfied with rising inflation in recent months.

Various materials used in construction, such as lime, hurricane impact PVC windows, plastic roofs, ceramic roof tiles, roof trusses and felt, are also tax exempt. Other building materials such as joint compounds, other sealants, PVC pipes and plastic bathroom fixtures such as sinks and washbasins have been reduced to 5%.

Not only videophone sets, communication towers, electrical cables, headphones, Wi-Fi devices and voice handsets, but also printers and computer parts are tax exempt.

Tax exemption from 45% for walking sticks, 35% to 10% for electric lawnmowers, 30% to 10% for electric golf cars, 45% to 25% for gas tanks, synthetic or reconstructed valuables Or a precious stone from half 45 percent to tax exemption.

Meanwhile, the government intends to raise tariffs on tobacco products. Tobacco leaves are expected to increase from 10% to 25%, cigars from $ 0.50 to $ 3 per stick, tobacco from $ 0.15 to $ 25 per stick, and cigarillos are expected to increase tariffs by 300%.

The Prime Minister also announced that the government will reduce the obligations for electric vehicles under $ 70,000 to 10% and the obligations for vehicles over $ 70,000 to 25%.

https://thenassauguardian.com/three-dozen-food-items-to-become-duty-free/ Tax exemption 3 dozen foods

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