The Tribune

FREEPORT – Grand Bahama Chamber of Commerce president Barry Malcolm says changes in the Customs Tariffs will “harm the already weak economic recovery of Freeport.”

The Chamber has planned to hold a town meeting concerning the new Customs Fees at the Pelican Bay Resort at 6pm on August 13.

Business licensees are invited to attend and share their views, and to make suggestions and comments on any changes they would like to make to the Customs Management Regulations 2013.

“Since the announcements of early July, the Grand Bahama Chamber has followed with close interest, on behalf of business licensees and members across the island, the anticipated impact, and intense public comment, caused by changes in customs tariffs,” President Malcolm said in a statement issued to the media on Thursday.

“The GB Chamber has consulted its members, and has sought clarification, on subject tax changes before rushing to public comment. Clearly, there is a strong and consistent view within the business community,” he said.

He noted:

• That there was a significant absence of public consultation, before these far-reaching changes to the customs tax code were put in place;

• That in drafting the changes no substantive consideration was given to the specific impact on industrial and commercial competitiveness of Freeport under the Hawksbill Creek Agreement;

• That many of these newly-introduced changes will specifically harm the already weak economic recovery of Freeport;

• That fall-out will affect the competitiveness of international and local businesses operating from Freeport, and risk the loss of jobs;

• That most, if not all of the resultant increases in cost to business, will ultimately be passed on to the Bahamian public, driving up their cost of living;

• That our economy as a whole will bear the burden of further impediments to cost and ease of conducting business in Grand Bahama.

Mr Malcolm said in response to these concerns members of the chamber support, and has directed that action be taken, having consulted with the Grand Bahama Port Authority and Government, to preserve the competitive economic advantages and opportunities for both domestic and international business to invest in Freeport, and to maintain Freeport as a viable centre for trade and commerce.

“This effort is not intended to be confrontational, but more consultative to gain a full understanding of what is permissible under the Hawksbill Creek Agreement with respect to these changes.”