The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

More than $22 million in investment incentives were granted under the Hotel Encouragement Act over the past 12 months, the Minister of State for Investments has revealed.

Khaalis Rolle said: “The Hotels Encouragement Act was amended in 2008 and 2009 to include entertainment facilities, nightclubs, restaurants and shops in designated areas to assist in the development of businesses to support the tourism product and grow the local economy.

“Provisions under the Act and its regulations provide for investors to receive duty concessions on construction materials, equipment and furnishings. Bahamian entrepreneurs continue to utilise the concessions under the amendment Act in an effort to reduce costs associated with starting a new business.”

Mr Rolle added: “Concessions granted businesses under this amendment total $22.687 million for June 2014 to June 2015.”

He said the City of Nassau Revitalisation Act has been extended for another year to June 30, 2016.

“The collaboration amongst the Government and the Downtown Nassau Partnership, as well as other key stakeholders, remains beneficial in the revitalisation of the city of Nassau and the transformation of downtown Nassau. This legislation provides various incentives for both Bahamian and foreign investors alike,” the Minister said.

Mr Rolle added that the Bahamas Investment Authority saw a decline in applications under the City of Nassau Revitalisation Act for over the past 12 months.

“The total for duty-free concessions for this period is $675,480,” said Mr Rolle.

“Based on an assessment of all investment applications, this decline can be attributed to the increase in applications under the Hotels Encouragement (Amendment) Act.”