Prime Minister Dr Hubert Minnis.
By RASHAD ROLLE
Tribune Senior Reporter
rrolle@tribunemedia.net
RESIDENTS and businesses in inner-city economic empowerment zones on New Providence accessed about $2.5m in tax concessions up to November 2020, Prime Minister Dr Hubert Minnis said during debate on the budget in the House of Assembly yesterday.
The Over-the-Hill initiative was launched in 2018 to great fanfare from the Minnis administration. It was among Dr Minnis’ main proposals as leader of the opposition. Through the programme, people can import materials for constructing, equipping and completing buildings without paying taxes if they qualify.
“Many people may argue that the government is giving away taxes, concessions, etc, and will find itself in problems,” Dr Minnis said yesterday.
“I am a strong believer that a reduction in taxes stimulates growth, not the opposite.
“(Here’s a) perfect example. In the inner-city, 49 individuals entered a programme for financial assistance to commence their own business. The inner-city had taken advantage of the tax concessions that were offered to the tune of $2.5m up to November of last year and 49 individuals had gotten $120,000 plus a few hundred as grants via the (Small Business Development Centre) to assist them in their businesses.
“Those 49 individuals were able to employ 142 individuals. They created employment. In addition to that, they took advantage of $122,000 while the entire inner-city took advantage of only $2.5m in concessions, but those 49 individuals were able to generate $4.5m within our economy.”
Dr Minnis also touted his administration’s plans for Junkanoo development, noting $2m has been allocated in the upcoming fiscal year to Junkanoo groups to assist them in the construction and development of their headquarters.
Dr Minnis said more than 20 acres of land has been identified within the Gladstone Road area that would allow groups to construct their headquarters.
“We will assist them with developing their home base. We will design what we call a Junkanoo village and allow them to demonstrate their arts and their craft, attracting tourists who can purchase paraphernalia, dolls, see the evolution of the Saxons, the evolution of the Valley, etc.”
Comments
tribanon 2 years, 10 months ago
Minnis knows full well that all of his 'candy giving' a/k/a 'vote buying' is most reckless and inexcusable given our country's dire financial predicament. Yet his great lust for continued power has him only too willing to risk displaying the full plumage of his outright arrogance and corruptness. He never did care about the greater good, only about himself.
Hard to believe he could say that with a straight face given that very shortly after the May 2017 national election he broke his campaign promise not to increase VAT and proceeded to increase the VAT rate by a whopping 60%, from 7.5% to 12%. Minnis is a pathological liar who will say and do anything to keep the reigns of power in his hands. Mark my words, he's looking forward to increasing the VAT rate to 20% if he remains PM after this next national election.
birdiestrachan 2 years, 10 months ago
generate 4.5 million in our economy Where does he get these figures from?. the man lies with no shame.
I love the one he told about the upscale lots for professionals 18 and up. He said the banks he called would require no down payments. and the banks he or they did not call. called them they want to be in this deal.
.
TalRussell 2 years, 10 months ago
Facing high inflation after the price for a single Loaf Bread, now costs Housewives $1 more, whilst the slices become much thinner, yes?
ohdrap4 2 years, 10 months ago
Where do you get bread for a dollar?
Wonder bread goes for 3.25
Those who do not have bread and have to eat brioche have to pay 9.98.
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