NASSAU,
The Bahamas -- The Government will re-focus the mandate of the Bahamas
Development Bank and the Bahamas Agricultural and Industrial Corporation
to broaden their range of activities beyond lending money, to include
the provision of equity, credit guarantees and marketing and accounting
support.
Prime
Minister the Rt. Hon. Perry Gladstone Christie made this announcement
as he presented the 2012/2013 Budget Communication in the House of
Assembly, Wednesday, May 30, 2012.
Prime
Minister Christie said the change come as a result of the Government’s
second core imperative programme of change, which is the strengthening
of the domestic economy and the attendant creation of jobs, the
broadening of Bahamian ownership in the economy and the attainment of a
higher standard of living.
The fist core imperative programme is the implementation of a national crime agenda.
The
Prime Minister said the government remains faithful to its commitment
to explore all lawful means by which majority ownership of the Bahamas
Telecommunications Corporation can be restored the the government and
the Bahamian people.
“We
shall very shortly arrange a timetable for discussions that we propose
to undertake in this regard with the present owners of the majority
stake in BTC and other interested stakeholders.”
Prime
Minister Christie also said that as a means of stimulating the real
estate market and the construction sector, the government is following
up on its commitment to reduce the stamp duty rate on conveyances over
$250,000 from 12 per cent to 10 per cent.
He
noted that for the other rates of stamp duty, first-time homeowners
already benefit from the existing exemption from stamp duty.
“The
government will, however, review the entire stamp duties on conveyances
in the context of its overall programme of fiscal reform.”
The
Prime Minister said the government is introducing a cap of $50,000 as
the maximum real property tax payable on an owner-occupied residence as a
means of further stimulating the construction sector.
He
added that an allocation is being made in this Budget for home repairs
and community improvements under the auspices of both the Urban Renewal
Programme and the Ministry of Housing in order to stimulate near-term
job creation for small contractors.
Prime
Minister Christie also announced that Exuma is being reinstated for
eligibility under the Family Island Development Encouragement Act.
Under
the provisions of the Family Island Development Encouragement Act 2008,
duty free importation of building materials is permitted up to June 30,
2013 for the construction of new buildings or the rehabilitation,
remodelling or extension of existing residential and or commercial
buildings.
Islands
which benefit under the Family Island Development Encouragement Act
include Sweeting’s Cay and Water Cay, Grand Bahama; Grand Cay and
Moore’s Island, Abaco; Current Island, Eleuthera; Andros; Cat Island;
San Salvador; Rum Cay; Long Island; Crooked Island; Long Cay; Acklins;
Ragged Island and Cays; Mayaguana and Inagua.