CONRAD JONES, officer in charge of East and West Grand Bahama Economic Development Regulation, addresses the Rotary Club of Freeport on Thursday on the new concessions being granted by the government. (BIS Photo/Andrew Miller)

FREEPORT, Grand Bahama -- In an effort to boost the economies of East and West Grand Bahama, the Government of The Bahamas has amended the Tariff Act so that duty free concessions are now available to East and West Grand Bahama.

The Rotary Club of Freeport was informed of the incentive on Thursday at Ruby Swiss Restaurant during their regular meeting by Conrad Jones of the Ministry for Grand Bahama, who is the officer in charge of East and West Grand Bahama Economic Development Regulation.

Mr. Jones explained that people in East and West Grand Bahama now also have an incentive to not only rebuild businesses that may have been closed due to hurricane damage or economic downturn, but they may want to open a new or expand an existing business.

Equipment, fixtures, supplies may be purchased at a duty free rate, but only for the business. Each business, said Mr. Jones, must have a business license in possession and be in good standing with National Insurance in order to receive these benefits.

In addition to this, said Mr. Jones, these business owners may now purchase vehicles for the sole purpose of use in their business, duty free, and build a duty- free home in East or West Grand Bahama.

If they purchase a vehicle, they will also get duty-free gas. The system for this, however, is not the same as purchasing bonded gas, but duty-paid gas will be purchased and at the end of the month, Customs will reimburse the vehicle owner the duty paid on the gas.

These concessions, he said, have been in effect since July 1, 2014, and he and his staff have been speaking with various groups getting the word out so that the two areas can receive an economic boost. Having the extra funds to reinvest in the business and possibly hire one or two people, he said, is a help to the area.

The amendment to Chapter 98 of the Tariff Act has enabled the government to give these concessions and they may be found in 98.56. There is a list of the areas that may apply for the concessions, but generally, it is any area outside of Freeport.

The business, said Mr. Jones, must have a license from the Ministry of Finance, and once it shows it will invest a minimum of $5,000 over a 12-month period, it is eligible for the concession.