THE COMMONWEALTH OF THE BAHAMAS
MINISTER’S STATEMENT
EXTENSION OF THE DISASTER RECONSTRUCTION AUTHORITY (SPECIAL ECONOMIC RECOVERY ZONE) (RELIEF) (NO. 2) ORDER, 2020
BY
SENATOR J. KWASI THOMPSON
MINISTER OF STATE FOR FINANCE
ON
WEDNESDAY DECEMBER 9, 2020
Madam President,
As I rise today, I want to begin by thanking the Most Honourable Dr. Hubert Alexander Minnis, Prime Minister and Minister of Finance for my appointment as Minister of State in the Ministry of Finance. I am humbled to be chosen for this position and thank God for the privilege to continue serving my country at such a time as this. Since my appointment I have received many well wishes and prayers, and I take this time to express my gratitude for the support. I will serve to the best of my ability by the grace of God.
Madam President,
Government finances are under tremendous strain at the moment due to the coronavirus pandemic, and the still lingering affects of Hurricane Dorian. The country cannot afford any interruption to the steady and focused implementation of this Administration’s Resilient Bahamas fiscal and economic plan. As such, I have wasted no time in embracing my new responsibilities as Minister of State and have already been fully engaged with the competent team of experts and professionals at the Ministry of Finance who have been providing policy advice and administrative support throughout this administration and long before.
Today, I am happy to advise this Chamber of the Government’s decision to extend a number of tax concessions under the Disaster Reconstruction Authority (Special Economic Recovery Zone) Relief Order, 2020 to June 2021.
Members would recall, Grand Bahama and the Abacos were designated as Special Economic Recovery Zones (or SERZ) immediately following the catastrophic impact of Hurricane Dorian. The tax relief measures administered by the Ministry of Finance and its agencies under the SERZ have provided vital vital support to the local communities ever since the islands where devastated. Many of the provisions were set to expire on December 31, 2020. However, to further assist persons and businesses who are still recovering, and are now grappling further with COVID-19, the Government has agreed to extend a number of tax relief measures to June 2021
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