Thursday, January 14, 2021

Cabinet approves extension on SERZ tax breaks for GB and the Abacos

SEN. J. KWASI THOMPSON, Minister of State for GB in the Office of the PM and Minister of State for Finance

Freeport News

The Ministry of Finance is pleased to announce the expansion of tax relief measures under the Special Economic Recovery Zone (SERZ) Extension Order for the islands of Grand Bahama and the Abacos.

On Tuesday (January 12), Cabinet approved the Disaster Reconstruction Authority (Special Economic Recovery Zone) (Relief) (Amendment) Order, 2021, which includes construction services in the list of tax exempted activities until June 30, 2021.

“Construction activities remain a critical item for the recovery process. The SERZ Extension Order approved in December provided tax relief on the local sale and importation of construction supplies. The latest amendment order allows for the zero-rating of construction services, which will render these activities VAT Free within the Zone until June 30, 2021,” said Senator Kwasi Thompson, Minister of State for Finance.  Read more >>