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Govt looking beyond tax reform with a focus on economic growth

Feb. 1, 2021

COVID has thrown the entire world into crisis; no country has been spared the significant human, social, and economic toll. Notwithstanding, the recently published International Monetary Fund (IMF) Staff Report for the 2020 Article IV Consultation acknowledges that the Government's handling of the coronavirus pandemic and its articulated macroeconomic plans have produced notable results when it comes to saving lives and minimizing the fall-out.

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IMF affirms Govt’s timely and appropriate COVID-19 response

Jan. 27, 2021

The recently published Concluding Statement from the Executive Board of the International Monetary Fund (IMF) provides further indication that the Government’s fiscal policy responses and economic management are producing results in keeping with global best practices.  
 

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Cabinet approves further extension on SERZ tax breaks for Grand Bahama and the Abacos

Jan. 12, 2021

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. 
 

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Restoring fiscal stability depends on safe reopening of economy

Oct. 30, 2020

The necessary reinstatement of curfews and lockdowns for the entire month of August exerted significant pressure on the country’s fiscal position in the first quarter of the 2020/21 Fiscal Year (FY), according to preliminary estimates published in the First Quarter Fiscal Snapshot and Report for FY 2020/21.

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MINISTRY OF FINANCE COVID-19 UPDATE

Sept. 10, 2020

Today, I will present an update on the fiscal and economic plan that the Government is currently implementing; this is the Resilient Bahamas Plan outlined during the budget exercise in June to respond to the ongoing coronavirus (COVID-19) pandemic. The report will include initial data and preliminary analysis on the first few months of the new fiscal year, and a full report to the House of Assembly, and the Bahamian people, based on our end of year budget performance for the 2019/20 fiscal year.

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Minister's Report on Fiscal State of Affairs

Sept. 9, 2020

Today, I will present an update on the fiscal and economic plan that the Government is
currently implementing; this is the Resilient Bahamas Plan outlined during the budget exercise
in June to respond to the ongoing coronavirus (COVID-19) pandemic. The report will include
initial data and preliminary analysis on the first few months of the new fiscal year, and a full
report to the House of Assembly, and the Bahamian people, based on our end of year budget
performance for the 2019/20 fiscal year.

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Q4 budget impact severe but expected based on historic economic crises

Aug. 30, 2020

The Bahamas continues to feel the impact of the worst global economic crisis in modern history, and the Government is actively responding consistent with the budget plan for Fiscal Year 2020/21. The focus remains on funding critical government services, public health and social safety needs in particular, as well as the prudent management of the government’s fiscal resources. 

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Back-to-School VAT Holiday to commence with reopening of local businesses

Aug. 25, 2020

The Ministry of Finance advises the public that the Back-to-School VAT Holiday will begin on Monday, August 31, 2020. The purpose of the tax relief measure, announced during the Budget Debate, is to make back to school shopping less expensive for parents while providing support to local businesses throughout The Bahamas. The Department of Inland Revenue (DIR) will work with businesses across the country to administer this tax relief measure.

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Payment date announced for start of expanded government unemployment assistance

July 1, 2020

Some $48 million has been allocated to finance an expansion of the Government's unemployment assistance programs administered by the National Insurance Board (NIB).

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Finance Minister implores Bahamians to take advantage of assistance as new budget takes effect

July 1, 2020

Tax concessions included in the 2020/21 Annual Budget take effect today, including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.

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