The Bills below provide the legal framework to support the Government's Budget plans, particularly with regard to tax relief and revenue enhancement initiatives. The Government has committed to accelerating its structural reforms to improve the ease of doing business and modernize all areas of service. By accelerating its adoption of modern technologies, passing modern legislation, and facilitating private sector expansion and investment, the 'Resilient Bahamas' plan will support a more robust economic recovery overall.
By this summer, the four new Acts recently passed by Parliament will come into effect. The new legislation will modernize and transform public finance, procurement, and statistical operations within The Bahamas. The Public Finance Management Act, Public Debt Management Act, and the Statistics Act will come into effect on July 1, 2021; and the Public Procurement Act on September 1, 2021.
The Government tabled landmark legislation last week - The Public Procurement Bill, 2020 - that will be debated in the House of Assembly following the adoption of the FY2020/21 Annual Budget. New rules for procurement will govern how government contracts for goods and services are issued by all public entities once this Bill passes.
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Circumstances beyond our control may have shifted out immediate priorities and related initiatives, but our economic vision for the nation remains the same: An economy that is resilient, inclusive, dynamic and sustainable."
