The Government has secured a non-reimbursable grant from the Inter-American Development Bank in the amount of $500,000 to finance a three-year technical cooperation project with a particular focus on the Digital Economy and the Blue Economy.
For small island states such as The Bahamas, although traditional industries and sectors - fisheries, maritime transport and coastal tourism - represent a large portion of economic activity, articulating a strategy around our blue economy also enables identification and diversification into many other new and emerging ocean-based activities and sectors, including marine aquaculture, seabed mining, maritime safety and surveillance, marine biotechnology, marine security offshore wind energy, ocean renewable energy and deep-sea oil and gas production.
Through this new program businesses can pump tax savings back into their payrolls, covering the salaries of up to 10 new employees. The allowable VAT Tax credit under Accelerate Bahamas will be up to $400 per week per employee. 250 businesses are estimated to participate in the program which will result in around 2,500 new jobs and a revenue injection of approximately $40 million.
To level the playing field, Accelerate Bahamas provides small and medium-sized Bahamian businesses access to tax incentives like foreign investors currently have, including new duty free concessions to help start or expand a small business including first stock of inventory for start-ups.
The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.