The government will continue its support of small and medium-sized businesses by investing in the Small Business Development Center (SBDC). SBDC has been allocated $35 million dollars in the fiscal year 2021/2022 budget along with a planned $250 million in financing over five years. Additionally, the Bahamas Development Bank will receive $4 million in support over the next two years.
To spur investment and boost economic development in the southern islands, Accelerate Bahamas creates tax free zones for residential and business development projects on 11 Family Islands with amendments to the Family Island Development Encouragement Act (FIDEA). VAT conveyance on transactions under $500,000 will be charged at 0%. This tax break will represent an estimated $4 million in savings for Bahamians.
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.