NASSAU, The Bahamas -- Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the start of the 2020/21 Budget year means that all the tax concessions included in the Budget take effect today, including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.

“The expanded tax credit and tax deferral programme also takes effect and will include all VAT registrants and not just those with an annual turnover of $3 million or more,” DPM Turnquest explained during a virtual Budget Education Campaign Wind Down Press Conference on Wednesday, July 1, 2020.

“This will provide payroll support for hundreds more eligible businesses allowing them to keep more people employed.”

He said the start of the new budget cycle means additional funding is now available to invest in small businesses, to maintain employment levels, and to expand the social safety net for displaced workers and other vulnerable Bahamians.

The DPM said, “Today also marks the end of the official public education campaign, which we launched in May to create public awareness about ‘Resilient Bahamas: A Plan for Restoration’.”

He added that this is the third consecutive year that the Ministry of Finance has implemented a budget public education campaign, as it deems these efforts to be a core part of its responsibility to make the budget more accessible to the Bahamian people.

“We are committed to creating a cultural shift in the way the government informs and engages the Bahamian public around its fiscal affairs.”

DPM Turnquest also noted that the budget public education efforts are inspired by the worldwide movement towards citizens’ budgets, which is an emerging best practice for promoting citizen engagement, budget literacy, and inclusion. This is another example of this Administration’s longstanding commitment to fiscal transparency and accountability.

“We were the first government to implement quarterly budget performance reporting and to enact Fiscal Responsibility Legislation. And, in short order, we will be the Administration to enact Public Procurement Legislation to substantially transform and enhance how contracts are awarded throughout the entire public service.

“As promised, we will also report on our fiscal performance for the full 2019/20 fiscal year when we produce our fourth quarter report at the end of August.”

He stated that over the past few weeks, everyone has seen ample evidence to confirm that the world is still in the middle of a global crisis.

The DPM explained that while the country’s domestic economy is poised and eager to reopen, there is still uncertainty and instability in the global environment. Domestic travel has recommenced, and today the Lynden Pindling International Airport will reopen to international visitors.

He said, “However, as we responsibly move to the ‘new normal,’ we must also consider the fluidity of the situation, as we are seeing our hotel stakeholders do. Our ongoing vigilance will mean that we will have to continuously strike a in our decision-making between relieving the pressure on our economy and the safety of our citizens.”