The Tribune

Bahamian manufacturers are paying more than necessary in import duties due to delays in exemption permit renewals, a government minister has been told.

Abaco-based manufacturers told Ryan Pinder, minister of financial services and investments, that their profitability was being impacted by having to pay full duty on items eligible for exemptions, due to the inability to obtain permits on time.

They called for the application process for customs duty exemption permits to be reformed, as the need to meet market demand meant they could not wait to receive them.

Mr Pinder’s meeting with Abaco manufacturers came after he met that island’s Chamber of Commerce on August 24. That followed an earlier meeting with the same body on Grand Bahama.

Mr Pinder said his ministry’s was committed to developing economic opportunities throughout the Bahamas.

He added that recent amendments to the Industries Encouragement Act reflected the Government’s commitment to increasing diversification opportunities for Bahamian manufacturers without imposing a tax burden.

Mr Pinder will return to Marsh Harbour on September 10, 2012, accompanied by a technical delegation, to engage in separate discussions with manufacturers regarding industry concerns.

The delegation will explore reviewing the application process for duty exemption permit renewals, and seek to provide assistance in creating awareness on the need to support Bahamian-made products.