Prime Minister Dr Hubert Minnis. Photo: Donavan McIntosh/Tribune staff
By RASHAD ROLLE
Tribune Senior Reporter
rrolle@tribunemedia.net
PRIME Minister Dr Hubert Minnis said $1.5m has been budgeted for the next fiscal year to hire up to 75 new college graduates aged between 18 and 30 in the public sector.
He said during his budget communication in the House of Assembly yesterday that this would spark a “critical infusion of new thinking and new ideas”.
“As our agencies are moving to new digitised environments and processes, we do require more young talent who are tech-savvy,” he said.
Dr Minnis also said officials expect that up to 2,500 people will get back to work as businesses take advantage of a new tax credit his administration will roll out under the Employment Incentive Programme. He projected that up to 250 businesses will take advantage of the opportunity.
“The estimated cost of this investment in job creation will be approximately $40m in foregone revenue — in line with the amounts related to the previous payroll support programme,” he said.
In the last year, the government provided $44.4m through a tax credit/tax deferral payroll support programme. Dr Minnis said this allowed 126 businesses to pay salaries for 14,000 private sector employees.
He said through the new initiative, businesses can apply for a VAT tax credit to cover salaries of up to ten new employees brought on their payrolls as of July 1.
“The tax credit will be up to $400 per week per employee,” he said. “Eligible businesses will have to follow certain compliance rules and must be in good standing with NIB and the tax authorities.”
Dr Minnis also announced new opportunities for small businesses and entrepreneurs. “Small and medium sized businesses have often lamented that start-up costs are prohibitive and that big businesses and foreign investors get the kinds of incentives they do not qualify for,” he said. “We are addressing this concern head on, ensuring that Bahamians have access to start-up concessions just as large investment projects do. Every Bahamian small business and entrepreneur will be able to apply for and obtain duty-free concessions on all the items needed to start or expand their business, including on the first stock of inventory.
“Any Bahamian entrepreneur. Any small business with an annual turnover of less than $5m. You will get the same treatment as at the mega resort or the large manufacturer. We are levelling the playing field.”
Dr Minnis said the Small Business Development Centre will receive $250m in financing over the next five years, starting with an injection of $35m in the upcoming budget.
Comments
DDK 2 years, 11 months ago
More caca! Can this man not take a fast ferry to Siberia?
Empiricist 2 years, 11 months ago
This is the essence of true leadership. Where would we be as a nation without this outstanding person. The Lord does not come but he sends. God bless you Prime Minister.
proudloudandfnm 2 years, 11 months ago
Muddos! Yeah just what we need. More gubment employees. I was just saying the other day how we really really need to hire some more gubment workers. We just aint wasting enough tax payer money nowadays.
Damn man. Talk about opposite thinking.. sheesh... More gubment employees. For this alone minnis needs to be voted the hell out. Muddos man....
TalRussell 2 years, 11 months ago
Jesus condolence to the late Graceful Right Excellent Comrade Sir Cecil Vincent Wallace-Whitfield for what a single ungrateful man's has brought to the front steps of his beloved Free National Movement, yes?
birdiestrachan 2 years, 11 months ago
doc is showing off playing Santa Clause in May. Later on, he will tax the poor to make up for his foolishness.
Desperate to hold on to power it appears he will do everything and anything.
the bet is on as to who the 75 new civil servants are also the ones who will live in the upscale community.
ThisIsOurs 2 years, 11 months ago
"As our agencies are moving to new digitised environments and processes, we do require more young talent who are tech-savvy,” he said"
This is why the country is dying. How old is Bill Gates?
ohdrap4 2 years, 11 months ago
Covid provided the perfect opportunity to dismiss many over 50. Especially women.
Bill Gates retired at 50. So should us who earn 2-4 minimum wages.
50 is the new 65.
Now, to earn 100000+, you need to double dip: 100000 contract plus govt pension.
truetruebahamian 2 years, 11 months ago
Hopefully these jobs are not for lifetime pay when I have had to sell belongings and land and am still broke to pay property tax and insurances. Kept health but property insurance had to be cancelled. Look at Bay Street and Woodes Rogers Walk - between as being a ghost town and a morgue. Property taxes should be forgiven for debt ridden non productive areas that have no way out.
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