The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The deputy prime minister yesterday said residents in over-the-hill areas covered by Economic Empowerment Zone legislation will miss a "tremendous opportunity" if they did not capitalise on its benefits.

KP Turnquest, pictured, while speaking in Parliament yesterday, said: "If you live in these communities and you don't go out and do something for yourself, you're missing a tremendous opportunity. There is tremendous savings in this budget and bill for the average man on the street in these communities."

Bain Town and Centreville will encompass the first Economic Empowerment Zone. This zone is between Nassau Street on the west, up to Collins Wall in the east, and from Wulff Road and Poinciana Drive in the south to Delancey Street in the north. The government will then move to declare Englerston, St Barnabas, Rock Crusher, Kemp Road, Fox Hill and Gambier as zones also. Prime Minister Dr Minnis did not give a timeline of when this could be expected.

Once passed, the bill will lay the legislative framework for several economic growth initiatives. Businesses in the area earning $5m in revenue or less may apply to the Ministry of Finance to receive a trade certificate. This certificate will allow for a waiver of business licence fees. It will also allow businesses that may require a vehicle for their operations to import one vehicle and pay no customs duties or other taxes on the vehicle. Upon application, requirements such as the clear marking of the vehicle and any other conditions will be outlined. The concessions under the bill will not extend to places that primarily sell alcohol or offer gaming.

Mr Turnquest yesterday again sought to defend the Minnis administration's decisions regarding value-added tax (VAT). "When it comes to the poor people in particular, when it comes to the breadbasket, we are not increasing the cost on the poor and the vulnerable communities. We are reducing the cost on these communities. Come next week there will be no VAT. Before the change they were paying 7.5 percent on breadbasket items. Come next week it will be zero. That is a savings to the poor," said Mr Turnquest.

He added: "There is no increase for the most vulnerable communities, there's absolutely a decrease in their cost. For businesses there are all kinds of benefits in this legislation as well as in the budget for these communities."