Payroll tax concession and customs duty deferment were among the key topics up for debate at a seminar hosted by the Economic Empowerment Zones Agency (EEZA) this week.

Representatives from the EEZA, the Office of the Tax Commissioner, and the Customs Department were on hand to answer questions from business owners and aspiring entrepreneurs at the EEZA-sponsored 'Payroll Tax Concession and Customs Duty Deferment Seminar' held at the Bermuda Industrial Union.

The two-hour seminar kicked-off with a welcome by the Bermuda Small Business Development Corporation ex-officio board member and the economic adviser to the Ministry of Finance, Hasan Durham.

Erica Smith, director of the EEZA, then gave a presentation on her office's approval process for any business interested in taking advantage of the payroll tax concession or property/business owner seeking to benefit from the customs duty deferment.

She gave a step-by-step report of the incentives that were available, including the purpose, who qualifies, the benefits, and the requirements. One participant indicated that as a result of the seminar they had made an appointment to meet with the EEZA to discuss the options further.

This was followed by Joelene Lindsay, senior tax auditor with the Office of the Tax Commissioner, who gave detailed explanations of the role of the Office of the Tax Commissioner and the part it plays as Government's largest revenue generating department, raising approximately 50 percent of total revenue.

She also gave an overview of the payroll tax structure, as well as the specific benefits of the EEZ with respect to payroll tax, where approved businesses could receive the concessionary tax rate of 4.75 percent for nine tax periods in the formative years of their business. Attendees indicated that they received information about programmes that they were eligible for that they were previously unaware of.

The final presenter, Dean Lema, principal customs officer with the Customs Department gave a presentation on the Custom Department's role in administering the EEZ customs duty deferment programme. Mr. Lema suggested that the Government has provided a variety of incentive products to businesses, but generally very few take advantage of them either because they are unaware or they do not complete the application process.

He said that through the programme, qualifying EEZ businesses, property owners, or residents could defer payment of customs duty for up to five years on approved capital projects and endeavours in the EEZ which could help their business to grow or property to thrive, while giving them the option to pay the duty associated with those investments over time when they are in a much healthier financial state. One attendee remarked that as a result of this presentation, they would be researching all of the Government relief opportunities available and would make the most of them.

For more information on the seminar and the BSBDC's upcoming events contact Bdasmallbusiness@gov.bm or visit the website at www.bsbdc.bm