Tourism handed incentive boost
Legislation to bring “incentives, not concessions” and boost tourism and opportunities has been approved in the Senate.
Senator Crystal Caesar, the Junior Minister of Economic Development and Tourism. brought the Tourism Investment Act 2017 before the Upper House yesterday.
It aims to encourage hotel, restaurant and tourism developers through relief from Customs duty, as well as other tax exemptions.
Notably, the Act includes a provision for a new hotel to request full exemption from land tax six years on from its opening if the establishment can demonstrate that 70 per cent of staff are Bermudian, covering years six through to ten.
Ms Caesar noted that since August 2000, 20 hotel concessions have been granted, with nine active today.
Independent senator James Jardine queried whether entertainers would be covered.
Ms Caesar replied that such measures would be brought about “in due course”, as the minister is at present in consultation with industry stakeholders.