Customs breaks for businesses passed by House of Assembly
Customs duty breaks for some businesses have been approved in the House of Assembly.
Curtis Dickinson, the finance minister, said the Customs Tariff Amendment Act 2021 would allow the minister to give zero or cut rates of duty for businesses ruled to be “of sufficient benefit to the economy of Bermuda”.
They include educational institutions, manufacturers of cigarettes and cigars, as well as the Nasa space flight mobile tracking station.
The legislation, which will come into effect on April 1, was passed with Opposition support last Friday.
MPs also approved the Retail Shops (Temporary Customs Duty Relief for Capital Investments) Amendment Bill 2021, designed to help the retail sector.
The legislation will allow for zero Customs duty on goods imported for the renovation and refurbishment of retail shops, up to March 31, 2026.
The House also passed the Payroll Tax Amendment Act 2021, which will extend new hire relief for qualified businesses until March 31, 2022.
The legislation covered exempt companies and employers with gross annual revenues of more than $1 million.