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THE TARIFF ACT (Items 1, 8 & 10)

http://www.lexjustis.com/2009/04/the-tariff-act-items-1-8-10/

Planning to invest your well earned money in The Bahamas? We have put together a series of Bahamian legislative acts allowing incentives and concessions to both local and international investors interested in taking advantage of the concessions and other incentives offered by the Bahamas.

 THE TARIFF ACT (Items 1, 8 & 10)

Items 1,8, and 10 of the Fourth Schedule of the Tariffs Act allow for the customs duties exemptions on specified raw materials, supplies and equipment fir agriculture, floriculture, horticulture, fisheries, forestry, cottage and light industries and commercial printing. Each of the items under the Act has a schedule that outlines all of the raw materials that would be granted duty exemptions.

The following conditions are necessary to qualify for concessions:

  • Item 8 is available to Bahamian investors only.

Customs Duties Exemptions:

  • Raw materials, supplies, and equipment as outlines in relevant scheduled. 
  • A reduced rate of 10% for registered businesses on materials, supplies and equipment not on scheduled list.
    Mario L. McCartney is the Founder and Principal of LEX JUSTIS, a boutique law firm providing Corporate, Private Client, and Traditional legal services in the Commonwealth of The Bahamas. Mr. McCartney is also the present editor and main contributor of firm’s blog site and welcomes all opinions and comments to his articles.
    For further information on all legal services provided by Mr. McCartney please visit the LEX JUSTIS website @ www.lexjustis.com or email him at mmccartney@lexjustis.com, mario.l.mccartney@gmail.com.
Author: Mario McCartney