The finance minister today implored Bahamians to take advantage of the tax concessions and duty reductions outlined in the 2020/2021 Budget.
The new fiscal period begins today.
“The start of the new budget cycle means additional funding is now available to invest in small businesses to maintain employment levels and to expand the social safety net for displaced workers and other vulnerable Bahamians,” Finance Minister the Honourable Peter Turnquest said in a release.
The government has touted its new budget as a robust, people-focused and visionary plan, but one that will come at a cost of $1.3 billion – the figure projected as the deficit at the end of the 2020/2021 fiscal period. This would be the highest in the country’s history.