NASSAU, Bahamas (BIS Press Release)– The government has increased its budgetary allocation to the Royal Bahamas Police Force by $4.5 million and to the Ministry of Tourism and Aviation by $9.3 million, and is looking into proposals to outfit the Royal Bahamas Defence Force with its fleet requirements over the next six years, Prime Minister and Minister of Finance the Rt. Hon. Hubert Ingraham announced this week.

“Maintaining public order is a primary objective of my government,” the Prime Minister affirmed during his presentation of the government’s 2008/2009 budget communication.

“We regard it as a singular determination to reduce crime and the fear of crime in our society. Indeed, all our efforts to bolster economic growth and development in our nation will be undermined if crime is or appears to be out-of-control.”

For this reason, Mr. Ingraham added, his government has sought to ensure that the Royal Bahamas Police Force, which stands on the frontline of our efforts to maintain public order, is adequately funded at all times.

“We believe that the total combined recurrent and capital allocation in this 2008/2009 budget of some $126.4 million is adequate to meet the spending needs of the police force in its efforts to fight crime,” the Prime Minister said.

When the government assumed office in May of last year, the Police Force’ recurrent budget was $108.4 million. The government immediately increased that amount by $9 million and is now providing an additional amount of $4.5 million to bring the total recurrent budget for the police up to $121.9 million.

The government also provided a significant increase in allocation to the Royal Bahamas Defence Force when it practically doubled the capital allocation of the Force from $6.8 million to $12.9 million in its 2007/2008 budget.

“We expect the capital needs of the Defence Force to increase significantly in future years as they seek to further enhance their fleet,” Mr. Ingraham pointed out. “Having ordered two aircraft and a number of sea craft this year for the Defence Force, we directed that proposals be sought from international suppliers to supply the Defence Force with its fleet needs up to and including the year 2014.”

As the government continues to ensure that adequate funding is provided to the agencies charged with maintaining law and order and border protection, it has also made provision for increased funding toward the growth of the country’s principal industry.

“The current global economic environment and significant competitiveness in the tourism sector require that we both increase resources available to tourism as well as spend our funds strategically,” the Prime Minister advised. “We are providing an additional $9.3 million for the Ministry of Tourism and Aviation in recurrent expenditure,”

The increase in funding brings the Ministry of Tourism and Aviation’s budgetary allocation to $91 million.

“We believe that this increase combined with strategic spending by the Ministry will go a long way in helping to increase the promotion of tourism over the next twelve months,” Mr. Ingraham said.

Editor's Comment: Supporting our underpaid police is a good and proper thing (next time give them more money); throwing more money at the Ministry of Tourism and Aviation is like importing sand to the beach.

NASSAU, Bahamas (BIS) – Homeowners will enjoy substantial benefits under the government’s 2008/2009 budget through the exemption of stamp taxes and the reduction and elimination of duty on a variety of building materials, appliances and fixtures.

“First-time homeowners will benefit from an increase in the ceiling for exemption from real property taxes, from $250,000 to $500,000, for the first five years,” Prime Minister and Minister of Finance the Rt. Hon. Hubert Ingraham announced during government’s 2008/2009 budget communication delivered to parliament Wednesday.

In addition to this benefit, the government’s new fiscal budget provides stamp tax exemption for those purchasing a lot zoned for residential development upon which he/she proposes to construct a primary dwelling place and applicants purchasing a newly constructed dwelling place.

Applicants purchasing a dwelling unfit for occupation with the intention of occupying the dwelling upon completion of its renovation and applicants purchasing an existing dwelling to serve as their primary residence will also be eligible for stamp tax exemption.

Homeowners will also become eligible in the budget for exemption from stamp tax on the transfer of a mortgage of a dwelling place from one financial institution to another, and exemption from stamp tax where the applicant seeks to consolidate debts by mortgaging a dwelling home up to a value of $500,000.

“We are eliminating the $35,000 ceiling on real property tax for owner-occupied properties and will reduce the rate of tax to ¾ of 1% down from 1% on properties valued in excess of $5 million,” Prime Minister Ingraham added.

As part of its support for home ownership among middle-income families, the government will also introduce a Resolution for authority to issue a $75 million Mortgage Corporation Housing Bond, the largest Parliamentary request for a Housing Bond since the establishment of the Bahamas Mortgage Corporation 23 years ago.

In addition to property tax benefits, homeowners wishing to “go green”, purchasing energy-saving appliances and fixtures will also realise savings through the reduction and/or elimination of duty on those items.

“We will make duty free the import of energy-saving light bulbs, solar lamps, batteries, converters and wind engines,” Mr. Ingraham announced.

In the 2008/2009 budget, the government will also reduce import duties on energy-saving home appliances from 35% to 15%, reduce the import duty rates on energy-efficient windows, low-flow shower heads and low-flow toilets to 15% and significantly reduce the import duty on hybrid vehicles, from between 45% and 65% to 25%.

Customs duty on building materials for home construction will also be reduced.

“We will reduce import duties on a number of building materials, thereby lowering the cost of building a home or renovating an existing one, including plywood, oriented strand board, insulation, wooden hurricane shutters, aluminium and wood doors, wooden windows, and cement board,” the Prime Minister announced.

Mr. Ingraham also announced additional cost saving measures for consumers in The Bahamas via the removal of stamp tax on computer items.

“We will exempt personal computers, printers and software from the current stamp tax, thereby making them completely duty-free,” the Prime Minister said.

NASSAU, Bahamas (BIS Press Release): From marked increases in Social Service allocations to tax eliminations on food items, to pay raises for public officers and teachers to tax suspensions on fuel imports for the Bahamas Electricity Corporation, the Bahamas government’s 2008/2009 budget is tilted toward providing relief and assistance to low income Bahamians and those continuing to be adversely affected by the rising cost of living in the country.

Prime Minister and Minister of Finance Hubert Ingraham announced the government’s plans to provide relief to Bahamians during the 2008/2009 Budget Communication delivered to parliament Wednesday.

“This budget has been crafted to take into account the international economic turbulence and uncertainty impacting so harshly on our own people,” Ingraham said.

“In particular, this budget embraces my government’s social philosophy, its commitment and its determination to cushion the harshness of the impact of the international turbulence upon our citizens, most particularly low income families who invariably are impacted first and most acutely,” he added.

Along with its budgetary increase to the Department of Social Services in the last fiscal year, the government over a two-year period has increased assistance to the poor by $13 million.

When the government came to office just over a year ago, the allocation for the Department of Social Services was $26.4 million. In the 2007/08 budget, it increased that department’s budget allocation to $31.8 million, an increase of $5.4 million or 20.5%. Some $3 million of the department’s budget was specifically earmarked for poverty alleviation.

One year later, it has provided a further increase in the Department of Social Services’ budget allocation amounting to some $7 million or 22%.

“The increase in budgetary allocation for the Department of Social Services will permit meaningful increases in all areas of relief to the poor, including food, uniform, rental and burial assistance, payments in respect of foster care, the student lunch scheme and the work programme,” Ingraham explained.

“I note that the last increase in these benefits to the poor was granted in 2000 during our last term in office,” he said.

In addition to increases for assistance to the poor, the 2008/2009 budget makes provision for a $750 raise for all public officers and a $1,250 raise for teachers in the public school system.

One of the critical cost increases impacting persons worldwide and here at home is on food items, with the prime minister pointing out that present global economic uncertainty is giving rise to what appears to be “unstoppable increases in the cost of living driven by the continued rise in energy and food prices internationally.”

This year’s budget addresses the cost of food items by introducing and duty and stamp tax elimination on a wide range of food items.

“Having reduced the stamp tax on food items from 4% to 2% during our last stint in office we are now moving to eliminate the 2% Stamp Tax on some 160 food items,” Ingraham said.

The 2008/2009 budget also provides for the elimination of import duties on a number of citrus fruits, as well as frozen vegetables, cereals, oatmeal, and breads.

Regarding the rising cost of energy in the Bahamas, Ingraham announced that the government in its 2008/2009 budget is granting a two-year suspension of Customs Duty of 10% and Stamp Duty of 7% on Bahamas Electricity Corporation’s (BEC) fuel imports as a positive measure to address the rising cost of the utility surcharge, which currently includes the 7% stamp tax.

“This is expected to enable BEC to function without further increasing the costs of electricity,” he explained.

The prime minister acknowledged that the tax cuts in this year’s budget, inclusive of new and significant concessions being granted to first-time homeowners will impact revenue.

“Some of these revenue measures will admittedly result in revenue losses for the government,” he noted, “but that will be money that will stay in the pockets of consumers and homeowners and thereby provide much-needed relief in the period ahead.”

Mariah Carey and Nick Cannon recently wed at a surprise ceremony on the picture-perfect island of Eleuthera, adding to the growing list of stars that have planned their perfect day in The Bahamas. With ideal weather year round, breathtaking beaches, lavish hotels and amenities, not to mention privacy, this tropical paradise has long been a favorite locale for celebrities to walk down the aisle in style.

Always the trendsetter, supermodel Cindy Crawford said “I do” to hubby Rande Gerber in May 1998 at the swanky Ocean Club on Paradise Island. Since then, A-list couples have continued to flock to the 700 Islands Of The Bahamas including current NFL commentator Deion Sanders, who was married on Nassau Paradise Island, Richard De Niro, son of Oscar winning actor Robert De Niro, who also said his vows on Nassau Paradise Island and Solange Knowles, younger sister of pop icon Beyonce, who wed on Grand Bahama Island. Also married in The Bahamas was Google co-founder Sergey Brin to bio-tech specialist Anne Wojcicki. The sweethearts said their nuptials in May of 2007 on Musha Cay Island on a private property owned by magician David Copperfield.

You don’t have to be rich and famous to get married in The Bahamas. Whether planning a large wedding with hundreds of guests or an intimate ceremony with just close friends and family in attendance, The Bahamas can fit the needs of all personalities, themes, and budgets. With endless hotel and resort options, restaurant choices and activities for the young and young at heart, this chic destination makes planning a wedding effortless. What’s more, possibly the most distinct feature of The Bahamas is the ability for newlyweds to cut the cake on one island and then leave their guests behind to escape to their honeymoon on yet another secluded island in The Bahamas!

The Bahamas is as culturally diverse as it is vibrantly beautiful, from the carefree Out Islands to exciting Nassau/Paradise Island and Grand Bahama Island. With world-class diving and fishing, gorgeous turquoise water and miles of picture perfect beaches, the 700 islands of The Bahamas offer visitors the opportunity to do everything or nothing at all.

Source: BMT Press Release "The Bahamas Continues to be a Hot Spot for Celebrity Nuptials"