14 FY2022 / 2023 BUDGET COMMUNICATION ern technology ;
» In the new budget , we are continuing to provide support to farms by allocating $ 500 thousand to secure broilers , and $ 600 thousand in the form of livestock to increase the supply of fresh meats in the market ;
» We are investing $ 300 thousand to restore the feed mill at our Gladstone Road location to ensure that farmers have ample domestic supply of feed for livestock ; and
» We are also providing $ 500 thousand in grant support to farmers .
Through the use of modern technology and resources which we have in abundance , we plan to reduce our food import bills . This , Madam Speaker , is how you ensure food security . This , Madam Speaker , is how you ensure food sovereignty . This , Madam Speaker , is how we will feed our nation and bring down the cost of living .
Madam Speaker : We are reducing the duty on roofing materials , plumbing materials and electrical supplies .
This will make it more affordable for everyone in The Bahamas to undertake any construction project .
We have also reduced the duty on electric cars with a value of under $ 70,000 to 10 %.
For vehicles over $ 70,000 the duty will be 25 percent , the same framework that presently exists for all hybrid cars .
These duty adjustments are part of a deliberate strategy to reduce national our carbon footprint .
Madam Speaker : For Bahamians who dream of home ownership , this dream can soon become a reality .
Currently , concessions are available for persons who purchase a home for the first time .
We are expanding these concessions so that people who purchase a home , or purchase land and construct their first home , or purchase a house and renovate it to be their first home , will receive the same level of concession .
For those who are constructing or renovating their first home , we also are refunding up to $ 40,000 in cash for any VAT paid for construction services or materials purchased , once the occupancy certificate is provided within eighteen months of the commencement of construction .
We are also increasing the level of exemption for first home buyers from $ 250,000 to $ 300,000 and reducing VAT on property transfers below $ 1 million for individuals .
We are increasing the real property tax exemption on owner-occupied properties from 250k to 300k .
We are also eliminating VAT on property transfers between joint tenants of property . This is especially important to Bahamians who have inherited land jointly with siblings .
We have also simplified the rules around transfers of property with similar but not identical beneficial ownership .
We have , as well , eliminated nuisance fees in the Stamp Act for documents unrelated to the transfer of property or registering a financial instrument .
Madam Speaker : We want to encourage investment by Bahamians , which is why we have reduced real property rates for commercial property , which will come into effect for the 2022 tax year .
We have eliminated the duty on telecommunications equipment and established a regime whereby URCA licencees can benefit from a reduction in their Communication fee for investments in emerging technologies , such as 5G technology , or fibre in the Family Islands .
Madam Speaker : We have eliminated import duty on lithium ion and lithium phosphate batteries . These batteries are predominantly used for renewal energy . We have also simplified the process for bringing in renewal energy parts .
We have also adjusted the current regime so that Bahamians in the Family Islands investing in short term rental property in The Bahamas can not only purchase building material duty free , but get furniture and appliances duty free as well .
To complement this effort , we will work with the Board of the Bahamas Development Bank to develop a loan programme for short term rental property development .
Madam Speaker : This budget also includes funding to comprehensively address the scourge of crime . We need to catch and punish those who break our laws . But we also desperately need more solutions that focus on the prevention of crime , so that we can break the terrible cycles of violence that grip our country . In addition , our Second Chance programme will reduce recidivism , and give people who have paid their dues to society a chance at a future .
Madam Speaker : Since coming into government , The Bahamas has been a leading voice on the global stage addressing the urgency of fighting climate change . Bahamians are clear : climate change is an existential threat for our country , and we cannot sit at home and just hope for progress . We have to fight for change .