Fiscal Measures | Fiscal Year 2016/2017 cont’d
May 26, 2016
DESCRIPTION
EXISTING
RATE
PROPOSED
RATE
ENABLING
LEGISLATION
AGENCY
RESPONSIBLE
COMMENTS
73
Reduction of duty on cast iron tubs
35%
25%
Tariff Act
Customs
Department
74
Reduction of duty on plastic flooring
35%
25%
Tariff Act
Customs
Department
75
Extend the Family Island Development
Encouragement Act for one year.
Family Island
Development
Encouragement
Act expires June
30th 2016
Family Island
Development
Encouragement Act
extended for one year
to June 30th, 2017
Family Island
Development
Encouragement
Act
Ministry of
Finance
Amendment
can be made
by Order by
the Minister
76
Extend the City of Nassau
Revitalization Act for one year.
City of Nassau
City of Nassau
Revitalization Act
Revitalization Act
expires June 30th extended for one year
2016
to June 30th 2017
City of Nassau
Revitalization
Act
Ministry of
Finance
Amendment
can be made
by Order by
the Minister
77
Reduce the environment levy on used
tires.
$5.00 per tire
$3.00 per tire
Customs
Management Act
/Regulations
Customs
Department
In many cases
the tires are
purchased by
the importer
for less than
$5.00 each
78
Increase the customs storage charges
at Customs for vehicles.
$30.00 per week
$50.00 per week
Port Authority
Act
Customs
Department
79
Increase for the Customs 10 form (An
amendment to the manifest).
No fee
25% of the value of
the good
Customs
Management Act
/Regulations
Customs
Department
80
Introduce a fee for the Parcel List used
by cargo ships.
No fee
A fee of 25% of the
value of the good
Customs
Management Act
/Regulations
Customs
Department
This is to
be paid by
the shipping
companies.
This
amendment
seeks to limit
the use of the
parcel list.
81
Allow for a processing fee to be
levied on the shipper if prohibited or
restricted goods are found on-board
their vessel.
No fee
$5,000 for each
prohibited or
restricted good
Customs
Management Act
/Regulations
Customs
Department
This is not
considered
a revenue
measure,
but done for
security
Annex D
ITEM
NO.
[387]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE