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Economic Empowerment Zones Act No. 28 of 2018.

Country/Territory
Bahamas
Document type
Legislation
Date
2018
Source
FAO, FAOLEX
Original source
Extraordinary Official Gazette, 5 October 2018.
Long title
An Act to promote the redevelopment of communities of The Bahamas through the granting of certain exemptions and fiscal incentives for the renovation and restoration of property and the encouragement of businesses in a designated economic empowerment zone and for matters connected thereto.
Subject
Land & soil, General
Keyword
Business/industry/corporations Concession Data collection/reporting Inspection Internal trade Smallholders/peasants Subsidy/incentive Tax/levy Community management Land tenure Ownership Private land
Geographical area
Americas, Caribbean, Latin America and the Caribbean, North Atlantic, Small Island Developing States
Entry into force notes
This Act shall come into force on such date as the Minister by nıtice appoint and shall expire on 1 July 2023.
Abstract

This Act lays down provisions for designating community areas as economic empowerment zones and encouraging the economic and social empowerment of residents in the zone, for granting certain exemptions and fiscal incentives to persons engaging in economic activities in the designated zones, for promoting the construction, renovation and restoration of property and structures in a designated zone, and for encouraging the principles of corporate social responsibility. This Act sets out application procedures for concessions to the property owners and to businesses, inspection and record keeping requirements of all businesses within the zone approved for concessions, duty of businesses to promote corporate social responsibility, and offences and penalties.

Full text
English
Website
laws.bahamas.gov.bs