HAWKSBILL CREEK AGREEMENT PDF

Jump to navigation. Covid Travel Update. The Hawksbill Creek is named for its once frequent visitor now critically endangered the Hawksbill Turtle. This is also the site for which the Hawksbill Creek Agreement was named. Wallace Groves and the Bahamas Government.

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These extended concessions are now set to expire on August 4 th , — just a few days from now. In the interests of clarity, the tax concessions are available to licencees in the Port Area of Grand Bahama — better known as Freeport, and include the following:. Accordingly, and with that aim in mind, the Government retained international consultants to undertake a study of the economic situation within the Port Area; the implications of renewing expiring incentives of the kind in question; and the adoption of new measures aimed at accelerating, broadening and sustaining economic development in Freeport and Grand Bahama generally; and to consult with the Grand Bahama Port Authority and other stakeholders,.

Additionally, the Government appointed a Committee to review and make recommendations with respect to the impending expiration of the tax concessions in question under the Hawksbill Creek Agreement, and to recommend other measures that might be taken to promote and sustain economic growth in Grand Bahama.

The tax concessions in question are of great importance to the further economic development of the City of Freeport, and the entire Island of Grand Bahama. Due to the in depth and comprehensive nature of the study and the report of the Committee, which would also require further consultation and negotiations with stakeholders and the Grand Bahama community, more time is clearly needed to complete this vital exercise.

The context for that, of course, will be the bills that shall have to be tabled by the Government to give legislative effect to any change in the tax relief provisions of the Hawksbill Creek Agreement. In the meantime, however, to emphasize the thoroughness of the review that was carried out, the Committee met with over stakeholders including civil society, manufacturers, developers, tourism operators, professionals, and present and former Parliamentarians drawn from both sides of the parliamentary divide.

In addition, the Committee hosted public meetings with the community. Clearly, there is still a great deal for the Government to digest and consider before settling the longer way forward based on the study by the consultants and, more especially, the report from the Committee. In the meantime, however, and at least for the short term, it is vitally important that we maintain the status quo as it relates to the tax concessions in question. In closing, Mr. Marcus Bethel, the Chairman of the Committee, and the other hard working members of the Committee, namely:.

The Committee did a great job and one for which the Government is most thankful. It will certainly be of enormous value to the Cabinet as it proceeds to complete its deliberations on the longer term economic future of Freeport and Grand Bahama generally.

July 22 nd , Previous Next. In the interests of clarity, the tax concessions are available to licencees in the Port Area of Grand Bahama — better known as Freeport, and include the following: Firstly, no real property tax or real property levy; Secondly, no personal property tax and no capital levies or taxes on capital gains or capital appreciation; and Thirdly, No taxes of any kind on the earnings of the Port Authority or the earnings of its licensees.

Accordingly, and with that aim in mind, the Government retained international consultants to undertake a study of the economic situation within the Port Area; the implications of renewing expiring incentives of the kind in question; and the adoption of new measures aimed at accelerating, broadening and sustaining economic development in Freeport and Grand Bahama generally; and to consult with the Grand Bahama Port Authority and other stakeholders, Additionally, the Government appointed a Committee to review and make recommendations with respect to the impending expiration of the tax concessions in question under the Hawksbill Creek Agreement, and to recommend other measures that might be taken to promote and sustain economic growth in Grand Bahama.

Speaker: The tax concessions in question are of great importance to the further economic development of the City of Freeport, and the entire Island of Grand Bahama. Kevin D. Perry G. Christie, M. Prime Minister July 22 nd , Related Posts. President Greg Laroda addresses challenges businesses are facing. Deputy Prime Minister Announces Access Accelerator to facilitate hurricane relief loans for affected entrepreneurs Deputy Prime Minister Announces Access Accelerator to facilitate hurricane relief loans for affected entrepreneurs.

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Hawksbill Creek Agreement

The Hawksbill Creek Agreement [1] was an agreement signed in between the government of the Bahamas and Wallace Groves to establish a city and free trade zone on Grand Bahama Island with an aim of spurring economic development in the area. The Grand Bahama Port Authority was created to develop and administer the land and thus the city of Freeport was planned and built from scratch. To encourage investment, the agreement allowed the port authority not to pay taxes on income , capital gains , real estate , and private property until —a provision that extended the agreement a further 49 years. This has since been extended to From Wikipedia, the free encyclopedia.

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STATUS OF HAWKSBILL CREEK AGREEMENT TAX CONCESSION

As of Thursday, July 23, Early developers started with the dredging of a deep water harbour, and construction of an airport and roads. These significant infrastructural developments, along with the tax-free concessions in the agreement, helped to attract major industries to the island. Today, the port facilities have significantly expanded at the harbour with the construction of a container port and a shipyard. The industrial park area consists of major developments including as an oil storage terminal and refinery, plastics and pharmaceutical plants. There are 3, business licencees in Freeport but some of the tax exemptions in the HCA for those licencees are set to expire early next month — including real property tax and business licence fees. The government has to decide whether to extend these exemptions.

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