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Minister says
Investment Board applications being processed on time
By LINDSAY
THOMPSON,Guardian Business Editor lthompson@nasguard.com
Allyson
Maynard-Gibson, the Minister of Financial Services and
Investment, said that her ministry was considering 95
additional proposals which could result in a further
1,500 jobs for Bahamians.
Contributing to the
ongoing Budget Debate in the House of Assembly on
Wednesday, Mrs Maynard-Gibson outlined the work done
by her ministry over the past year and disclosed plans
for the future economic development of the country.
"The budget
relies heavily on this ministry to ensure the timely
flow of foreign direct investment into the country
which will result in increased employment
opportunities for all Bahamians and an increased flow
of financial resources to all Bahamians," she
said.
Earlier, yesterday
morning, the government and RAV Bahamas Ltd. signed an
amended five-year agreement for the Bimini Bay
project, which entails the construction of the upscale
resort and second home community.
The Ministry of
Financial Services and Investment has been reviewing
some 95 additional projects, the construction of which
are to begin in the near future, Mrs Maynard-Gibson
revealed. She noted that since the establishment of
the Ministry of Financial Services and Investment in
2002, 87 projects have been completed.
In processing
projects, she said that the ministry analysed and
reviewed each project to determine its viability and
direct benefits to The Bahamas. "We also conduct
an exhaustive review of the proposed developer and
when deemed appropriate, visit the site and other
developments carried out by the developer," she
said.
The Ministry of
Financial Services and Investment also has the
responsibility for processing Investment Board
applications from non-Bahamians wishing to purchase
property in The Bahamas.
Mrs Maynard-Gibson
said that her ministry has been able to meet its goal
of processing the completed applications within 30
days.
She disclosed that
from July 2003 to May 1, 2004, the ministry processed
1,673 applications for permits or certificates valued
at over $230,604,004. This resulted in payment of
stamp duties in excess of $13 million and an
additional $170,000 in processing fees.
However, she said,
in reviewing Investment Board applications, it had
become apparent that there was often "a wide
discrepancy" between the sale price and the
assessed value for real property tax purposes.
The minister
pointed out that according to the 2003/04 figures
compiled by the ministry, the total price for the
property processed was $597,803,943.02. However, the
assessed value of that same property was only
$230,604,004.
She said that
during the coming year, her ministry intended to work
closely with the Real Property Tax division of the
Ministry of Finance to ensure that the division has
the information on the value of the property that is
provided, so the appropriate real property taxes can
be levied.
The minister also
said that the Hotel Encouragement Act Division of the
ministry processed 67 applications during the past
year. The total value of concessions was valued at
$108,142,424 based on total projects valued at
$182,237,781. Approximately 29 contractors in New
Providence and in various Family Islands have been
employed to carry on this work, she added.
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