By RASHAD ROLLE

Tribune Senior Reporter

rrolle@tribunemedia.net

PRIME Minister Dr Hubert Minnis said $1.5m has been budgeted for the next fiscal year to hire up to 75 new college graduates aged between 18 and 30 in the public sector.

He said during his budget communication in the House of Assembly yesterday that this would spark a “critical infusion of new thinking and new ideas”.

“As our agencies are moving to new digitised environments and processes, we do require more young talent who are tech-savvy,” he said.

Dr Minnis also said officials expect that up to 2,500 people will get back to work as businesses take advantage of a new tax credit his administration will roll out under the Employment Incentive Programme. He projected that up to 250 businesses will take advantage of the opportunity.

“The estimated cost of this investment in job creation will be approximately $40m in foregone revenue — in line with the amounts related to the previous payroll support programme,” he said.

In the last year, the government provided $44.4m through a tax credit/tax deferral payroll support programme. Dr Minnis said this allowed 126 businesses to pay salaries for 14,000 private sector employees.

He said through the new initiative, businesses can apply for a VAT tax credit to cover salaries of up to ten new employees brought on their payrolls as of July 1.

“The tax credit will be up to $400 per week per employee,” he said. “Eligible businesses will have to follow certain compliance rules and must be in good standing with NIB and the tax authorities.”

Dr Minnis also announced new opportunities for small businesses and entrepreneurs. “Small and medium sized businesses have often lamented that start-up costs are prohibitive and that big businesses and foreign investors get the kinds of incentives they do not qualify for,” he said. “We are addressing this concern head on, ensuring that Bahamians have access to start-up concessions just as large investment projects do. Every Bahamian small business and entrepreneur will be able to apply for and obtain duty-free concessions on all the items needed to start or expand their business, including on the first stock of inventory.

“Any Bahamian entrepreneur. Any small business with an annual turnover of less than $5m. You will get the same treatment as at the mega resort or the large manufacturer. We are levelling the playing field.”

Dr Minnis said the Small Business Development Centre will receive $250m in financing over the next five years, starting with an injection of $35m in the upcoming budget.