Duty relief for retailers looking to upgrade their stores will be extended for another five years after the approval of legislation in the House of Assembly.

The Retail Shops (Temporary Customs Duty Relief for Capital Investments) Amendment Act, presented by Bob Richards, the Minister of Finance, was passed with support from both sides of the House.

The legislation extends duty relief for five years for items being brought to the island to refurbish or renovate retail stores. Such relief was originally put in place in 2008, and so $9.9 million of items have been imported under the policy.

Shadow Finance Minister David Burt said that there was nothing controversial about the Bill, noting that the original legislation was put in place by the Progressive Labour Party.

While he asked if the Bermuda Government intended the relief to be made permanent, Mr Richards responded that he did not believe the relief would need to be extended again due to the recovering economy.

The legislature also passed Electronic Communications (Regulatory Authority Fees) Regulations, which increases the general regulatory authority fee from 1.5 per cent of relevant turnover to 1.75 per cent.

While he said the fee increase is still expected to result in a slight budget shortfall for the regulatory authority, the authority are confident that they will be able to manage.

Grant Gibbons, the Minister of Economic Development, also added that the audited financial statements of the authority would be brought before the House in the near future.