Independent MP Terry Lister maintains that the revised $14.2 million tax concession granted to Fairmont Hamilton Princess goes against the spirit and intent of the Hotel Concessions Act.Ultimately, he said, it will cut the country short of revenue for five years when Bermuda’s debt is at an all-time high while the Government expects its workers to take a pay cut.The revised legislation paves the way for a $70 million renovation project by the Green family who bought the hotel last September.Work was scheduled to begin in November when the original legislation was passed that provided $3.3 million in tax breaks. It was replaced on Friday with one that gives $14.2 million in concessions.Said Mr Lister: “The Minister of Finance, like all Ministers, is working very hard to try and get the ship steady, I know that. But I’m concerned about how we’re going to balance this budget if we’re going to be giving taxes away every day.“Where’s the tax base coming from? There has to be some companies, businesses, or organisations that you regard as sound and solid that can pay taxes every quarter. If the Fairmont Hotels don’t fall into that category then nobody does.“This is not a concession for the hotel industry, this is a concession specific to this site; a company that can pay the bill, it makes no sense to me,” he said.“The Minister of Finance Minister could show I’m wrong and I’ll be grateful, but what I think I’m seeing is that for the next five years there will be no land tax collected, no hotel occupancy tax and no payroll tax collected.“What money is the Government going to collect from the Fairmont Hamilton Princess while we fire our way out of a serious problem? A problem that is being asked to be met, in a manner I disagree with I would add, where we’re asking Government employees to take a pay cut.“It makes no sense to put ourselves in this position where we’re taking one of our best employers, not letting them pay any taxes and then we’re going to the employees and saying ‘well we’re in a bad way, I know that a loaf of bread is almost $7, but I want you take a pay cut.’”He noted that the Hotel Concessions Act was designed by a team led by the late David Allen in the former government’s first term in office.“I sat on the team in 1999 to 2000 and it was designed based on give and take. I give you a tax holiday and you give me Bermudian entertainment and training. And training should lead to employment and promotions, stronger positions for Bermudians in hotels. That was the deal,” said Mr Lister.“That give and take was actually taken off the table in this revised document. There’s no give and take, it’s only give, give away your taxes with no terms and conditions on the return.“They moved so far away from the spirit of the concessions act it’s not funny.”Speaking in the House on Friday, he said: “I’m going to listen to my cousin Bob Richards, the Finance Minister, to tell me why this is a good deal.“I don’t want him to tell me this is going to ensure that the hotel stays in business; that’s nonsense.“I don’t want him tell me how this is going to increase employment in the hotel, nonsense. Hotels are capped on how many people they employ.“I want him to tell me how this is going to put more revenue in the Government’s hands so that the Government can sort out this overall debt situation that we’re struggling with.“This Government is going to give away $14.2 million at a time when we need all the dollars we can get. I want to know how they will compensate for this when they gave away the baby and the bath water,” said Mr Lister.While noting that he is not one to stand in the way of progress, he questioned the five-year time frame.“In political terms, five years is a whole election cycle. Essentially what this Government has done, they have said for their first five years in office we will collect no money from our principle hotels and we’re quite happy doing that.“A large employer and a significant business entity that is helping the country by upgrading is one thing, but the concessions go too far,” he said.“The Government has put itself in a position where they have no revenue for five years. That’s asking a bit much, especially when you’re asking the workers to share the sacrifice.”