Hospitality industry ‘not taking advantage’ of tax breaks
Hotels, restaurants and other tourism-related businesses are failing to take advantage of tax breaks provided by the Government.
Vance Campbell, the Minister of Tourism and the Cabinet Office, said that many hospitality entrepreneurs were unaware of the relief provided by the 2017 Tourism Investment Act.
The Act, which provides tax breaks for businesses wanting to upgrade their facilities, was expanded last month and Mr Campbell subsequently contacted hospitality businesses to promote the benefits of the legislation.
Speaking in the House of Assembly yesterday, Mr Campbell said: “I have made it my mission to reach out to businesses in this space to share with them just how important this piece of legislation is to their operations and to their success.
“These incentives may include tax relief and duty concessions on imports of equipment and supplies, all of which can significantly reduce operational costs for restaurant owners.
“It might surprise the honourable members of this House to learn that there’s limited awareness among our local entrepreneurs about the benefits of this act.
“And so, our direct engagement is a critical component to ensuring that restaurants and visitor attractions take full advantage of the incentives and relief that’s available to them.”
Mr Campbell met the Bermuda Economic Development Corporation to highlight the incentives provided by the legislation.
Similar meetings will be held next month with the Bermuda Tourism Authority and hospitality businesses and local entrepreneurs in the East End.
The minister also plans to discuss the benefits with the restaurant and tourism divisions of the Bermuda Chamber of Commerce.
“Additionally, we are sharing our Tourism Investment Act 2017 promotional and awareness information via our online, digital and traditional media communications channels.” he said.
“Our message is simple. Bermuda’s tourism industry is vital to our economic success. And if we are to remain competitive with other visitor destinations, we must invest in and enhance our product offerings.
“We are determined to support our local businesses and entrepreneurs and make them more aware of what’s available to them in this current climate.
“We’ll continue to have direct discussions with the key stakeholders in this space so that they know what steps they can take to ensure they benefit from the Tourism Investment Act 2017.”
Businesses wanting to learn more about the Act can click here.
• To read the minister’s full statement, see “Related Media”
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