Hotels to access tax breaks from Monday
February 1. That is the revised date for members of the Barbados Hotel and Tourism Association
(BHTA) to begin accessing duty free concessions.
The announcement was made in a statement issued today by the BHTA, which says this will allow hotels to raise the quality of their product to a level, which will go a long way in increasing the number of visitors to Barbados.
The association says the process for applying for the concessions and a list of the requirements has already been distributed to all its member hotels.
“The association will be working closely with them to assist with the procedure,” the group said.
“In order to qualify for the concessions, hotels must be registered with the Ministry of Tourism as a qualified tourism business, as already required for the TDA (Tourism Development Act).”
Legislation granting the concessions was published in the official Gazette last November, after being passed in Parliament in October.
The BHTA said it received correspondence this week from the Minister of Tourism Richard Sealy informing that hotels can now apply for the concessions on consumables not listed on the revised Second schedule of the Tourism Development Act.
“This is welcomed news for our members and we publicly thank the Government of Barbados and, by extension, Minister Sealy and the Minister of Finance and Economic Affairs Chris Sincker for all their work towards making this a reality,” the BHTA continued.
“It is a ground breaking development for the industry and the association and we trust that the implementation of this system will not only bring some relief to the operational costs of our members, but will also allow them to generate more cash flow, which can then be reinvested into their hotels.”