Tax Relief For Some Tourism Investments
“The Tourism Investment Act 2017 is a catalyst for growth in the restaurant and attraction sectors by creating a favorable investment climate,” Minister of Tourism and the Cabinet Office Vance Campbell said, adding that it “incentivizes entrepreneurs to establish and expand their businesses; promotes collaboration between the public and private sectors; and enhances the overall tourism experience in Bermuda.”
The Minister’s full statement follows below:
Good morning Mr. Speaker,
I wish to provide this Honourable House with an update on the Ministry of Tourism and the Cabinet Office’s efforts to engage our industry stakeholders on the recently amended Tourism Investment Act 2017.
Mr. Speaker, a few weeks ago we debated significant amendments to this very important piece of legislation which is aimed at supporting hotels, small and medium sized businesses, local entrepreneurs in the tourism space.
Mr. Speaker, the primary objective of the Tourism Investment Act 2017 is to make Bermuda more attractive to investors and to incentivize and assist businesses to reinvest in their product by providing a level of tax relief for the following tourism products:
- New or existing restaurants
- Visitor attractions
- A new hotel
- A Refurbished hotel
More specifically Mr. Speaker, tourism attractions and restaurants are major contributors to the local economy. They create employment opportunities, generate revenue, and stimulate business activities.
Visitors often allocate a significant portion of their travel budget to dining and entertainment, making restaurants and attractions key drivers of tourism spending. The revenue generated by these establishments Mr. Speaker supports other sectors of the local economy, such as transportation and retail, further amplifying their impact.
So, Mr. Speaker, since the debate 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.
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.
Most recently Mr. Speaker, I had a discussion with the Bermuda Economic Development Corporation, a key industry partner to highlight the incentives.
During our conversation on the Mind Your Business Podcast, I stressed the importance of upgrading and enhancing the visitor product offerings and taking advantage of the tax relief and customs duty relief that’s available to restaurants, attractions and hotels.
Mr. Speaker, for restaurants, I explained that the Tourism Investment Act 2017 provides a conducive environment for growth and development.
It offers relief measures and incentives to attract investment in new or existing restaurants, encouraging entrepreneurs to establish high-quality dining establishments.
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.
Similarly, Mr. Speaker, our visitor attractions can also reap the advantages of the Tourism Investment Act. It encourages investment in the development and enhancement of tourism attractions, such as museums, cultural sites, and landmarks. The Act facilitates the expansion and diversification of attractions, making Bermuda a more appealing destination for tourists.
With increased investment, attractions can improve their infrastructure, upgrade facilities, and introduce new experiences. This can lead to a wider array of entertainment options, immersive attractions, and interactive exhibits, ultimately enhancing the overall visitor experience.
Mr. Speaker, next month, we have scheduled stakeholder engagements with the Bermuda Tourism Authority and another BEDC meeting planned for businesses and local entrepreneurs in the East End.
We have also connected with the Bermuda Chamber of Commerce with the intent of directly engaging with their Restaurant and Tourism Divisions to share the benefits of the Tourism Investment Act 2017.
Additionally, Mr. Speaker, we are sharing our Tourism Investment Act 2017 promotional and awareness information via our online, digital and traditional media communications channels.
Mr. Speaker, 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.
The Tourism Investment Act 2017 is a catalyst for growth in the restaurant and attraction sectors by creating a favorable investment climate.
It incentivizes entrepreneurs to establish and expand their businesses; promotes collaboration between the public and private sectors; and enhances the overall tourism experience in Bermuda.
Mr. Speaker, this Government understands and appreciates that it can sometimes be difficult owning and operating a business in the tourism space. But we’re putting things in place to help, like the Tourism Investment Act 2017.
Mr. Speaker, 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.
I want to encourage those interested businesses, particularly small and medium sized businesses – this includes restaurants and visitor attractions – to please email: tourisminvestmentact2017@gov.bm or go to www.gov.bm/tourisminvestmentact2023 to learn more.
Mr. Speaker, by continuously investing in and improving these aspects of our tourism product, I have no doubt that we can create an even more vibrant and enticing tourism industry that attracts and satisfies all our visitors.
Thank you, Mr. Speaker.
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Some people are going to make a load.
No money for infrastructure but tax relief for …………………..
Another Hatti ……………………
People have no confidence in the PLP government. Burt was highlighting the increase in receipts for FCPT. This is due to Bermudians selling up and taking their money out. Burt says the government finances are in better shape than expected, but Burch says there is no money to pave roads, but the government makes huge giveaways under Financial Assistance. The SP renovation is on hold and no wonder. Costs must have increased and the unemployment rate decrease from 30% to 3% means there are no workers available anyway. No one in the PLP elite seems to have a clue as to what is going on.
If only Bermuda had a credible Opposition to highlight these issues, but the OBA is useless.
30/6.
What planet you live on or are you still back ah tahn.
The OBA is beyond useless you mean, which is the very reason the government can do anything they want. If the PLP were opposition now they would’ve shut down Bermuda. The OBA needs remain the clowns they’re and a third new party needs to be form NOW!
And if any new party has any white candidates they’ll promptly be relegated to the same dustbin as the OBA , you know , all of that legacy racist b/s.
Everyone seems to want a real opposition party but if one comes out swinging everyone’s going to claim that they’re irrelevant and nasty .
I disagree with your statement. The former BDA party was the most diverse party ever formed and never should’ve merged with the UBP. That’s was a very bad idea . In the end the PLP and OBA will never be diverse and it’s clear as day..
So tired of these fn concessions. So everyone else gets a free ride and pays zero. They buy almost everything from overseas and get most of everything imported duty free under the hotel concessions act. They get payroll tax relief and a bunch of other breaks. I appreciate that they are important and employ many more people but I’m tired of doing the right thing at at times struggling and having to pay payroll tax, social insurance, import duty on my products, private pension, corporation taxes, vehicle licence fees, foreign currency exchange taxes, terminal handling fees, customs clearance fees, and the list goes on and on… For every one of these fees and taxes government gets all of or a portion of every one of them. They are bleeding us to death, meanwhile, some people get massive breaks and pay nothing. It is so unfair that it is sickening. Did the government just stopped wasting so much money? We wouldn’t have to pay as much. I’m so sick and tired of being asked to pay more so they can continue live the lifestyle they want.
Borrowing money to give to the masses and others is how the PLP Government has remained on power for the past 25 years. It should come as no surprise.
The PLP has remained in power because the masses refuse to vote for a 95% white party that fronts blacks for political gain. Have a OBA convention prove the public wrong!!!
” the masses refuse to vote for a 95% white party ”
because the masses are racists and are discriminating based on skin colour.
Stop using my profile name to post. Is that you, saud?
Stop trying to deflect
This is my profile, get your own.
Please do not sully my factually accurate comments with your racially charged rhetoric.