The Bahamas ministry of finance recently urged retail shoe and clothing merchants to take advantage of the customs duty waiver available to businesses to reduce the cost of importing goods. Since the announcement of the policy in July, when the current fiscal started, the ministry has granted waivers to 154 applicants, the ministry said on its website.
Businesses that take advantage of this waiver are supposed to advertise this in their stores and show the mark down in prices that resulted from their waivers.
The ministry will be doing spot checks on merchants to determine their compliance, according to financial secretary Marlon Johnson.
Recognising the impact of online shopping and competition from the South Florida market on the local retail market, the government implemented the customs duty waiver as part of its package of tax relief measures earlier this year.
The decision to reduce duty by about 20 per cent helps to make shopping more affordable and local retailers more competitive.