Bahamas News

The government hopes to boost its revenue collection this upcoming budgetary year by hiking the price of work permit fees; funds that will be poured into training Bahamians.

Come July 1, work permit fees, which ranged between $10,000 per annum at scale 1 will increase to $12,500 per annum.

As it stands, work permit fees for labourers brought in at scales 10 through 12 – gardeners, housemaids, etc - are now pegged at $650. Registered farm labourers pay a reduced fee of $350.

According to Prime Minister Hubert Ingraham, work permits for labourers in scale 8 will now be hiked to $1,000.

As far as the government is concerned, the hike in work permit fees would translate into the country reducing its dependence on foreigners.

“The Free National Movement has always believed that Bahamians ought to be given preferential treatment as regards employment in our country so long as they are suitable and qualified for the employment contemplated,” the Prime Minister said while leading off debate on the 2008/2009 budget in the House of Assembly Wednesday.

“We also accept that there are occasions when special skills and expertise may not be available or not available in sufficient numbers to meet the requirements of our economy.”

Mr. Ingraham said in such cases work permits ought to be granted in a clear and transparent way and at a fee to cover the cost of the application process and to contribute toward the government’s revenue.

During its first term in office back in 1993, the Ingraham administration increased immigration fees by 50 percent in some scales. Those fees were again increased in 1999.

“Having not been increased during the tenure of our predecessors in office, it has been left for us to once again increase immigration fees,” the Prime Minister reasoned.

An increase in immigration fees is not the only hike reflected in the 2008/2009 fiscal plan.

The 12-month roadmap also provides for an increase in domestic bank license fees for the eight banks licensed to offer banking services here.

Those banks include Royal Bank of Canada, Scotia Bank, First Caribbean, Commonwealth Bank, Bank of The Bahamas, Fidelity Bank and Citibank.

“These fees which ranged between $250,000 and $750,000 annually have been increased to a range of $300,000 to $2.5 million annually,” the Prime Minister revealed.

The Prime Minister, who is also Minister of Finance is expected to expand on the issue – along with Minister of State for Finance Zhivargo Laing – as debate continues today in the House of Assembly.

Source: Bahama Journal