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Important Information

Bahamas to reform the tax system on the way to WTO


04/03/2013

VAT will be introduced as from 1 July 2014
The government of Bahamas has announced that a VAT will apply at a rate of 15% on a broad range of goods and services.

According to the White Paper on Tax Reform to Secure Adequate Revenues for the Future, published by officials, the reform will also involve:

  • effect the eventual reductions in import duty rates that will accompany The Bahamas’ accession to the WTO;
  • reduce excise tax rates to compensate for the VAT;
  • eliminate Business License Tax as currently structured and;
  • eliminate the Hotel Occupancy Tax.

www.intax-info.com

 



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