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NEWS

Bahamas To Review Tax System


04/06/2012

Suggesting that the jurisdiction's tax system is no longer fit for purpose in the 21st century, Bahamas Finance Minister Perry G. Christie has announced a root-and-branch review of taxation.

"There is an emerging national consensus that the Bahamian tax system is simply inadequate to meet the needs of a modern 21st century society," Christie said in his 2012/13 Budget speech last month.

"My Government will therefore launch an extensive review of the Bahamian tax system with a view to proposing alternative means of taxation that address the problems of the current system while providing the government with a stable, buoyant and adequate source of revenue to meet its governance obligations to the Bahamian people," the Finance Minister explained.

Legislation will be introduced to establish a council of economic advisors, Christie said, adding that the role of the council will be to develop policy recommendations for the government on the major issues pertaining to economic growth and stability, including tax reform.

Also, in an effort to stimulate the real estate market, Christie announced that the government would make good on its commitment to lower the maximum rate of stamp duty on land sales from 12% to 10%, and will also re-introduce a maximum cap on real property tax.

http://www.tax-news.com

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