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The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer. In 2010, overall tax revenue was 17.2% of GDP. A value-added tax (VAT) of 7.5% has been levied 1 January 2015. It then increased from 7.5% to 12% ...
Taxation. Taxation in the Bahamas is collected by the Government of the Bahamas. The Bahamas are considered a tax haven given the lack of income tax, capital gains tax, inheritance tax or company tax. [1] Government tax revenue is instead derived from consumption, property and import taxes as well as licence fees. [2]
The Bahamas. / 25.07806°N 77.33861°W / 25.07806; -77.33861. The Bahamas ( / bəˈhɑːməz / ⓘ bə-HAH-məz ), officially the Commonwealth of The Bahamas, [12] is a country in North America. It is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean. It contains 97% of the Lucayan Archipelago's ...
Bahamas Customs Service. Bahamas Customs & Excise Department is the agency of the Bahamian government responsible for collecting revenue and taxes. It was established on March 21, 1914, by an act of the Bahamian Legislature known as an Act to provide for the establishment of a Customs Department. About 55% to 60% of revenue collected in the ...
The Ministry of Finance is a government ministry of the Bahamas responsible for the care and management of public finances. The development and management of the annual government budget is a major aspect of the ministry's function. [1] Since 1984, Prime Minister of the Bahamas has mostly held the portfolio of Minister of Finance.
v. t. e. The Cabinet constitutes the executive branch and has general direction and control of the Government of The Bahamas. It is necessary for the Cabinet to comprise at least nine Ministers inclusive of the Prime Minister and Attorney General. All Ministers are Members of Parliament of either the House of Assembly or the Senate.
Bahamians achieved self-government in 1964 and full independence within the Commonwealth of Nations on July 10, 1973, retaining Queen Elizabeth II as monarch. The Parliament as presently constituted was established by Chapter 5 of the Constitution of the Bahamas, which came into effect upon the country's independence from the United Kingdom .
The prime minister of The Bahamas is the head of government of The Bahamas. The prime minister is formally appointed into office by the Governor-General of The Bahamas , who represents Charles III , the King of The Bahamas (the Bahamian head of state ).