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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 an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean. It contains 97% of the Lucayan Archipelago's land area and 88% of its population.
Cruise industry experts are starting to weigh in on the potential impact of a new 10% Value Added Tax in the Bahamas. The cruise lines have been exempt from paying the tax for years, but that ...
The Bahamas is a parliamentary constitutional monarchy headed by King Charles III in his role as King of the Bahamas. The politics of The Bahamas takes place within a framework of parliamentary democracy, with a Prime Minister as the Head of Government. The Bahamas is an Independent Country and a member of the Commonwealth of Nations.
Arable land and agriculture challenges. Only about 0.8% of the Bahamas' land area is arable, about 140 square km (54 square miles). Most arable land is on New Providence, Abaco, Andros, and Grand Bahama islands; challenges for Bahamian agriculture include limited fresh water resources for irrigation, the difficulties of inter-island transport of goods in the archipelago, a lack of human ...
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.
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 ...