Taxation in Bahamas

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The government of the Bahamas is implementing a new value-added tax on most goods and services.

Prime Minister Perry Christie has defended the decision of his administration to introduce a Value Added Tax (VAT) in July this year saying it is the most suitable option for the Bahamas to enhance the revenue yield of its tax system.

The Bahamas will likely lose its longstanding stability in the world’s Paying Taxes rankings and “slip lower” than its current 45th position when Value-Added Tax (VAT) is introduced next year, a Tax Coalition co-chair says.

WITH 40 per cent of Swiss private banks eyeing foreign acquisition targets, a leading accountant yesterday predicted further consolidation in the Bahamian financial services industry, telling Tribune Business that “out of the box thinking” was essential to this nation’s competitiveness.

In recent years, numerous people have recommended that the Bahamas change the current tax regime from one dominated by tariffs (import tax) to a Value Added Tax (VAT).

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