The 2016/17 budget, presented in early June 2016 to the House of Assembly, reflects that tax reform and modernization efforts have resulted in improvements in revenue yields for the government. With this positive momentum, the budget keeps the rate of value added tax (VAT) at 7.5%, but introduces certain reductions in customs duties on numerous items and eliminates and adjusts the stamp (tax) duties imposed on certain transactions.
Among the tax measures announced in the budget are items that would:
Read a June 2016 report [PDF 73 KB] prepared by the KPMG member firm in the Bahamas
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