Tax proposals in Bahamas budget 2017 2018 | KPMG | GLOBAL

Bahamas: Tax proposals in 2017/2018 budget

Bahamas budget for 2017/2018

Among the tax proposals in the 2017/2018 budget, presented in The Bahamas, are the following items.

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  • A reduction in the standard rate of the business license tax, reduced from 1.5% to 1.25% of turnover (only a reduction of the top rate of 1.5%, which was the standard rate; the reduction does not affect the business license tax rate of 3% for banks or the specific rate for gas stations located in New Providence)
  • A cap on the business license tax rate at 1% for hotels with turnover exceeding $400 million
  • Reductions in customs duty with respect to salmon and shrimp, and for a number of other basic food products (e.g., milk, yogurt, canned vegetables)
  • Reductions in customs duty for certain medical supplies and equipment

 

Read the government’s budget communication [PDF 450 KB]

 

For more information, contact a tax professional with the KPMG member firm in The Bahamas:

Jane Adams | +1 242 394 9975 | janeadams1@kpmg.com.bs

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