Bahamas Business License Bill 2023July 2023
The Bahamas government has published the Business License Bill 2023, which was presented along with the country's budget for 2023/24.
The Bill repeals and replaces the Business License Act 2010, establishing new rules for the Business License Tax.
Among other things, this includes a new rate schedule and an expanded scope of taxable turnover, notably covering the turnover of International Business Companies (IBCs) earned outside the Bahamas.
Bahamas to Introduce V.A.T.September 2013
The Bahamas government has announced introduction of V.A.T. regime starting July 1, 2014.
The standard V.A.T. rate will be 15% with a reduced 10% rate applying to hotel services.
Zero rate will apply inter alia on export, financial services , agriculture and social services.
The threshold for V.A.T. registration will be BSD (Bahamas Dollar ) 50,000.
Bahamas with a land area of 13,943 km2 has a population of about 347,000 people, about 70% of them living in Nassau the capital city.
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
Please read our terms of service before entering this site.