World Business NewsA round up of the latest news for those doing business internationally
Bahamas endorses VAT in 2014/15 Budget
Zone(s): Bahamas ¦ Sector(s): Taxation
[26 June 2014, Tax-News.com] By Mike Godfrey, Tax-News.com, Washington: The Bahamas Government has passed its 2014/2015 budget, confirming the introduction of a value-added tax and improvements to the administration of existing taxes to support deficit reduction. The budget foresees an increase in revenue of USD305m, to USD1.77bn. This increased revenue will come from the introduction in January 2015 of a VAT regime with a 7.5 percent headline rate, as well as the enhanced collection of import tax and real property tax. As a result of the measures, the deficit is due to fall to a pre-crisis low.