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Bahamas Budget Reduces Duties, Business License Tax

by Mike Godfrey, Tax-News.com, Washington

05 June 2017


The Bahamas' 2017 Budget included an increase to customs and excise duty rates, the business license tax, and the introduction of electronic customs processes.

Business license tax will fall from 1.5 percent to 1.25 percent of turnover, while hotels with turnover exceeding USD400m will see their business license tax fall from 1.25 percent to one percent of turnover.

Import duties will be eliminated or reduced on a number of food and beverage products, personal care and other personal products, household items, and building materials.

Excise duty on electric motorcycles will be reduced from 65 percent to 25 percent. Certain imported original artwork will be exempt from duty, as will equipment and machinery specifically designed for ground repair, maintenance, and services provided by cruise ships and sea vessels that conduct domestic and international travel.

Measures will be introduced to enhance tax administration and compliance, including amendments to the Customs Management Act to better accommodate paperless customs processing.

TAGS: compliance | Finance | tax | business | Bahamas | vehicle tax | budget | excise duty | food

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