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The Bahamas Local Government Act of 1996 is a piece of legislation of the Bahamas. In 1996, the Bahamian Parliament passed "The Local Government Act" to facilitate the establishment of Family Island Administrators, Local Government Districts, Local District Councillors, and Local Town Committees for the various island communities.
Local government in the Bahamas exists at two levels: 32 districts and 41 towns. The boundaries of districts are defined by the First Schedule of The Bahamas Local Government Act 1996 (as amended by law and declarations of the Minister responsible for Family Island Affairs), [1] [2] defined with reference to parliamentary constituency boundaries.
The economy of the Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the West Indies and is ranked 14th in North America for nominal GDP. [ 8 ] It is a stable, developing nation in the Lucayan Archipelago , with a population of 391,232 (2016).
The Ministry of Finance is a government ministry of the Bahamas responsible for the care and management of public finances. The development and management of the annual government budget is a major aspect of the ministry's function. [1] Since 1984, Prime Minister of the Bahamas has mostly held the portfolio of Minister of Finance.
Government spending can be a useful economic policy tool for governments. Fiscal policy can be defined as the use of government spending and/or taxation as a mechanism to influence an economy. [13] [14] There are two types of fiscal policy: expansionary fiscal policy, and contractionary fiscal policy. Expansionary fiscal policy is an increase ...
The number of Ministers from the Senate is limited to three. In addition the Prime Minister and the Minister of Finance are required to be members of the House of Assembly. The functions of the Cabinet entail the final determination of government policy, control of government activities and coordination of government Ministries and Departments.
[3] [4] Tax residency certificates are issued to individuals who spend at least 90 days in the Bahamas and under 184 days in any other single country [5] and purchase a property worth in excess of $1.5 million. [6] Tax revenues made up 22.4% of gross domestic product (GDP) in the Bahamas in 2016. [7]
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