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Taxation in the Bahamas is collected by the Government of the Bahamas. The Bahamas are considered a tax haven given the lack of income tax, capital gains tax, inheritance tax or company tax. [1] Government tax revenue is instead derived from consumption, property and import taxes as well as licence fees. [2]
The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer. [15] In 2010, overall tax revenue was 17.2% of GDP. [16] A value-added tax (VAT) of 7.5% has been levied 1 January 2015. It then increased from 7.5% ...
The Board of Inland Revenue was created under the Inland Revenue Board Act 1849, after the Board of Excise and the Board of Stamps and Taxes were amalgamated. Responsibility for excise duties was transferred to the Board of Customs and Excise in 1909. In 1995 to help promote self-assessment tax returns, Inland Revenue created the character of ...
The Bahamas (/ b ə ˈ h ɑː m ə z / ⓘ bə-HAH-məz), officially the Commonwealth of The Bahamas, [13] is an island country within the Lucayan Archipelago of the Atlantic Ocean.It contains 97% of the Lucayan Archipelago's land area and 88% of its population.
The National Insurance was established in the Bahamas on 7 October 1974, [2] and the use of stamps to pay contributions ended in 1984–86. [3] In September 2013, a taxpaid stamp was issued to pay the excise tax on tobacco in accordance with the Excise Stamp (Tobacco Products) Control Act (No. 27 of 2013). [4]
A mixed collection of postage and revenue stamps, dating from 1849-1884 held in 7 volumes. The inspectors’ Specimen Books of impressed revenue and postage stamps for the period 1885-1964 in 10 volumes. The Registers of impressed revenue stamps and dies from 1916-1964 contained in 7 volumes, and the Secretary’s Specimen Book of Irish Dies.
Under the Passenger Tax Amendment Bill 2023, the head tax for cruisers leaving the Bahamas from Nassau or Freeport would be $23 – a $5 hike from the current $18 tax – and $25 if departing from ...
Patricia Cole Cozzi (ca 1926 – April 8, 2006) was the first female lawyer in The Bahamas.. The daughter of A.K. Cole, Controller of Customs, she was born Patricia Marjorie Cole and was educated at Queen's College in Nassau and studied law at Victoria College in Toronto.