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“A new tax regime introduced in the Bahamas”

Before January 1 there were no direct taxes levied on the trading of goods and services in The Bahamas. In times past, consumers were only required to pay customs duty on goods imported into The Bahamas.  For the past year and a half though, the government of the Commonwealth of The Bahamas attempted to engage its citizenry in a debate over the implementation of a new tax regime as part of efforts to reduce the country’s national debt and secure funding for key infrastructural developments in the future. The government’s solution: Value Added Tax which according to government officials was selected above all others because it’s less susceptible to economic fluctuations.More…