The Bahamas intends to lower the value-added tax rate from 12 percent to 10 percent, the territory announced in its supplementary 2021/22 Budget, released on October 27.
The Bahamas Department of Inland Revenue has announced a Tax Credit and Tax Deferral Employment Retention Programme, which will benefit businesses with an annual turnover of BSD3m (USD3m) or more and a minimum of 25 non-executive employees.
The OECD has issued another update on jurisdictions‘ progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5).
Representatives from the Bahamas Government have held a number of meetings in Brussels and Paris with the EU’s Code of Conduct Group (business taxation) and the OECD to discuss the territory’s efforts to comply with international standards on tax governance.
The Securities Commission of the Bahamas has published three new policies on its website clarifying its position on various aspects of securities laws and the Financial and Corporate Service Providers Act.