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Bahamas Taxes

Death & Taxes?
Whoever said that death and taxes are the only two certainties in life, has obviously never lived in the Bahamas. With no corporate income tax, no capital gains tax, no personal income tax, no sales tax, and no inheritance tax – in fact, almost no direct taxation of any kind - the Bahamas is a veritable tax-haven.

Winter Savings At Beaches Resorts

Bahamas BeachIndeed, many foreign companies set up head offices in the Bahamas to take advantage of this largely tax-free environment.

Tax-Free, Almost
While the Bahamas provides largely tax-free living, Bahamian residents and businesses still pay some taxes, duties and fees. For individuals, these take the form of national insurance contributions, payroll taxes, stamp duties, and property taxes. For corporations however, these take the additional form of business licensing and registration fees, and import duties.

If there is one disadvantage to this tropical tax paradise, it is that the Bahamian government relies on these import duties and tariffs to raise 65% of its revenue. Consequently, import duties are high, averaging nearly 33%. In addition, the government charges a 7% stamp tax on imported goods.

Fortunately for investors however, the Bahamian tax system is rife with all manner of exemptions and investment incentives that provide relief from duties, taxes, and fees. Hotel developers for instance, are exempt from customs duties on raw materials and equipment. They may also claim exemptions from Bahamas real estate tax and business licensing fees. Agricultural businesses are eligible for interest-free loans for the purchase of supplies.

 


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