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Taxation. 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. In 2010, overall tax revenue was 17.2% of GDP. A value-added tax (VAT) of 7.5% has been levied 1 January 2015. It then increased from 7.5% to 12% ...
The Bahamas ( / bəˈhɑːməz / ⓘ bə-HAH-məz ), officially the Commonwealth of The Bahamas, [12] is a country in North America. It is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean. It contains 97% of the Lucayan Archipelago's land area and 88% of its population. The archipelagic state consists of ...
Bahamas Customs Service. Bahamas Customs & Excise Department is the agency of the Bahamian government responsible for collecting revenue and taxes. It was established on March 21, 1914, by an act of the Bahamian Legislature known as an Act to provide for the establishment of a Customs Department. About 55% to 60% of revenue collected in the ...
Value Added Tax (VAT) is an indirect tax levied on the value creation or addition. The concept of VAT in Nepal was introduced in FY 2049/50 but the act was developed in BS 2050. VAT was implemented in 1998 and is the major source of government revenue. It is administered by the Inland Revenue Department of Nepal.
The National Health Insurance Authority is an agency of the government of the Bahamas, established under the National Health Insurance Act 2003. It is intended to secure the implementation of a national health insurance policy that ensures access to basic healthcare services to all residents. In 2018 it proposed a very substantial extension to ...
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance ...
The Bahamas is a parliamentary constitutional monarchy headed by King Charles III in his role as King of the Bahamas. The politics of The Bahamas takes place within a framework of parliamentary democracy, with a Prime Minister as the Head of Government. The Bahamas is an Independent Country and a member of the Commonwealth of Nations.