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Bahamas To Hike VAT To 12 Percent

Bahamas To Hike VAT To 12 Percent

The Bahamas Government has announced that it will hike the value-added tax rate from 7.5 percent to 12 percent from July 1, 2018.

The tax will be removed on basic, edible commodities, except for sugar. It will also be removed on medicines, residential property insurance, utilities (providing taxpayers' bills fall under certain thresholds), and charitable organizations' fund-raising activities.

Among the numerous changes announced, the Budget also hikes taxes on gambling activities. A progressive regime, with rates ranging from 20 percent to 50 percent, will be introduced, with an additional five percent duty to be levied on deposits into accounts for engaging in gambling.

By Courtesy of Lowtax.net

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