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Bahamas, Aruba Hiked Consumption Tax Rate On July 1

Bahamas, Aruba Hiked Consumption Tax Rate On July 1

Two Caribbean territories instituted significant changes to their consumption tax regimes from July 1: the Bahamas hiked its value-added tax rate to 12 percent and Aruba increased its sales tax.

Bahamas hiked its rate to 12 percent from 7.5 percent but also exempted from VAT basic, edible commodities, except for sugar; medicines; residential property insurance; utilities (providing taxpayers' bills fall under certain thresholds); and charitable organizations' fund-raising activities.

Meanwhile, Aruba has hiked its combined sales tax rate, consisting of BBO (turnover tax) and BAZV (health tax), from 3.5 percent to six percent (both now three percent). There is an exemption for companies with annual profits of less than AWG12,000 (USD6,700).

 

By Courtesy of Lowtax.net

 

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