On 25 May 2016, Bahamas Prime Minister Perry Christie presented the 2016/17 Budget to parliament. The Budget includes no major tax-related changes, although a number of adjustments are made. The main measures include a reduction in custom duties on certain goods, stamp tax reductions and exemptions for certain transactions/documentation, and adjustments to the value added tax (VAT) regime, including bringing forward the VAT payment due date from 28 days after the tax period to 21 days. Given the positive effect the VAT regime has had since being introduced in 2015, the standard VAT rate of 7.5% will be maintained.
Click the following link for the 2016/17 Budget Communication.
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