Bahamas Budget Communication 2019/20 Presented

On 29 May 2019, the Bahamas Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, presented the 2019/20 Budget Communication to parliament. The main revenue tax measures include:

• In an effort to alleviate the notion of ring-fencing, all banks (including both domestic and what used to be offshore banks) will no longer be subject to Business Licence fees, while banks with Bahamian dollar liabilities of over BSD 100 million will incur a Domestic Systemically Important Institution (…