On 28 May 2014, Bahamas' budget 2014/2015 was presented. The budget includes several changes in regards to simplifying tax procedures, and adjusting certain excise taxes and customs duties. However, the biggest change is the introduction of value added tax (VAT).
The standard rate of VAT will be 7.5% on goods and services. Exports will be zero-rated and certain goods and services will be exempt, such as basic foodstuffs, and medical and education services. Suppliers wil…