Members of the Bahamas Hotel & Tourism Association’s (BHTA) raised a number of questions and concerns, which are being considered by BHTA’s recently formed Tourism Tax Reform Task Force.
Many Bahamians accept that our tax system needs revamping. However, some significant questions remain unanswered regarding the proposed VAT, which is scheduled to begin July 1, 2014.
The Exigency Order permitting residents whose properties were damaged during Hurricane Sandy 2012 to import goods duty free has been extended for a further period of 90 days.
The government is moving to regulate and control the importation and manufacture of tobacco products through excise stamps and mandatory registration of such products.
A Bahamian auto dealer backed the government’s new duty structure based on engine size, but said he is against rates that are “strangling” new car and commercial sales.
A key advisor to the Christie administration says income tax must be considered as an option to curb the country’s rising debt levels.
The Cayman Islands have decided against imposing a 10 per cent income tax on foreign workers, previously described by Premier McKeeva Bush as a “Community Enhancement” fee.
Through the decades agriculture ministers have imposed or threatened bans on food imports as a way of supporting Bahamian farmers, the consequences of which were higher prices for inferior products.
The premier of the Cayman Islands outlined plans for a “Community Enhancement Fee” to be charged at 10 percent of the remuneration paid to foreign work permit holders in the Cayman Islands.