Mario Carey applauded the Bahamas Real Estate Association’s call for government to reduce stamp tax by 2% across the board, a recommendation he made publicly in May.
Fishermen and farmers will receive duty exemptions on trucks and other heavy-duty equipment to encourage the expansion of the industries.
In an attempt to combat smuggling and recover about $20 million in annual lost revenue, tax stamps will be placed on tobacco products.
The Government is introducing a number of measures to further rationalise tariff and excise rates, said Prime Minister Christie during his presentation of the 2012/2013 Budget Communication in Parliament.
The real property tax system suffers from a number of critical structural defects, and as result, annual revenues generated by the system fall significantly short of the amounts that should rightfully be collected.
There has been no end of ideas to protect Bahamian farmers yet officials continue to suggest that with a few more tax dollars they can make it work. Subsidies are a waste of taxpayer dollars.
Mario Carey applauded government’s intention to roll back the one-time fee on residential property transactions from 12% to 10% and to place a cap on annual property taxes.
The Bahamas is on the list of jurisdictions that have multiple banks still happy to work with US customers despite steep tax compliances.
The 12% stamp tax on property transactions over $250,000 coupled with increases in annual property tax is costing The Bahamas much-needed business and discouraging buyers.