Bahama Islands tax system: audit, reporting and optimization of taxation of bahamian companies and individuals: VAT, income tax and capital gains

Basic taxes (briefly)

Personal tax No
Corporate tax (in detail) Companies in the Bahamas are not subject to direct taxes.
Capital gains tax. Details There is no capital gains tax in Bahamas.
VAT. Details VAT is paid at the rate of 12%.
Other taxes Social contributions, Property taxes
Government fee
Stamp duty Collected in relation to rentals of real estate in Bermuda from the amount of the annual rent

International tax agreement

   
Australia, Argentina, Belgium, Great Britain, Greenland, Denmark, Iceland, Spain, Canada, China, Mexico, Monaco, Netherlands, New Zealand, Norway, San Marino, USA, Faroe Islands, Finland, France, Sweden, Japan.


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Personal Income Tax

None.

Corporate Income Tax

None.

CFC Rules

There are no CFC rules in place.

VAT

VAT is paid at the rate of 12%.

Withholding Tax

None.

Social Security Contributions

The employer and the employee pay social security contributions on employment remuneration.

The general rate is 9.8%, of which 3.9% is payable by the employee and 5.9% by the employer.

These contributions do not apply to earnings exceeding BSD 710 per week.

Property Tax

The tax is charged on the market value of the property at rates depending on the type and value of the property.

Stamp duty is levied on BAHAMA immovable property rentals on the amount of the annual rent.

Fees are also levied in relation to other immovable property transactions, as well as in relation to certain other transactions.

Double taxation treaties

Bahama islands has entered into the following tax information exchange arrangements:

22 TIEAs: Australia, Argentina, Belgium, Great Britain, Greenland, Denmark, Iceland, Spain, Canada, China, Mexico, Monaco, Netherlands, New Zealand, Norway, San Marino, USA, Faroe Islands, Finland, France, Sweden, Japan.

Exchange Control

The Bahamas has foreign exchange controls and certain restrictions, in particular on foreign exchange transactions for residents and on transactions in Bahamian dollars for non-residents.

There are special rules for making foreign exchange transactions.

    Taxes of Bahamas

    Min. rate for corporate tax No
    Capital gains tax No
    VAT 12%
    Withholding tax No
    Exchange control There are special rules for conducting foreign exchange transactions
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