Bahama Islands tax system - taxation of bahamian companies and individuals: VAT, income tax and capital gains. Tax treaties of Bahamas.
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. |
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.
International tax treaties
The Bahamas has 22 Tax Information Exchange Agreements (TIEAs) with the following jurisdictions:
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 |