GENERAL IMPORT DUTIES
General Import Duties account for approximately 33% of total revenue. The ports of entry collecting the largest volume of revenue are New Providence, followed by Freeport, Grand Bahama and Marsh Harbour, Abaco.
EXPORT DUTIES
Export Duties are collected on goods manufactured locally for export. These goods consist mainly of spirits and beer
EXCISE TAX
An excise tax is levied on selected products which include motor vehicles and parts, petroleum and tobacco products.
PROPERTY TAX
Property tax is collected on properties throughout The Bahamas. No taxes are levied on Bahamian owned properties in the Family Islands, and undeveloped Bahamian owned properties in New Providence. Owner-occupied properties valued under $250,000 are exempted.
MOTOR VEHICLE TAX
The Road Traffic Department issues a one or three years driver’s photo license. Most persons are now electing to renew the licenses for a three year period
CASINO TAX
Casino Tax is calculated on a basic rate in addition to a percentage of winnings from each casino. The casino tax is now paid directly to the Ministry of Finance and not to the Treasury
DEPARTURE TAX
A Departure tax of $20.00 is levied on all sea passengers leaving The Bahamas. Children under the age of six, passengers in transit and Diplomats are exempt. As at October 2011 Ticket Tax will be combined with Air Departure Tax and the new rate will be $25.00 for all passengers leaving The Bahamas.
HOTEL GUEST TAX
Hotel guest tax consists of a fee of 10% of the room’s revenue for hotels that are not all-inclusive. For all-inclusive hotels a specific formula is used
STAMP TAX – REALTY TRANSACTIONS
Stamp tax is based on a scale with the highest rate being 10% for values over $100,000.
INTERNATIONAL BUSINESS COMPANIES
The standard IBC fees are annual fees of $350 and incorporation fee of $300.
BANK AND TRUST FEES
Bank and Trust fees are based on an asset scale depending on the category of license issued by the Central…