Bahamas Cracks Down On Tax Avoidance
by Mike Godfrey, Lowtax.net, Washington
25 January, 2017
The Bahamas Ministry of Finance has established a project team to crack down on non-compliance with the territory's tax and customs laws.
The project team will initially focus on four key taxation areas: value-added tax, Real Property Tax, business license fees, and customs-related taxes and fees.
The Ministry said that taxpayers have already been selected for further verification or audit through risk-based data analysis – not subjectively or at random.
Commenting on the establishment of the new project team, the territory's Financial Secretary, Simon Wilson, said: "Today we are demonstrating our commitment to take compliance with tax and customs laws seriously. We believe this initiative is key to shift the paradigm toward a country where businesses and residents take their tax obligations seriously, and understand that we are committed to compliance and – where necessary – enforcement."
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