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Bahamas FM Looking At New Financial Services Options

by Mike Godfrey, Lowtax.net, Washington
28 August, 2014

The Bahamas is exploring new financial services offerings as well as the development and expansion of the yachting and maritime sectors.

Michael Halkitis, the Bahamian Minister for Finance, reported that all changes need to be undertaken in a fiscally responsible manner to maintain the continued confidence of the international community.

The Bahamas is also undertaking a wholesale modernization of its Property Tax administration including the introduction of new computer systems to provide accurate tax information, manage arrears and collections and lead to an overall enhancement in the efficiency of the department.

In addition the Government is working on updating property values (by either indexing or trending existing valuations) and implementing an Arrears Action Plan utilizing private collectors to assist with the collection of outstanding property taxes.

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