Lowtax Network

Back To Top

Your Lowtax Account

Bahamas Should 'Look To Income Tax To Balance Books,' IMF Says

by Mike Godfrey, Lowtax.net, Washington
18 September, 2017

The Bahamas should consider introducing a low-rate income tax in the not-too-distant future, to counterbalance revenues lost from lowering import duties.

The IMF said an income tax would make the territory's tax system more progressive and help protect infrastructure and social spending.

The IMF recommended against introducing exemptions from value-added tax, saying targeted transfers to low-income houses would be more effective.

The IMF called on the Bahamas to work closely with the Caribbean Financial Action Task Force, as well as the Financial Action Task Force (FATF), to swiftly address deficiencies in the territory's anti-money laundering and countering the financing of terrorism regime, which were identified in the recent mutual evaluation report by the FATF. It also said the Bahamas should take steps to comply with international standards, including the OECD's Common Reporting Standard, the single global standard for exchanging financial account information on foreign tax residents on an automatic basis.


See all of today's news


 

News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »