Bahamas To Overhaul Petroleum Tax Regime
by Mike Godfrey, Lowtax.net, Washington
08 February, 2016
Legislation under consideration in the Bahamas would introduce a new tax framework for petrol companies.
The Attorney General and the Minister of Legal Affairs, Allyson Maynard-Gibson, said the Petroleum Bill 2014, which would replace the now-outdated Petroleum Act 1971, includes provisions to levy royalties, fees, and rents, and to require compensation for environmental damage. It also sets out record keeping and annual reporting requirements.
The Attorney General noted that the legislative formula for royalties will be calculated against the selling value of the petroleum prevailing in the market at that time, or as determined by the minister with responsibility for petroleum.
Her comments before the Senate last month were posted on the Government's website on February 4.
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