The Bahamas: Tax Reforms for Increased Buoyancy

International Monetary Fund

No 2014/017, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper focuses on tax reforms for increased buoyancy in The Bahamas. The Bahamas has a low tax effort owing to limited tax handles and underutilization of available ones. Real property tax collections as percent of GDP have doubled within a decade. In addition to the real property taxes, a graduated stamp duty on the conveyance of immovable property is imposed at fairly steep rates. As a requirement to World Trade Organization membership, the tariff rates will be lowered from their current levels. It is expected that revenue losses from tariff reduction will be compensated by value-added tax revenues.

Keywords: ISCR; CR; excise tax; customs duty; tax burden; income tax; tax expenditure; transfer tax; land tax; Value-added tax; Property tax; Excises; Tax incentives; Africa; Central America; Global (search for similar items in EconPapers)
Pages: 73
Date: 2014-01-28
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