The Fund on which the society of Bahamas lives on just began in 1975. From what the authorities have observed, the rates at which the working class of the Bahaman society gives to the Fund through taxes haven’t changed ever since.
Therefore, a Commission was chosen on October of 2003 to make amendments on the standards that the taxpayers are presently following. Thus beginning 2011, the self-employed would be required to pay 11.8% of their earnings from a rate of 8.8%. Likewise, the rates of 5.4% for employers and 3.4% for employees shall increase as well and further increase by 1% annually until 2014. In addition to that, it was also suggested that they increase the period of payment for retirement pension from 3 years to 10 years and recognize 67 as the new retirement age.
Every year, holdings on real estates are declared to the Chief Valuation Officer. Real estates undeveloped but owned by non-Bahamian residents on New Providence, developed and owned by non-Bahamian residents on other islands and developed on the island of New Providence are recognized duly by the Bahamian Law as real estate subject to taxes. From values of $250,000 to $500,000, taxes may vary from 0.75% to 3% depending on ownership and location.
Bahamian currency remitted overseas, incorporation of companies and transactions of real estate are considered musts in the Bahamas when paying stamp duties. A stamp duty of 0.25% is placed on exported Bahamian currency. On capitals of domestic companies, stamp duty is at $64 for the first $5,000 and $3 for every extra $1,000. Transactions on real estates are then stamped from 2% to 10% depending on sales and mortgages.
Fortunately for a few offshore companies, there exist no taxes on capital gains, dividends, income, profits, sales and withholding. Furthermore most offshore companies are not obliged to pay business license fees and stamp duties as well.
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