Malaysia Hotline: +603- 2141 8908
The
economy has a very competitive tax regime. The government derives its revenue
from import tariffs, license fees, property and stamp taxes, but there is no
income tax, corporate tax, capital gains tax, value-added tax (VAT)(as of
January 2015, there is a 7.5% VAT.), or wealth tax. Payroll taxes fund social
insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the
employer.
The
Bahamas imposes no individual or corporate income taxes and has one of the
world’s lowest tax burdens. Government revenue, which equals 15 percent of the
domestic economy, is reliant on tariffs and national insurance, property, and
stamp taxes. Government spending has reached 23.7 percent of gross domestic
product, and public debt amounts to 56 percent of domestic income.
The
average tariff rate is 18.9 percent, and tariffs are a major source of
government revenue. Some agricultural imports are restricted. New foreign
investment is subject to a lengthy review process. The financial sector, the
second most important contributor to the economy, is fairly competitive.
However, nonperforming loans have increased to around 14 percent of total bank
lending.
The
absence of direct taxation has enabled the Bahamas to attract a substantial
number of financial enterprises in search of tax-shelter advantages. The
country has no income taxes, capital gains taxes, or profit taxes, and
residents are free from succession, inheritance, gift, or estate taxes. The
only indirect taxation is a real property tax, ranging from 1–2% based on
appraised value, owner's nationality, location and development status.
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my