7 August 2014
The Bahamas is still struggling to introduce VAT, having had no previous consumption tax. The latest proposal is for a standard rate of 7.5% to become effective from 1 January 2015.
There is a proposal to tax insurance premiums, which may be more palatable at a rate of 7.5% than the previous proposed rate of 15%. However, it is unlikely this will be implemented at the same time as the tax’s introduction – unless that introduction is delayed again.