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The Bahamas

The Bahamas. Presentation at Bay Gardens Hotel Castries, Saint Lucia 24 th July 2006. Caribbean Organization of Tax Administrators. Innovative Tax Policy for a Developing Economy: The Bahamas. Summary of Revenue. Tax Policy. Consider as part of fiscal policy

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The Bahamas

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  1. The Bahamas Presentation at Bay Gardens Hotel Castries, Saint Lucia 24th July 2006

  2. Caribbean Organization of Tax Administrators Innovative Tax Policy for a Developing Economy: The Bahamas

  3. Summary of Revenue

  4. Tax Policy • Consider as part of fiscal policy • Level of capital and recurrent expenditure • Role of the Cabinet • Short, medium and long term benefits

  5. Projected Annual Deficit Policy decision on : • Recurrent Expenditure • Capital expenditure • Recurrent Revenue • Borrowing / Loans / Grants

  6. Annual Budget Communication • Announcement of Government’s programme for the next fiscal period • Announcement of any new taxes or amendments to existing tax rates • Incentives

  7. Absence of Standard Mechanism • No income tax • No Corporation Tax Policy is therefore not related to varying factors such as deductables, allowances or credits

  8. Enhancement in administrationof existing revenue legislations • Improvements to administrative mechanism • Reduction in leakages • Improved accountability and transparency

  9. Administrative Measures • Implementation of A Trade Information Management System (TIMS) in the Customs Department (Identifies situations where Customs revenue might be at risk) • Amendment to the Stamp Act (Close the loopholes for tax avoidance)

  10. Administrative Measures (Cont’d) • Amendment to the Business Licence Act (Temporary Business Licence) Bank and Trust Company Fees (Fees now based on Volume of assets ) • Passenger Tax (Departure Tax added to cost of ticket)

  11. Reporting Format • Daily report • Monthly reports • Adjustments to previously approved expenditure

  12. Enhancemet to systems • Cash receipting • Improved technology • Payments by credit cards • Development of E-Government

  13. Taxpayer Services • Improvements to availability / convenience to pay • Simplification / clarification of documents and forms • Special arrangements e.g Real Property Tax

  14. Use of Legislation To enhance: • Administration • Acceptability • Adequacy and stability

  15. Enforcement of Compliance Engagement of Revenue Compliance Officers • Undertake analytical work • Equip policymakers with data by which informed decisions could be taken

  16. Investment Incentives Exemption for capital projects designed to stimulate economic activity • Direct employment • Entrepreneurial opportunities

  17. The Way Forward • Less dependant on Customs duty • Feasibility of introducing VAT • Report by the IMF • Study by Crown Agents

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