Taxes and Fees - 2013/2014 Fiscal Year
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7/22/2019 Taxes and Fees - 2013/2014 Fiscal Year
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Annex C
REVENUE MEASURES
Fiscal Year 2013/2014
Item
No.
Description Existing Rate Proposed RateEffective
Date1 Bring into force the new
Customs Management Act andRegulations.
Jul 1, 2013
2 Bring into force the New TariffAct.
Jul 1, 2013
3 Eliminate the $10.00 stamp taxlevied on Customs entries andintroduce a 1% Customsprocessing fee. Introduce aprocessing fee for manifest andother declarations for inbound
and outbound aircrafts andvessels.
No processing fee. 1% of the value of entriessubmitted to Customs subject toa minimum of $10.00 andcapped to a maximum of$500.00.
Jul 1, 2013
4 Customs Duty on vehicles to bebased on value rather thanengine size.
Vehicles with engine size2000 cc and under, a rate of65%;
Vehicles with engine sizegreater than 2000cc butsmaller than 2500cc, a rateof 75%; and
Vehicles with engine size
greater than 2500 cc, a rateof 85%.
Duty based on value of vehicle:
Under $10,000:65%;
Over $10,000 but less than$40,000:75%; and
Over $40,000:85%
Jul 1, 2013
5 Reduction of duty on electricmotor cycles.
75% 65% Jul 1, 2013
6 Reduce the duty on inverters forsolar panels.
45% Free Jul 1, 2013
7 Reduce the duty on solarpanels.
10% Free Jul 1, 2013
8 Reduce the duty on solarpowered air conditions.
10% Free Jul 1, 2013
9 Reduce the duty on shakes(shingles).
45% 7% Jul 1, 2013
10 Reduce the duty on bed pads. 40% Free Jul 1, 2013
11 Reduce the duty on urinarybags.
45% Free Jul 1, 2013
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Annex C
REVENUE MEASURES
Fiscal Year 2013/2014
Item
No.Description Existing Rate Proposed Rate
Effective
Date
12 Reduction of duty on incubators
and isolators (Tariff Heading9403.5010).
35% Free Jul 1, 2013
13 Reduction of duty onDefibrillators.
35% Free Jul 1, 2013
14 Creation of a new TariffHeading for the LED LightFixture in Chapter 94.
35% Free Jul 1, 2013
15 Introduce an EnvironmentalLevy on specific Items.
No levy charged . Various fees depending on theItem.
Jul 1, 2013
16 Increase in Customs StorageFees for cars.
$30 per week $50 per week Jul 1, 2013
17 Introduce a Customs LicenceFee to be collected from privatestorage facilities.
Customs to collect 25% of thestorage fees collected by theshipping agents.
Jul 1, 2013
18 Eliminate bonding tax. 10% Bonding Tax collectedevery 90 days.
No Bonding Tax collected. Jul 1, 2013
19 Adjustment in Customs andImmigration Service Charges.
Charges are currently forafterhours (5pm) servicesprovided to airlines andships, per officer deployed
and based on the rank ofeach officer.
A unified rate structure, to bebased only on the number ofofficers deployed. Cargo shipsand cargo aircrafts to be
assessed the charges at all hoursof deployment. Passengeraircrafts and ships continue to beassessed charges after 5pm only.
Jul 1, 2013
20 Switch duty rate from advalorem to specific forcigarettes and cigarillos.
220% of value $0.15 per stick Jul 1, 2013
21 Adjust the excise rate applied tocigars.
220% $0.50 plus 220% Jul 1, 2013
22 Increase the duty on electroniccigarettes.
Free 45% Jul 1, 2013
23 Introduction of an ExciseStamp Control Act.
No stamp required uponimportation of Tobaccoproducts.
Stamp required uponimportation of Tobaccoproducts.
Sep 1, 2013
24 Increase the Excise Duty onManufactured Spirits.
$6.00 per gallon $8.00 per gallon Jul 1, 2013
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Annex C
REVENUE MEASURES
Fiscal Year 2013/2014
Item
No.Description Existing Rate Proposed Rate
Effective
Date
25 Increase the stamp duty on
Imported spirits.
$11.00 per gallon $15.00 per gallon Jul 1, 2013
26 Removal of Excise Duty leviedon fuel imported for powergeneration.
10% Free Jul 1, 2013
27 Amend the Real Property TaxAct so that the mortgagee ofcommercial properties isresponsible for the payment ofoutstanding real property taxesoutstanding over 90 days.
Jul 1, 2013
28 Increase Building Permit Fees
and introduce new fees.
Various rates Various rates Jul 1, 2013
29 Increase in Police Departmentfees including gun licences.
Various rate Various rates Jul 1, 2013
30 Increase international banks andtrust companies fees.
Various rates Various rates, in two incrementsover two years.
Jul 1, 2013
31 Introduce a new schedule forBusiness Licence Fees andeliminate all special categoriesof rates, except for financialinstitutions and stand-aloneretail gas stations.
Various rates Turnover over $500,000 -$5M:0.75%
Turnover of $5m - $50M:1.25%
Turnover of $50M -$100M:1.5%
Turnover greater than$100M:1.75%
Jul 1, 2013
32 Domestic Financial Institutions(institutions that deal with B$accounts) excluding creditunions and insurancecompanies Business LicenceFees to be based on GrossRevenue.
No business licence feeassessed for commercialbanks.
Business Licence Fee is 3% ongross revenue.
Jul 1, 2013
33 Remove the exemption of thepayment of Business LicenceFees for GovernmentCorporations.
Government entitiesexempted from the paymentof Business Licence Fees.
Government entities required topay Business Licence Fees.
Jul 1, 2013
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Annex C
REVENUE MEASURES
Fiscal Year 2013/2014
Item
No.Description Existing Rate Proposed Rate
Effective
Date
34 Amend the Business Licence
Act so that the subsidiaries of acompany are charged the samerate as the parent company.
Business Licence Act
contains no anti-avoidanceprovisions.
Subsidiaries of a company are
charged the same rate as theparent company.
Jul 1, 2013
35 Amend the FinancialAdministration & Audit Act togrant the Minister of Finance byOrder the ability to determinethe frequency of payments forany tax or fees and theimposition of any surchargesfor late payment.
No standard provision fortiming of the receipt oftaxes and no standardprovision for the impositionof penalties for late receipt.
Standard provision to assistrevenue administration is nowincluded.
Jul 1, 2013
36 Amend the Passenger Tax Actto be consistent with thepractice for airlines whichcharge taxes on all passengers.
All departure tax collectedby airlines are notautomatically remitted tothe Government. The tax isonly assessed and collectedfor passengers of 6 years ofage and over.
All departure tax collected byticketed passengers would beassessed and remitted to theGovernment.
Jul 1, 2013
37 Amend the Passenger Tax Actso that children under the age of12 are given the $300.00exemption on return to TheBahamas.
Children under the age of12 are not given theexemption on return to TheBahamas.
Children under the age of 12given the exemption on return toThe Bahamas.
Jul 1, 2013
38 Amend legislation to allowsurplus funds in statutoryagencies to be deposited in theConsolidated Fund.
No provision for surplusfunds to be deposited in theConsolidated Fund.
Provision included in legislationestablishing statutory bodies.
Jul 1, 2013
39 Amend the Stamp Tax Act sothat stamp tax is collected frommarina slips operating under acrown land lease arrangement.
Sale or lease of marina slipsnow exempted from stamptax.
Sale or lease of marina slips isnow subject to stamp tax.
Jul 1, 2013
40 Amend the Stamp Tax Act sothat stamp tax is applied when
dividends or profits arerepatriated out of the country byinternational companies.
Stamp tax is applied 1.5%when B$ funds are
converted for arerepatriation out of TheBahamas.
Stamp tax to be applied at 5.0%percent when B$ dividends or
profits are repatriated out of TheBahamas.
Jul 1, 2013
41 Remove the Stamp Tax fee onelectronic banking payments.That is, e-commerce transfersand point of sales payment byDebit Cards.
40 cents Free Jul 1, 2013
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Annex C
REVENUE MEASURES
Fiscal Year 2013/2014
Item
No.Description Existing Rate Proposed Rate
Effective
Date
42 Extend the Stamp Tax
exemption granted to first-timehome owners for a further fiveyears (Jul 2013 - June 2018).
First time home owner
exemption ends on 30thJune 2013.
First time home owner
exemption extended to the 30thJune 2018.
Jul 1, 2013
43 Extend the Family IslandDevelopment EncouragementAct for one year.
Family Island DevelopmentEncouragement Act expiresJune 30th 2013.
Family Island DevelopmentEncouragement Act extended forone year.
Jul 1, 2013
44 Extend the City of NassauRevitalization Act for one year.
City of NassauRevitalization Act expiresJune 30th 2013.
City of Nassau RevitalizationAct extended for one year.
Jul 1, 2013