Bahamas to Remove VAT from Trust Services and Property Transfers
- Reports
- 6
- Developments
- 7
- Repetition
- 33%
New informationRepeats or wire copies
What happened
The government announced plans to remove Value Added Tax (VAT) from trust services by the end of 2026. These measures will also remove VAT from property transfers into trusts for certain beneficiaries, including family members. The Department of Inland Revenue is currently reviewing guidance notes and draft legislative amendments for debate in Parliament before the year-end.
Why it matters
The changes are part of a wider strategy to enhance The Bahamas' appeal to international family offices and private wealth. The government stated that these measures are intended to ensure that family members are not taxed for succession planning.
Who's involved
- governmentThe government is introducing tax law changes regarding VAT.
- Michael HalkitisMichael Halkitis announced the plan regarding the VAT changes.
How it developed
Newest first. Tap a step to see who reported it.Government proposes tax law changes for debate in parliament.1 source
- Legislation regarding Capital Gains Tax (CGT) and negative gearing has been passed by parliament.Sub-event
- Parliament facilitates political consensus for tax reform.Sub-event
- The government announced a plan regarding the maize glut, utilizing NAFCO for procurement and processing.Sub-event
Tax proposals are under appeal to the Chancellor, alongside regional levy discussions.1 source
Parliament is now tasked with considering new tax legislation.1 source
Parliamentary introduction of new tax law.1 source
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The entities involved
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parliament
legislative body of government
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government
system or group of people governing an organized community, often a state
Related events
- Legislation and constitutional change is occurring within Parliament.
- A specific Bill is being introduced into Parliament this week.
- Curaçao parliament is considering minimum tax legislation.
- Legislation is required for changes to election rules.
- The government is currently relying on Parliament to enact the necessary legislation for its policies and goals.