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The Bahamas Removed from the French List of Non-Cooperative States and Territories in Tax Matters.

March 8, 2021

The Government of France has removed The Bahamas from the French list of non-cooperative states and territories in tax matters. The list, which is updated annually by the French Ministry of Economics and Finance, was published in the Official Diary of the French Republic on March 4.

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Gov’t revenue boost expected with launch of digital payment solution for charter fees

Feb. 28, 2021

The Ministry of Finance concluded an agreement with the OMNI Financial Group and the Association of Bahamas Marinas (OMNI/ABM) to launch a digital payment solution for the collection of charter fees from mega yachts and other charter operators in The Bahamas.

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MID-YEAR BUDGET STATEMENT ON THE SIX MONTHS ENDING DECEMBER 31, 2020

Feb. 24, 2021

 

To address these challenges, in May of last year, my government brought to this house its budget for the 2020/21 fiscal year entitled, “Resilient Bahamas: A Plan for Restoration”.

This macroeconomic plan was designed to allow the country to successfully weather the ravages of the coronavirus pandemic and to also emerge stronger and more resilient.

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Customs goes electronic with new cruising permit submission

Feb. 22, 2021

The Bahamas Customs & Excise Department has officially launched its electronic submission portal for cruising permit applications on the Click2Clear platform. The Cruising Permit Module is expected to dramatically improve the processing time for boaters when clearing Customs at the various ports of entry across The Bahamas. Boaters can now complete and submit declaration forms and make payment in advance of arrival.

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Monumental shifts ahead for public financial management

Feb. 10, 2021

In keeping with its commitment to reform public finance management in The Bahamas, the Government tabled a suite of new legislation in the House of Assembly today that will usher in new levels of transparency and accountability. 

 

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Midyear budget report shows anticipated macroeconomic shock of global pandemic

Feb. 1, 2021

The shock of the coronavirus pandemic on macroeconomic conditions continues to be seen in the government’s budget performance, according to preliminary estimates published in the Midyear Fiscal Snapshot and Budget Performance Report for FY 2020/21. 

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Govt looking beyond tax reform with a focus on economic growth

Feb. 1, 2021

COVID has thrown the entire world into crisis; no country has been spared the significant human, social, and economic toll. Notwithstanding, the recently published International Monetary Fund (IMF) Staff Report for the 2020 Article IV Consultation acknowledges that the Government's handling of the coronavirus pandemic and its articulated macroeconomic plans have produced notable results when it comes to saving lives and minimizing the fall-out.

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IMF affirms Govt’s timely and appropriate COVID-19 response

Jan. 27, 2021

The recently published Concluding Statement from the Executive Board of the International Monetary Fund (IMF) provides further indication that the Government’s fiscal policy responses and economic management are producing results in keeping with global best practices.  
 

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Cabinet approves further extension on SERZ tax breaks for Grand Bahama and the Abacos

Jan. 12, 2021

The Ministry of Finance is pleased to announce the expansion of tax relief measures under the Special Economic Recovery Zone (SERZ) Extension Order for the islands of Grand Bahama and the Abacos. 
 

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Restoring fiscal stability depends on safe reopening of economy

Oct. 30, 2020

The necessary reinstatement of curfews and lockdowns for the entire month of August exerted significant pressure on the country’s fiscal position in the first quarter of the 2020/21 Fiscal Year (FY), according to preliminary estimates published in the First Quarter Fiscal Snapshot and Report for FY 2020/21.

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The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.