Accelerate Bahamas also proposes new ways for the government to increase revenue and offset losses from its various tax concessions. The plan will standardize tax rates and tap into new revenue streams including an estimated $31 million from vacation home rental taxes and $4 million in increased revenue from VAT on realty transactions over $2 million. The government also anticipated an added $9 billion in taxable properties as a result of 14,000 new properties being added to the real property tax roll.
The government recently completed the agreement to take control of the country’s sovereign airspace. Up to $30 million per year in revenue will be used to offset the costs to operate the Civil Aviation Authority and related agencies.
The government passed legislation which mandates a debt management strategy published to the public. The government will resume using sinking funds to assist in offsetting government debt.
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.