2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 93

the tax on same with a simpler stamp tax formula: a
rate of 2.5 per cent stamp taxon transaction values up
to $100,000 and a rate of 10 per cent above $100,000.
• The implementation, within the upcoming fiscal year,
of a bonded facility arrangement for car dealers,
whether big or small to make it easier for all auto
retailers to conduct business; and
• the Business License Act is being amended to require
persons importing more than 2 cars per twelve-month
period to have a valid Business License as well as to
control the unauthorized roadside vending of vehicles.
To be absolutely clear, the Government wants to
continue to encourage all current and future Bahamian
entrepreneurs to bring in and sell vehicles if they so
wish.
However, we are asking and expecting that if
90