Fiscal Measures | Fiscal Year 2016/2017 cont’d
May 26, 2016
DESCRIPTION
EXISTING
RATE
PROPOSED
RATE
28 days after
the end of the
month
21 days after the end
of month with effect
from 1 January 2017
Amend Stamp Tax Act so that
“Transaction Values” are taken into
account. The transaction value being
defined as the value the property
would fetch on the open market in
a sale. In the event of the dispute
then the Treasurer should be able
to use the transaction value of an
adjoining property, which has been
sold in the last year. In the case
of force sale (foreclosure or court
ordered sales), the value derived from
the sale would be accepted. For a
transaction between related parties the
transaction would be determined by
an independent assessment of value by
a licenced appraiser. These rules must
also be placed in the VAT rules for Real
Estate.
90
Adjust the date for the submission of
VAT payments.
91
Allow for the wavier of Stamp Tax and
VAT on Deed of Exchange because of
an error in property description.
92
Amend Item 12 on the First Schedule
of the Stamp Tax Act as it pertains to
marina slips.
93
ENABLING
LEGISLATION
Stamp Tax and
VAT Acts
AGENCY
RESPONSIBLE
Department
of Inland
Revenue
COMMENTS
Annex D
ITEM
NO.
89
Department
of Inland
Revenue
Stamp Tax and
VAT Acts
10%
2.5%
Department
of Inland
Revenue
Stamp Tax Act
Department
of Inland
Revenue
Amend the Stamp Tax Act to eliminate
and adjust fees
Stamp Tax Act
Ministry of
Finance
94
Allow for a 90 day amnesty for the
penalty for late stamping of documents.
The amnesty will end on 1st
September, 2016 and thereafter the
penalty will be 10%.
Stamp Tax Act
Ministry of
Finance
95
Put in place a framework to allow
the Minister of Finance to take steps
through the Tariff Act to protect
Bahamian agriculture and manufactured
products
Customs
Management Act
/Regulations
Ministry of
Finance
96
Put in place a framework for the
licensing of couriers.
Customs
Department
[389]
To make this
consistent
with the
other stamp
tax on
conveyance
See strategy
attached at
Annex III
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE