The Bahamas 2017-18 Budget was submitted to the National Assembly on May 31, 2017. The budget included an increase in customs and excise duties and licensing taxes and the introduction of electronic customs procedures.
The main changes are as follows:
- Business license tax will decrease from 1.5% to 1.25%.
- Import duties will be eliminated or reduced on a number of food and beverage products, household items, and building materials.
- Excise duty on electric motorcycles will be reduced from 65% to 25%.
- Certain imported original artwork will be exempt from duty, including equipment and machinery specifically for ground repair, maintenance and services of cruise ships and sea ships for domestic and international travel; and
- Measures will be taken to improve tax administration and compliance, including amendments to the Customs Administration Act to better take account of paperless customs clearance.