Bahamas -‘80% of pre-COVID capacity by June 2022’ – CARICOM Business
The Bahamas is projecting a 14.1 % increase in GDP at current prices for FY2021/22, with its Acting Financial Secretary Marlon Johnson positing that by that the economy will regain 80% of its pre-COVID capacity by June 2022 with key taxes forecast to rise by a similar magnitude.
In fact, the 2021-2022 revenue forecasts project a 51.5% year-over-year increase in real property tax collections, together with a 77.5% hike in
taxes paid by the web shop gaming industry. These increases have helped to inform a $2.244bn revenue target for 2021-2022.
Owner-occupied real property tax is forecast to more than double, from $20.444m in 2020-2021 to $41.944m in the new fiscal year, while residential real property tax will jump from $15.788m to $27.893. Some 14,000 properties worth a collective $9bn have been added to the tax roll. A patron winning tax of 5% on winnings up to $1,000, and 7.5% on anything greater than $1,000 is also being imposed.
Extract from CARICOM BUSINESS Vol. 4 No. 21
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