{
  "title": "The Bahamas: Tax Reforms for Increased Buoyancy",
  "publication": "IMF Staff Country Reports, January 28, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/the-bahamas-tax-reforms-for-increased-buoyancy-41268",
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  "summary": "This paper focuses on tax reforms for increased buoyancy in The Bahamas. The Bahamas has a low tax effort owing to limited tax handles and underutilization of available ones. Real property tax collections as percent of GDP have doubled within a decade.",
  "publishDate": "2014-01-28",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The Bahamas has a low tax effort owing to limited tax handles and underutilization of available ones.\n- Real property tax collections as percent of GDP have doubled within a decade.\n- A graduated stamp duty on the conveyance of immovable property is imposed at fairly steep rates.\n- As a requirement to World Trade Organization membership, the tariff rates will be lowered from their current levels.\n- It is expected that revenue losses from tariff reduction will be compensated by value-added tax revenues."
    },
    {
      "heading": "Tax instruments and revenue trends",
      "content": "- Real property taxes: collections have increased markedly, with collections as percent of GDP having doubled within a decade.\n- Stamp duty on conveyance of immovable property: applied on a graduated basis and described as imposing fairly steep rates.\n- Tariffs: scheduled to be lowered to meet WTO membership requirements; current levels will be reduced.\n- Value-added tax (VAT): anticipated to offset revenue losses from lower tariff rates."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Broaden and better utilize existing tax handles to raise tax effort.\n- Continue strengthening real property taxation as a buoyant revenue source, given recent increases in collections relative to GDP.\n- Review the structure and rates of the graduated stamp duty to balance revenue needs with property market effects.\n- Implement VAT measures and ensure effective administration to compensate for tariff revenue reductions associated with WTO commitments.\n- Enhance revenue administration capacity to capture underutilized tax bases and to implement VAT effectively.\n\nInternational Monetary Fund. \"The Bahamas: Tax Reforms for Increased Buoyancy\", IMF Staff Country Reports 2014, 017 (2014).\n\n---\n\n Content in this bundle\n\n- The Bahamas: Tax Reforms for Increased Buoyancy; IMF Country Report 14/17; June 2013\n  - The Bahamas: Tax Reforms for Increased Buoyancy; IMF Country Report 14/17; June 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Bahamas: Tax Reforms for Increased Buoyancy; IMF Country Report 14/17; June 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/the-bahamas-tax-reforms-for-increased-buoyancy-41268"
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    "Published: January 28, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484377710.002",
    "The Bahamas has a low tax effort owing to limited tax handles and underutilization of available ones.",
    "Real property tax collections as percent of GDP have doubled within a decade.",
    "A graduated stamp duty on the conveyance of immovable property is imposed at fairly steep rates.",
    "As a requirement to World Trade Organization membership, the tariff rates will be lowered from their current levels.",
    "It is expected that revenue losses from tariff reduction will be compensated by value-added tax revenues.",
    "Real property taxes: collections have increased markedly, with collections as percent of GDP having doubled within a decade.",
    "Stamp duty on conveyance of immovable property: applied on a graduated basis and described as imposing fairly steep rates.",
    "Tariffs: scheduled to be lowered to meet WTO membership requirements; current levels will be reduced.",
    "Value-added tax (VAT): anticipated to offset revenue losses from lower tariff rates.",
    "Broaden and better utilize existing tax handles to raise tax effort.",
    "Continue strengthening real property taxation as a buoyant revenue source, given recent increases in collections relative to GDP.",
    "Review the structure and rates of the graduated stamp duty to balance revenue needs with property market effects.",
    "Implement VAT measures and ensure effective administration to compensate for tariff revenue reductions associated with WTO commitments.",
    "Enhance revenue administration capacity to capture underutilized tax bases and to implement VAT effectively.",
    "**The Bahamas: Tax Reforms for Increased Buoyancy; IMF Country Report 14/17; June 2013**"
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