A new law implemented on July 1st has removed both value-added taxes (VAT) and customs duty taxes, which were previously levied on vessels registering in The Bahamas.
Given that the duty rate and VAT are both 10%, this eliminates a 20% combined tax rate imposed on boat and yacht owners who bring their vessels to The Bahamas to register. This signifies a potential tax liability reduction of $200,000 on a $1 million boat or yacht.
Source: kalkinemedia.com
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