- The Opposition plans to reduce the yacht charter tax rate by over 70 percent if elected.
- The current tax rate is considered the highest in the Caribbean-Atlantic region.
- The tax increase from 4 percent to 14 percent has led to a decline in market share.
- The Bahamas Charter Yacht Owners and Managers Association supports the tax reduction.
- The association suggests consolidating VAT and Port Department fees into a single tax.
- The Government is considering changes but has not yet reduced the effective tax rate.
- The new tax structure will be implemented from July 1, 2025.
- The Opposition criticizes the current administration for economic losses due to the tax increase.
Source: tribune242.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
