close
Share with your friends

The Bahamas: Tax developments in response to COVID-19

General Information

This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).

The content will be updated on a regular basis. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.

Date accurate as of: 9 September 2020

  • The government implemented a Tax Credit and Tax Deferral Employment Retention Program. Under the program qualifying businesses will be allowed to withhold outstanding business license fees or VAT receipts collected up to a maximum of B$200,000 per month for up to 3 months. At the maximum funding level, B$100,000 would be the form of non-reimbursable tax credit and the other B$100,000 will be in the form of a deferred tax payment. Taxes will be  deferred until January 2021 upon which time it will be repaid in equal installments over a 12 month period. Tax credits or tax deferrals are to be used to assist with covering payroll expenses. Qualifying businesses must agree to retaining 80% of its staff complement. 
  • The Tax Credit and Tax Deferral Employment Retention Program has been extended and expanded it to all qualifying VAT registered businesses with a turnover in excess of B$100,000.
  • The deadline for the payment of Business License and Real Property Tax fees was extended from March 31 to April 15.