THE BAHAMAS MID TERM BUDGET REPORT

Prime Minister Philip Davis announced that the state of the country in fiscal terms was generally good in the House of Assembly as he delivered his mid-year budget statement on 21 February 2024.  While the deficit target appears to be headed toward double what was anticipated, the revenues for the country continue to be strong. The Ministry of Finance is firm in the belief that the country’s revenue targets will be able to effectively manage the country’s expenditure.  The Prime Minister also announced that the government is looking to execute its agreement to implement corporate income tax for companies with over the 750 million annual turnover.  This will largely affect foreign companies in this country and will mean that the countries will pay here rather than in their home jurisdictions.  The yield from the tax when implemented at the 15 per cent level is expected to be around 140 million dollars.