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Importance Of Taxation In The Bahamas

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Death and Taxes “In this world, nothing can be said to be certain, except death and taxes”. This famous quote by Ben Franklin has held true in many nations, including the United States. We enjoy many privileges to live in the United States, but they come with a cost. That cost is tax. Tax on income, property, and purchases. We are led to believe that this tax is essential. If this is the case, then how do other countries manage without taxing the citizens? One country that does not charge income tax, or capital gains or estate tax for that matter, is the Bahamas. The Bahamas, discovered by Christopher Columbus in 1492, gained their independence from Britain July 10, 1973. They overcame centuries of problems, pirates, and taxes. The Islands of the Bahamas are breathtaking, and the water is clear and blue. The amenities are plentiful. The Bahamas do not charge the citizens or residents an income tax, however, life is not completely tax free. There are several “taxes” levied in The Bahamas. The employed contribute 3.9% of their income for national insurance, while employers portion is 5.9%. If you are self-employed, you are responsible for the entire amount. The government uses the contributions to fund a variety of payments for residents such as unemployment, maternity leave, disability, and retirement benefits. The government in the Bahamas prides itself with the care of the elderly and the poor. “Med cards” are available for immediate help with emergency and other

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