Bahamas collects $931 million in revenue in 11 months: CARICOM BUSINESS
The Department of Inland Revenue (DIR) in the Bahamas has collected $930.57 million in taxes from July 1, 2021 to end of May, exceeding current FYprojections by $100 million.
According to Acting Comptroller of the Department of Inland Revenue Shunda Strachan $136 million came from real property taxes, $712 million was collected in value-added tax (VAT) – of which $220 million alone came from VAT stamps on conveyances – and $81 million came from business license fees.
Real property tax collections were bumped up by $41 million that was collected between January and the end of May this year, from property owners that Strachan said never paid their obligations but became compliant. Strachan said in the next 2 weeks the DIR intends to move into full collection mode, which involves it using any of its legal power to collect tax arrears. That includes garnishing the wages, revenues and bank accounts of any taxpayer who has the means to pay the taxes they owe to the government, but who fails to pay. (NG)
Extract from CARICOM BUSINESS Newsletter Vol 5 No 24
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