Bahamas US$3.1 billion budget

Bahamian Prime Minister Hubert Ingraham has presented a US$3.1 billion budget outlining a number of tax measures in the face of what he calls the ongoing challenging fiscal environment.



Among the initiatives announced by Ingraham were measures designed to further rationalise tariff and excise rates, encourage energy efficiency and provide relief to consumers.



He announced a reduction in taxes on a number of food items including turkey, ham and beef as well as the rate on electric cars, which is being reduced from 85 to 25 per cent to align it with the rate on hybrids.



The Prime Minister said that the current $7 air ticket tax that is applicable on tickets sold in The Bahamas for travel outside the country is being eliminated and will be merged into the existing US$20 air departure tax.