The Bahamas Government has legislated for a new property tax amnesty, which encourages taxpayers to join the property tax registry and settle any outstanding tax dues.
Under the terms of the amnesty, persons with residential or commercial property valued at over $250,000 USD and with tax arrears dating back no more than three years, must make a declaration and full payment by June 30, 2013, to benefit from a 50% waiver of the total tax due and the total surcharge payable.
Persons with residential or commercial property with tax arrears dating back more than three years will have until December 31, 2013, to make a full declaration and payment, and will benefit from a full waiver of surcharges.
Persons who avail themselves of the initiative, and continue to be compliant will be entitled to a rebate worth 5% of the annual tax assessed in the three years following the scheme.
By Phillip Morton
InvestorsOffshore.com
