Aug. 30, 2020
The Bahamas continues to feel the impact of the worst global economic crisis in modern history, and the Government is actively responding consistent with the budget plan for Fiscal Year 2020/21. The focus remains on funding critical government services, public health and social safety needs in particular, as well as the prudent management of the government’s fiscal resources.
Read MoreAug. 25, 2020
The Ministry of Finance advises the public that the Back-to-School VAT Holiday will begin on Monday, August 31, 2020. The purpose of the tax relief measure, announced during the Budget Debate, is to make back to school shopping less expensive for parents while providing support to local businesses throughout The Bahamas. The Department of Inland Revenue (DIR) will work with businesses across the country to administer this tax relief measure.
Read MoreJuly 1, 2020
Some $48 million has been allocated to finance an expansion of the Government's unemployment assistance programs administered by the National Insurance Board (NIB).
Read MoreJuly 1, 2020
Tax concessions included in the 2020/21 Annual Budget take effect today, including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.
Read MoreJune 25, 2020
The Ministry of Finance acknowledges the decision by credit rating agency Moody’s to downgrade The Bahamas’ credit rating to Ba2. As part of the ongoing assessment of the country’s fiscal and macroeconomic performance, the Ministry of Finance has been in close communication with Moody’s since April, when The Bahamas’ credit rating was placed on review for downgrade given the extreme strain placed on a yet recovered Bahamian economy by the spread of the coronavirus outbreak. As we noted then, Moody’s decision, comes at a time when the entire world—first world countries and developing nations alike …
Read MoreJune 9, 2020
Minister: 'Historically and presently, every jurisdiction across the world uses the concept of net borrowing in any discussion as to how much a government is borrowing. Up to now this has been the standard in The Bahamas and elsewhere. This is a fact that can be independently researched.'
Read MoreJune 8, 2020
Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, deivered the opening statement of the 2020/2021 Budget Debate on Monday, June 8, 2020 in the House of Assembly.
Read MoreJune 8, 2020
The Government has proposed other legislative amendments that will lead to improved governance by strengthening the clarity and administrative application of these laws.
Read MoreJune 8, 2020
The Government will make a number of amendments to the Real Property Tax Act, 1969 to promote greater clarity and enhanced administration.
Read MoreJune 8, 2020
To support the Government’s goal to strengthen public financial management, the Government will amend the Financial Administration and Audit Act, 2010 (FAA) to require that all Government authorities, companies, and corporations that receive more than 50 percent of their operating budget from the Central Government, produce and submit monthly and quarterly financials.
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The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.
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