Bahamas Information about minimum wage and taxes.

In the Bahamas, setting the minimum wage and tax policies are the responsibility of the government. As of 2019, the minimum wage in the Bahamas is set on an hourly basis and is

6.00 Bahamian dollars. When it comes to tax policies, the Bahamas operates an income tax system. Income tax is collected as a percentage of personal income, and this percentage can vary depending on income level. As of 2019, income tax rates in the Bahamas are as follows: - The tax rate for income between 0 and 5,000 Bahamian dollars is 0%. - The tax rate for income between 5,001 and 50,000 Bahamian dollars is 5%. - The tax rate for income between 50,001 - 100,000 Bahamian dollars is 12%. - For income between 100,001 - 250,000 Bahamian dollars, the tax rate is 25%. - The tax rate for income over 250,001 Bahamian dollars is 35%. These tax rates impose a low tax burden on individuals whose annual income is below a certain level. However, tax rates increase for individuals with higher incomes. The Bahamas also imposes a consumption tax. This tax is included in the price of goods and services consumed and is usually collected at a rate of

7.5%. Additionally, other types of taxes such as property tax and business tax are also imposed in the Bahamas. The information mentioned above is for 2019 and tax policies may change from time to time. Therefore, it is important to verify current information with authorities or tax advisors in the Bahamas.