Bahamas Sends Minimum Corporate Tax Bill to Parliament

The Bahamas sent a bill to parliament Thursday to introduce a domestic minimum corporate tax rate of 15% for large corporations.

The proposal is based on the Organization for Economic Cooperation and Development’s global minimum tax deal, known as Pillar Two, which aims to reduce tax avoidance by establishing a minimum effective rate for domestic and foreign companies with annual revenue over 750 million euros ($813 million).

“At this threshold, very few Bahamian owned and operated businesses would be impacted,” Deputy Prime Minister Chester Cooper said in a speech to parliament.The bill would, however, allow Bahamas to ...