The Income tax rates and personal allowances in Bahamas are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Bahamas Tax Calculator 2006.
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 0% | Flat rate on all taxable income | ||
| Tax Rate | Taxable Income Threshold | ||
|---|---|---|---|
| 0% | Flat rate on all taxable income | ||
Income Tax is not applied in the Bahamas in 2006 (so the Bahamas income tax rate is 0%), employees and employers do have to make Social Security Contributions at the following rates in 2006:
| Tax Rate | Payable by: |
|---|---|
| 3.4% | Employee |
| 5.4% | Employer |
Taxes, including personal income tax, expenses and limitations are reviewed by the Government in Bahamas periodically and typically updated each year. Not that not all tax rates and thresholds in Bahamas change annually, alterations to tax policy to support strategic economic growth in Bahamas mean that the certain areas may be focused on to provide specific tax relief in Bahamas or support growth in certain areas (overseas invstment in Bahamas for example may mean reduced non-resident income tax rates in Bahamas for a period).
When tax policy in Bahamas changes, the resultant tax tables also change. Tax tables in Bahamas are simply a list of the relevent tax rates, fixed amounts and / or threholds used in the computation of tax in Bahamas, the Bahamas tax tables also include specific notes and guidance on the validity of scenarios (for example, qualifying criterea for specific tax relief / allowances) and notes of the calculation of phaseout of specific tax elements within each taxation group (dividends and corporation tax thresholds in Bahamas for example).
Bahamas Tax Tables may also be referred to as Bahamas Tax Slabs, Bahamas personal allowances and tax thresholds or Bahamas business tax rates. They all refer to the tax tables, whether in whole or as specific sections/categories of the tax tables therein. In the section, we publish all 2006 tax rates and thresholds used within the 2006 Bahamas Salary Calculator. This means that if you are aware of a 2006 tax exemption or 2006 tax allowance in Bahamas that you are entitled too BUT it isn't listed here, that we don't allow for it in this version of the Bahamas Salary Calculator. This is simply because we updated our tax calculators based on user feedback, we tailor the Bahamas Salary Calculator to suit our users needs. Our aim is to keep tax calculations in Bahamas simple, we achieve this my making the Bahamas tax calculators relevent to our community's needs, this includes you. So, if you would like a new 2006 tax rates, allowance or threshold adding (or perhaps updating), or if you notice an error in our 2006 tax calculations, simply contact us and we will adjust the tool.
Choose a specific income tax year to see the Bahamas income tax rates and personal allowances used in the associated income tax calculator for the same tax year.