Imports undergo high but non-discriminatory tariffs. The Bahamas has initiated the process of accession to the World Trade Organization (WTO). Participation in the FTAA and the WTO almost certainly require major changes to The Bahamas' import requirements. However, the Government is of the view that the present taxation system is adequate to meet its needs, an income tax system is not required and import duties should remain as the major source of Government revenues - in short, nothing must jeopardize the tax haven status of The Bahamas.
Prohibited and Restricted Items
Due to the Government requirements, licence for import of more than 50 pounds of whole chickens or chicken parts, mutton or lamb, pork legs, shoulders, or hams into The Bahamas have to be granted. Licences are also needed for importation of plants and fruits (bananas, vegetables, and flowers).
All permitted goods can be imported without a licence. Customs controls all imports.
Import Licenses: Licences are required for imports of a number of items, such as poultry, meats, fruits, vegetables, live and cut plants and animals, medicines, slot machines, caravans and trailers for living, firearms, fireworks, underwater guns other than Hawaiian slings and chemicals.
There are no serious import restrictions or special marking and labelling requirements. Foreign trade relations is not regulated by any particular law.
Import Documentation: Entry forms are required by Bahamian Customs for goods shipping by sea, post or air. An invoice (original or copy) is required. Goods can be cleared through Customs without an invoice if the company-importer leaves a deposit (usually double the estimated duty) and agrees to give an invoice later on.
Import Tariffs
The main ad valorem tariff for imported goods is 35%, but a number of items have separate tariff rates. They are: garments - 25%, fine cut tobacco: 210%, fine cut tobacco - 210%, tobacco for chewing - duty free, cigars - 200%, cigarettes - 210% and 7% stamp tax, bottled water - 70%, air conditioners - 35%, Pool tables - 100%, automobile spares and accessories - 35 - 50%, automobiles - 45 to 75% (based on the book value of the car), business and personal computers - duty free, satellite receivers and accessories - 35%, stereo units - 25%, video tapes - 10%, cheese - 15%, pasta - 10%, water heaters - 35%, televisions - 25%, plumbing supplies - 25%, wooden doors - 25%, cement - duty free, lumber - duty free, 7% stamp tax, concrete tiles: 35%.
In addition to duties, The Bahamas charges 7 % “stamp tax” on the majority of import items. Higher stamp taxes are charged on some duty free imports, including tourist items such as china, wristwatches, crystal, table linens, clocks, jewelry, products, made of leather, perfume and some alcoholic beverages. In average, The Bahamas charges an export stamp tax of 4 % on the majority of exports from the country.
Labeling/Marking
Usually, The Bahamas follows U.S. regulations on labeling and marketing requirements: all labeling and markings have to be in English. |
