BAHAMAS Law and Practice Contributed by: Judith Whitehead KC, Graham Thompson
5.4 Tax Consolidation This is not applicable in The Bahamas as there are no laws governing the same. 5.5 Thin Capitalisation Rules and Other Limitations In The Bahamas this is not applicable as there are no laws governing the same. 5.6 Transfer Pricing Transfer pricing is not applicable in The Baha - mas as there are no laws governing the same. 5.7 Anti-Evasion Rules There are no anti-evasion rules in The Bahamas as there are no relevant laws. 5.8 Tariffs The Bahamas’ tariff regime is in the form of taxes imposed on goods imported into the country. Most of the goods purchased by Bahamian resi - dents are imported. These import duties are a significant source of income for the Bahamian government, and in some instances, provide a level of protection for Bahamian businesses. Items imported into the country that compete with locally produced goods are typically taxed at a higher rate. The government has lowered or eliminated tar - iffs in the construction, agriculture, fisheries and renewable sectors to encourage economic activity. The Bahamas is directly impacted by global developments and the levying of tariffs on goods imported into the United States increases the costs of those goods. The United States is The Bahamas’ principal trading partner. Approxi - mately 83.3% of the country’s total imports in 2024 were from the United States, valued at an estimated BSD5 billion.
Any slowdown in the economy of the United States as a result of concerns around inflation - ary pressures and increased cost of living may impact The Bahamas’ tourism industry.
6. Competition Law 6.1 Merger Control Notification
Merger control notification is not applicable in The Bahamas as there are no laws governing the same. 6.2 Merger Control Procedure There is no merger control procedure in The Bahamas. 6.3 Cartels The topic of cartels is not applicable in The Bahamas as there are no relevant laws. 6.4 Abuse of Dominant Position Abuse of dominant position is not relevant in The Bahamas. 7. Intellectual Property 7.1 Patents For the most part, the legal regime applicable to IP rights as outlined below includes: • the Industrial Property Act and related rules; • the Trade Marks Act and related regulations; and • the Copyright Act and related amendments/ regulations. A patent for an invention is the title granted by the government to protect an invention. The right conferred by a patent excludes others from mak - ing, using, or selling the invention.
49
CHAMBERS.COM
Powered by FlippingBook