THE BAHAMAS Law and Practice Contributed by: Alistair Chisnall and Erica Paine, Graham Thompson
3.10 Taxes on Loans Following the expiry of the London Inter-Bank Offered Rate (LIBOR), local commercial banks took measures (where necessary) to address and agree the use of alternative reference rates with their customers. However, a large majority of domestic lending transactions are calculated by reference to the domestic bank’s prime lend - ing rate and have not been impacted by the expi - ration of the LIBOR index. 4. Planning and Zoning 4.1 Legislative and Governmental Controls Applicable to Strategic Planning and Zoning A number of Bahamian statutes include provi - sions relating to the development and use of land but, generally speaking, development, plan - ning, zoning and land-use regulations are set out in the P&S Act and related regulations (see 2.8 Permitted Uses of Real Estate Under Zoning or Planning Law ). The P&S Act provides the overall structure for the administration of development, planning and zoning matters by the Department of Physical Planning, the Town Planning Committee and related subcommittees and appeal boards. The P&S Act also provides for: • the establishment of land-use plans, zoning plans, development controls, environmental controls and related by-laws; • the requisite approvals that must be obtained in respect of proposed developments; and • the process for obtaining such approvals. All manner of development matters fall within the purview of the Department of Physical Planning under the P&S Act, ranging from minor lot or
parcel-specific boundary line adjustments and setbacks to the planning of major resort and marina development projects. In the case of significant development projects or projects that may affect coastal, wetland or other environmentally sensitive areas, the BIA and the Department of Physical Planning work in close conjunction with the Department of Envi - ronmental Planning and Protection (DEPP) when reviewing development applications. In connec - tion with proposed development projects, the DEPP reviews and provides commentary on environmental impact assessments (EIAs) and environmental management plans (EMPs), and issues a Certificate of Environmental Clearance as a required precondition to the commence - ment of any development project. Other environmental agencies that are often involved in elements of a major purchase or development project include: • the Ministry of the Environment and Housing, which has responsibility for protecting and conserving the health and sustainability of the natural environment in The Bahamas; • the Ministry of Public Works and Utilities, which has responsibility for overseeing and maintaining public roads and other physical infrastructure of The Bahamas, and (together with the Ministry of the Environment) for administration and enforcement of The Baha - mas Building Code (“the Code”); • the Ministry of Agriculture, Fisheries and Local Government, which has responsibility for leases of agricultural land and (together with the Fisheries Department) managing the fisheries industry and protected marina areas; • the Department of Environmental Health Services, which has responsibility under the Environmental Health Act, 1987 and related
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