Social security tax is payable to the National Insurance Board at 3.9% by employees and 5.9% by employers, or 9.8% for self-employed individuals, up to maximum amounts.
However, businesses require a licence to operate, which is charged at either a flat-rate of $100 or at up to 3% of turnover depending on the amount of revenue generated.
[12] A number of essential items, such as grocery staples, medicines and property insurance, are exempt from VAT.
[13] Import duties are applied to a wide variety of goods being brought into the Bahamas.
VAT, stamp duties and fixed-price environmental levies are also applicable to some imported goods applied at various rates.