The Bahamas promulgated the International Business Companies (IBC) Act in January 1990 to enhance the country's status as a leading financial center.
In February 1991, the government also legalized the establishment of Asset Protection Trusts in the Bahamas.
The Bahamian Parliament approved legislation in 1993 that extended most Freeport tax and duty exemptions through 2054. ==Taxation== The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax.
As of December 1998, 418 banks and trust companies have been licensed in the Bahamas.
However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left the Bahamas.
In December 2000, partly as a response to appearing the plenary FATF Blacklist, the government enacted a legislative package to better regulate the financial sector, including creation of a Financial Intelligence Unit and enforcement of "know-your-customer" rules.
Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years, but the slowdown in the US economy and the attacks of September 11, 2001 held back growth in these sectors in 2001–03.
Other initiatives include the enactment of the Foundations Act in 2004 and the planned introduction of legislation to regulate Private Trust Companies.
In the most recent year, government spending was 23.4% of GDP. == See also == List of Commonwealth of Nations countries by GDP List of Latin American and Caribbean countries by GDP growth List of Latin American and Caribbean countries by GDP (nominal) List of Latin American and Caribbean countries by GDP (PPP) ==References== Some of the material in this article comes from the CIA World Factbook 2009. == External links == Bahamian Government Statistics
In 2010, overall tax revenue was 17.2% of GDP.
dollar on a one-to-one basis The Bahamas has the 47th freest economy in the world according to The Heritage Foundation 2010 Index of Economic Freedom.
A value-added tax (VAT) of 7.5% has been levied 1 January 2015.
In 2016, over 3 million tourists visited the Bahamas, most of whom are from the United States and Canada. . A major contribution to the recent growth in the overall Bahamian economy is Kerzner International's Atlantis Resort and Casino, which took over the former Paradise Island Resort and has provided a much needed boost to the economy.
After being later off the blacklist, in December 2020 Bahamas also was taken off the FATF greylist. ===Agriculture=== Agriculture and fisheries industry together account for 5% of GDP.
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