Bahamas Tax Tables 2024 - Tax Rates and Thresholds in Bahamas

This page contains the tax table information used for the calculation of tax and payroll deductions in Bahamas in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ BS, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Bahamas or would like to add to or suggest amendments to the information herein then please contact us.

Bahamas Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Bahamas are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Bahamas Tax Calculator 2024.

Bahamas Social Security and Payroll Deduction Rates in 2024

In The Bahamas, the social security and payroll deduction system is primarily managed through the National Insurance Board (NIB). Both employees and employers contribute to this system, which is designed to provide a range of benefits and social welfare services to the workforce.

National Insurance Contributions

The contributions made to the National Insurance Board cover several key areas of social security. These include:

• Retirement Pension: Contributions fund retirement pensions for individuals who have reached the age of retirement, ensuring they have financial support in their later years.
• Disability Benefit: This benefit supports individuals who are unable to work due to disability, providing them with financial assistance.
• Sickness Benefit: Employees who are temporarily unable to work due to illness are eligible for sickness benefits, offering financial support during their recovery period.
• Maternity Benefit: This provides financial assistance to women during maternity leave, helping to support new mothers during and after pregnancy.
• Survivor's Benefit: In the event of a contributor's death, survivor's benefits are provided to their dependents or nominated beneficiaries.
• Industrial Injury Benefit: This covers employees who suffer from work-related injuries or diseases, aiding in medical expenses and loss of income due to workplace accidents.

The social security system in The Bahamas, funded through these contributions, plays a vital role in supporting and protecting the workforce and their families. It contributes significantly to the nation’s social and economic stability.

Bahamas VAT Rates in 2024

VAT rates for Bahamas are reviewed annually, you can use the VAT Calculator to calculate VAT due in Bahamas or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Bahamas

The following tax tables are supported by iCalculator™ BS as part of the suite of free tax tools we provide for Bahamas.