We are launching a public consultation on the proposed Domestic Minimum Top-Up Tax (DMTT). This initiative addresses the impact of global tax reforms on The Bahamas and reflects our commitment to ensuring that multinational enterprises (MNEs) contribute fairly to our economy.
We propose implementing the DMTT to ensure that multinational enterprises pay their due taxes within The Bahamas. This legislation is a necessary interim measure as we continue to evaluate broader corporate tax reforms.
Following last year’s publication of the Green Paper on Corporate Income Tax Strategies, we are now advancing our efforts with proposed legislation. This DMTT proposal aligns with our strategic objectives and international tax obligations.
The OECD/G20’s Pillar Two framework mandates that all in-scope MNEs pay a minimum effective tax rate of 15% on profits in each jurisdiction. The Bahamas must act decisively to ensure that these taxes are collected here, rather than abroad.
The international tax landscape is evolving, and The Bahamas must respond to these changes. The DMTT legislation is a crucial step in protecting our national interests by ensuring that taxes owed by large multinational corporations are collected domestically.
We value your expertise and input in refining the proposed DMTT legislation. This consultation is a vital part of ensuring that our tax policies are fair, effective, and in the best interest of The Bahamas.
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