The Bahamas Prime Minister and Minister of Finance Philip Davis delivered the 2024/2025 Budget Communication on 29 May 2024. With respect to revenue measures, one of the key measures is the introduction of an International Business Income Tax for large multinational corporations that is expected to be made effective from 1 January 2024, including a Qualified Domestic Top-Up Tax for in-scope Pillar 2 multinational entities operating within the Bahamas. According to the Communication, the introduction of the International Business Income Tax would necessitate changes to the current business licence and Stamp Tax Regime. For example, no business would be subject...