On 28 May 2014, Bahamas'  budget 2014/2015 was presented. The budget includes several changes in regards to simplifying tax procedures, and adjusting certain excise taxes and customs duties. However, the biggest change is the introduction of value added tax (VAT). The standard rate of  VAT will be 7.5% on goods and services. Exports will be zero-rated and certain goods and services will be exempt, such as basic foodstuffs, and medical and education services. Suppliers will be required to include VAT in pricing of supplies to consumers. VAT is expected to be introduced starting 1 January 2015.