NASSAU, Bahamas (AP) -- The government of the Bahamas is implementing a new value-added tax on most goods and services.
The 7.5 percent tax applies only to businesses whose profits exceed $100,000 a year. The new tax replaces the hotel accommodation tax and certain customs duties and excise taxes.
The government said in a statement Friday that more than 5,000 businesses have registered to start applying the tax. Businesses have until Feb. 28 to become fully compliant.
The tax went into effect Jan. 1.