Employment Cost Calculator for Bahamas
Calculate your complete hiring costs for Bahamas employees, including payroll taxes, social security contributions, employee benefits, and management fees. This salary calculator provides accurate employer cost estimates for informed hiring decisions.
Employer Tax Contributions
| Tax Type | Rate | Base |
|---|---|---|
| National Insurance (Employer) | 6.65% | Insurable earnings (up to $3,510 monthly / $810 weekly) |
| National Insurance (Employee Withheld) | 4.65% | Insurable earnings (up to $3,510 monthly / $810 weekly) |
| Value Added Tax (VAT) | 12% | Goods and services (collected and remitted) |
| Business Licence Tax | 0.5% - 1.25% | Turnover (varies by turnover amount) |
Filing & Compliance
- Employers must register with the National Insurance Board (NIB) within 10 working days of commencing operations.
- NIB contributions are due monthly by the 15th day of the following month.
- Annual Business Licence renewal applications are due by January 31st, and the return and tax payment by March 31st.
Income Tax Brackets
The Bahamas does not impose income tax.
Employee Contributions
| Deduction Type | Rate | Cap |
|---|---|---|
| National Insurance Board | 4.65% | BSD $3,510/month or BSD $810/week |
Personal Allowances
- The Bahamas does not impose personal income tax, so there are no income tax deductions or allowances.
