VAT Bahamas
VAT Free Shopping Rules Update - Sep 8, 2015 - 12:48:16 PM
 Nassau, Bahamas -The Department of Inland Revenue reminds business
owners that are eligible for the VAT Free Tourist shopping scheme that
there are several goods that are not part of the scheme.
Those
items can be found in the VAT Rule on VAT Free Shopping and include all
goods that may be consumed prior to departure such as food,
confectionary items and beverages, alcoholic beverages, tobacco
products, medicine and pharmaceutical products...
VAT Bahamas
Department of Inland Revenue Business License Payment Methods - Aug 27, 2015 - 3:45:14 PM
Nassau, Bahamas -The Department of Inland
Revenue reminds the public that there are several ways to pay when
applying for or renewing your business licence using the Online Tax
Administration System (OTAS). The public needs to ensure that their
payments are being made with respect to Business Licence and not Value
Added Tax (VAT).
1. Via the Government of The Bahamas Online Tax Administration System
For
convenience, your online tax account allows you to seamlessly file and
pay business licence fees and VAT online any time. Log-in to your
account and pay securely using your debit or credit card...
VAT Bahamas
Bahamas Tax Compliance Certificate to Be Introduced - Aug 12, 2015 - 4:24:38 PM
Nassau, Bahamas - The Department of Inland Revenue advises the public
of the introduction of a new Tax Compliance Certificate. The Tax
Compliance Certificate will be issued to taxpayers who are current with
their tax obligations to the government. These obligations include
filing tax returns and paying the assessed taxes.
Information about the Tax Compliance Certificate can be found in the
Financial Administration and Audit (Amendment) Act 2015 Part IIB (of
Section 19i)...
VAT Bahamas
Bahamas Department of Inland Revenue Introduces Business License Online Registration - Jul 26, 2015 - 5:28:38 PM
 Nassau, Bahamas -The Department of Inland
Revenue advises the public of the introduction of its new online
application for Business Licence scheduled to go live on August 4th,
2015.
The Online Tax Administration System (OTAS) will provide
businesses with a simple, user-friendly, online application and payment
system. This is the same system currently being used for Value Added Tax
(VAT)...
VAT Bahamas
New Tax Free Shopping Scheme Takes Effect for Bahamas Tourists in August - Jul 17, 2015 - 11:56:25 AM
 The Value Added Tax (VAT) Department has
announced that the VAT Free Shopping Scheme will take effect on August
15th, 2015. As a result, the VAT and Customs Departments are partnering
with Global Blue, an international operator of tax refund systems, to
introduce the automated rebate tracking system for The Bahamas.
Merchants will continue to sell a wide range of products to tourists,
net of VAT, and record this information in standard format that can be
monitored electronically by the Customs Department.
With the
introduction of the standardized electronic platform, the VAT Department
is now opening up participation in the tax free or “VAT off” scheme to
all qualifying businesses that sell qualifying goods...
VAT Bahamas
VAT Free Shopping Scheme Rules Released - Jul 15, 2015 - 11:04:36 AM
The Value Added Tax (VAT) Department has
released the Draft VAT Rules as it relates to changes in the VAT Free
Shopping scheme. The public is advised that the rules are to be read in
conjunction with the VAT Act 2014 and Regulations 2014 and to provide
feedback to the department if they deem necessary. The new rules are to
take effect in mid-August.
The draft rules reflect the
Comptroller’s position on the administration and enforcement of the law
relating to VAT Free Shopping and are applicable to those VAT
Registrants who are approved to conduct sales with tourists...
VAT Bahamas
Bahamas Department of Inland Revenue Moves to Carmichael Road - Jul 7, 2015 - 1:28:42 PM
Nassau, Bahamas –The Ministry of Finance
advises the public of the merger and new location of the Business
Licence, Real Property, Excise Tax, First Home Owner Exemption and Value
Added Tax Departments within the Department of Inland Revenue effective
Monday, July 13th, 2015. This is the introduction of the establishment
of the Central Revenue Administration (CRA).
As a result, Inland
Revenue services – Business Licence and Real Property Tax – currently
located at Charlotte House on Shirley Street will close on Thursday,
July 9th, 2015 at 1:00 p.m. to begin the moving process...
Community
First Bahamian Woman Elected ICAC President - Jul 6, 2015 - 10:49:47 PM
Jasmine Y. Davis,ICAC President 2015-2016
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The Institute of Charted Accountants of
the Caribbean (ICAC) is pleased to announce that Ms. Jasmine Davis has
been elected as it new president for the period 2015-2016. Ms. Davis was
elected on June 25th, 2015 at the ICAC’s 72nd Annual General Meeting
held in Port of Spain,
Trinidad. She is the first Bahamian woman to hold the prestigious post with the only other Bahamian being Philip Galanis.
After
Ms. Davis was elected, in her closing address at the AGM, she outlined
several goals for the body to achieve including raising the profile of
ICAC both regionally and internationally through “thought leadership”...
VAT Bahamas
VAT procedures update for leases or purchases of land - Jul 3, 2015 - 10:13:56 AM
The Value Added Tax (Amendment) Act 2015 has
made leases of land and purchases of land subject to the payment of
Value Added Tax (VAT).
The Stamp (Amendment) Act 2015 has reduced
the stamp duty payable on deeds of conveyance and assignments or
transfers of realty to two and a half per cent of the amount of value of
the consideration. In the case of leases, stamp duty is payable at the
rate of two and a half per cent of the annual rent reserved.
All
documents as listed above, are to be presented, on behalf of the VAT
Comptroller, to the Department of Inland Revenue, Ground Floor,
Charlotte House, Shirley and Charlotte Streets, for assessment and
payment of VAT prior to being presented to the Treasury Department for
payment of Stamp Duty...
VAT Bahamas
VAT Free Workshops for Small Businesses: Jul 13 - 24 - Jul 2, 2015 - 12:37:38 PM
Nassau, Bahamas - The Value Added Tax (VAT) Department will be
hosting another series of free workshops for small business owners from
July 13th - 24th.
These workshops are geared towards assisting
quarterly fillers with filing VAT returns and making payments and will
focus on the cash rate and flat rate accounting schemes.Sessions will be
held Mondays-Thursdays at the VAT Office in The Gladstone Road Freight
Terminal located off Gladstone Road. There will be two sessions, 10:00
a.m.- 12:00 p.m. and 2:00p.m. - 4:00p.m.
VAT Bahamas
VAT Rules for Real Estate - Jul 1, 2015 - 10:40:32 AM
The Value Added Tax (VAT) Department of the Ministry of Finance has
released the VAT Rules as it relates to Real Estate. The public is
advised that the rules are to be read in conjunction with the VAT Act
2014 Act and Regulations 2014 and to provide feedback to the department
if they deem necessary.
The rules reflect the Comptroller’s position on the administration and enforcement of the law relating to real estate. The
public is further advised that they can view the Real Estate Rules as
well as other sector rules on the government’s website...
VAT Bahamas
Important points on revenue reform by Bahamas financial secretary John Rolle - Jun 30, 2015 - 6:30:40 PM
The public's attention is being drawn to
several important revenue reforms approved by Parliament during the
2015/2016 Budget Debate. These mainly affect the revenue collections
that fall under Ministry of Finance agencies and include Customs Duties
and Excise Taxes, Stamp Taxes, Value Added Tax (VAT), Real Property
Taxes and Business License. The legislative changes also affect
procedures that government ministries, departments and public
corporations must observe when they do business with the private sector...
VAT Bahamas
VAT Important Updates for Financial Services, Real Estate and Tourism - Jun 23, 2015 - 3:15:53 PM
VAT Department Preparing Revised Guides: Important Updates for Financial Services, Real Estate and Tourism
The
Ministry of Finance and the VAT Department continue to incorporate
private sector feedback into revision of the VAT guidance notes. The
notes foreshadow the administrative framework for the VAT. “We want to
ensure that the private sector receives ongoing clarity about the VAT
framework. The next version of the sector specific guidance notes and
the general VAT Guide will do this,” a spokesperson for the Ministry
said. “In addition we will introduce the first set of detailed guidance
on pricing, accounting and record keeping.” Amended VAT regulations
are now ready for promulgation, once final sign off is received from the
Cabinet.
VAT Bahamas
VAT Department encourages small businesses to use Flat Rate Scheme - Jun 16, 2015 - 1:35:24 PM
The Ministry of Finance’s Value Added Tax (VAT) Department
encourages small business owners to use the Flat Rate Scheme when filing
their returns.
The Flat Rate Scheme allows the taxpayer to calculate
VAT at a rate of 4.5 per cent on their taxable turnover payable to the
VAT Department each VAT period. To qualify for the Flat Rate
Scheme, the taxpayer must have an annual taxable turnover of $400,000 or
less and keep the necessary...
VAT Bahamas
Bahamas VAT Calculator App Launched - Jun 12, 2015 - 10:27:14 AM
The Ministry of Finance’s Value Added Tax (VAT) Department is pleased to
announce the creation of the Bahamas VAT Calculator application for
consumers with smartphones.
The app is free and can be found in the Google Play Store for Android users and in the App Store for Apple users.
The
app allows consumers to calculate the proper VAT for purchases using
the VAT calculator, add or remove VAT from a price using the VAT rate
and call the VAT Hotline.
VAT Bahamas
Cheques not accepted for VAT payments - Jun 4, 2015 - 1:40:06 AM
The Ministry of Finance’s Value Added Tax (VAT) Department advises
the public that personal and business cheques will not be accepted when
making VAT payments.
The VAT Department further advises that only
manager’s cheques will be accepted. VAT Registrants can also pay VAT
using the Online Tax Administration System (OTAS), through online
banking and over the counter at most banks. Please note that walk-in or mail-in payments at the VAT Department will not be accepted. For more information on VAT payment...
VAT Bahamas
VAT Dept launching vigorous campaign to ensure that businesses are VAT compliant - May 22, 2015 - 9:29:37 AM
The Value Added Tax (VAT) Department of
the Ministry of Finance advises the general public that department
officials will be embarking on a vigorous campaign to ensure that
businesses are VAT compliant.
Officers can be identified by their
VAT identification badges, bearing their name, signature of Acting VAT
Comptroller, John Rolle as well as a photo of the officer.
Issues
such as VAT Inclusive pricing, prominent display of VAT and Business
License Certificates, proper invoices and receipts among others will be
some of the things VAT officers will be monitoring.
VAT Bahamas
VAT Notice Re: Deregistered or Cancelled Taxpayers - May 12, 2015 - 10:34:07 PM
The Value Added Tax (VAT) Department
would like to advise taxpayers who have been de-registered or received
approval to cancel VAT to remove their VAT certificates from their
establishments.
Businesses that
have been de-registered or approved for cancellation of VAT must cease
to collect VAT. Those businesses where VAT has been collected must
account for any VAT which should have been paid in the meantime.
Any taxpayer not in compliance with the law would be subject to a fine, imprisonment or both...
VAT Bahamas
VAT: Flat Rate Accounting Scheme Information - Apr 23, 2015 - 7:35:18 AM
The
Value Added Tax (VAT) Department of the Ministry of Finance wants to
advise quarterly taxpayers wishing to be placed under the Flat Rate
Accounting Scheme for the quarter ending March 31st.
In order to be approved for the
Flat Rate Scheme you must:
have an annual taxable turnover of $400,000 or less;
apply the flat rate of VAT to your taxable turnover in order to calculate the amount ofVAT to be paid to the Comptroller, and
keep the necessary documentation as outlined in the VAT Act to support your sales figures...
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