[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
VAT Bahamas Last Updated: Jul 19, 2023 - 4:32:10 PM
VAT Bahamas Feed


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

Sm_Revenue.jpg
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
VAT filing period for quarterly filers deadline approaching - Jul 21, 2015 - 10:38:37 AM

The Value Added Tax (VAT) Department reminds the public that the deadline is fast approaching for the second VAT filing period for quarterly filers.

The deadline for the quarterly filing period for small and medium businesses is July 28th, 2015 which means registrants should file and pay on or before that date.

For assistance with filing and payment, taxpayers can view two videos released by the VAT Department early this year: ‘How To File A VAT Return’ and ‘How To Make A VAT Payment’...
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

sm-INLAND-REVENUE-MOVE.jpg
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_2015-201sm_6.jpg
Jasmine Y. Davis,ICAC President 2015-2016
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

S-Play-Store-2.jpg
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...


Latest Headlines
News
GBPA Announces Six Senses GB Hotel, Villas & More
Junkanoo Summer Festival Is Back, Bigger and Better
ZNS Celebrates 86th Anniversary with Church Service
Doctoral degree posthumously conferred to Hon. A.D. Hanna by University of The Bahamas
Select Jif Peanut Butter Products Recall - Update
Community
EARTHCARE Eco Kids join Dolphin Project for Global Beach Cleanup
Commercial Driver's Certification Services
Sorority Donates to Abuse Victims in Nassau, Grand Bahama
Breef kicks off donations of “Bahamas Underwater” books to over 300 schools in The Bahamas
University of The Bahamas Preparing for Largest Commencement Class Since Pandemic
Bahamian Politics
DNA PR: It's time to change the system
DNA on Extension of Emergency Orders
DNA on shanty town demolition court order
DNA on new lockdowns on Family Islands
PLP Candidate for North Andros and The Berry Islands on Lockdowns in The Berry Islands and Andros
Bahamas Weather
Inclement and a very wet weather ahead for the week for The Bahamas
Severe Thunderstorm warning - November 5th
Severe Weather Warning- Oct. 22
6am News Item on Tropical Storm Nicholas
Alert #21 on Tropical Depression Fred
Sports
Middle Tennessee wins the Prime Minister's Cup at 2021 Bahamas Bowl
Minister of Youth, Sports and Culture announces sports is back
Director of Sports Welcomes return of Gold-Medal-Winning Bodybuilding Team
Basketball Camp fosters more than talent with CWCO backing
Minister Lewis, Sports Director show up for Young Runners
Columns
Reflections on Independence
22nd Annual Christmas Bird Count in Honour of the Late Erika Gates
Proposed zero vat removal from breadbasket items
Michael Brooks: A look at Bahamian culture
Equality Bahamas Welcomes Women in Parliament to Advocate for Human Rights
Events Calendars
New Providence Events Calendar
Grand Bahama Events Calendar
Family Islands Events Calendar
Aliv Hope Gala Ball under the patronage of Bahamas PM & Mrs. Minnis is this Saturday
Paint Fair plans 2 big events on October 11th & 13th
Entertainment
Caribbean Barrel features Mango and Bahamian Splice Junkanoo Show Group Tonight
K.B. releases new single - Das Why We Savin’ Da Bays
Caribbean Barrel Restaurant Valentine's dinner Experience Under the Stars with 'Jahem & Jazz
Caribbean Barrel features Wilfred Solomon & Magnetics Tonight
Mortimer candidly explores life-defining experiences in new podcast Looking Deep
Sales & Promotions
Shop Spaces available at Grand Lucayan
Lighthouse Pointe Karaoke Fridays and Groovy Old School Saturdays
Lighthouse Pointe Karaoke Fridays & Groovy Saturdays
Lighthouse Pointe Sunday Brunch at Portobello's Restaurant
Lighthouse Pointe - Thanksgiving Day Thursday meal & Sunday Thanksgiving Brunch specials
Arts & Culture
Award-Winning Photographer Eric Rose presented a printed canvas of 'The Hermitage' to the PM Davis
Minister Bowleg Opens “Double Dutch 8” and “Evolution of the Arc” NAGB Exhibitions
Unbox Bahamian Artistry and Live Your Best 'LifestIsle'
Students display culinary skill and creativity in Bahamas Young Chef Competition
'Build Your Best Life' book presented to Willa Mae Pratt and Simpson Penn centres
Streaming Multimedia
Free Uppercut Concert at Dive In postponed due to Matthew
A Mouth Full explores gourmet pizzas at Domino's
Bahamian filmmaker releases "Atlas Calling" as an urgent call to protect the ocean
A Mouth Full: Sweet Treats at Mortimer's Candies
A Mouth Full: Organic Living from 'Field to Fork'
Inside The Bahamas Weekly
Do you need a media consultant, publicist or event promoter?
Contact The Bahamas Weekly Team
TheBahamasWeekly.com Celebrates 11 yrs! Online Survey
Moultrie Elected 54th Speaker of the House of Assembly
Receive our "Top 70 Stories of the Week"
Navigation (Site Directions)
Finding your way around our Website
Opportunities
Groves Famiy Foundation scholarship applications now available online
STEM Summer Camp returns to Nassau for 6th Year
HGTV Seeking Expat Buyers & Real Estate Agents in Nassau, Exuma, Eleuthera & Abaco
BFPA to present talk with Bahamas Film Commissioner in Grand Bahama
Movie Masters featuring Sean Robins - Feb 27th & 28th
The Bahamas Boasts
Shoot your film in Andros, Bahamas
IADB designates Nassau as an "Emerging Sustainable City"
Bahamas announces New Marine Protected Areas
Parallax rides a "Bahama Blue" tide to World Oceans Day
The Bahamian Flag Makes it to the Top of the World
A Taste Of The Bahamas
Bahamas seaplane pilot Paul Harding reveals a lifetime of adventures in new memoir: Sharks in the Runway
(VIDEO) Ocean Waves Nature Sounds of The Bahamas
Etiquette for The National Flag of The Bahamas
Junkanoo: Hidden Treasure of the Bahamas
Bahamas Investment Authority frequently asked questions (FAQ)
Market Place
Land for Sale: Royal Palm Bay
Grand Bahama Hurricane Resistant Warehouses for SALE
Conch Salad on Wheels is available by order on Saturdays Only!
Grand Bahama Hurricane Resistant Factories for SALE
2010 Toyota Vitz for Sale: Proceeds to the Humane Society
Focus on Fashion
Samba Sol Grows its Bahamas Collection
Meet the Bahamian descendent leading LA Fashion Week
Bahamian fashion icon Flo Miller launches book
Theodore Elyett outfits Porsha Williams for the cover of Rolling Out Magazine
Eleuthera fashion designer releases new line
Hot Links
Websites we'd like you to know about...
at a glance
New Providence Events Calendar
Quote of the Week - Words Have Weight
PayPal now accepts Bahamian based credit cards
VAT Bahamas
Free VAT Filing Workshop offered from June 13- June 15 in Grand Bahama
D.I.R Announces Operation Enhancement Measures
VAT Filing & Payment Deadline Changes
VAT: Request for Filing Extensions after Hurricane Matthew
VAT Taken Off Some Educational Fees
Health
PAHO/WHO Country Office of The Bahamas and Turks and Caicos Islands hosted a Virtual End of Year Retreat
PAHO urges public health measures and vaccination in light of Omicron variant
Dr Valerie Knowles: Ignoring Mental Health needs put essential workers at risk
PMH Implements measures to manage increase in COVID- 19 Cases
Haiti receives 500,000 vaccines donated by the United States through COVAX
Opinions
Vaccine Maitri: Together We Emerge Stronger
Opinion - COVID-19 Pandemic: India’s response and global strategy
Opinion Editorial: COVID-19 Highlights Caribbean Community’s need to build resilience
Opinion: We must leverage the ‘Commonwealth Advantage’ to counter the economic fallout of COVID-19
Opinion: Coronavirus and climate disasters - Small vulnerable countries face dual threats
Medical Education Review Program (MERP)
DeVry Medical International to close Grand Bahama based M.E.R.P. Program
Join Our Team: MERP Staff Accountant (4 Month Term)
Grand Bahama Minister meets Medical Executives
MERP Supports the Arts in Grand Bahama
Grand Bahama landlords updated on MERP housing requirements
Ross University
DeVry Medical International Calls on Minister Darville
New MERP session underway at Ross Bahamas site
Ross University School of Medicine Expands Affiliation with Premier U.S. Teaching Hospitals
Ross University promotes Dr. George Lotocki to Director of the Medical Education Review Program
Dr. Thomas Shepherd to Retire as President of Ross University
Grand Bahama Real Estate
BeachCottage242.com - Grand Bahama Getaway
Investors eye Old Bahama Bay anticipating Skyline Announcement