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VAT Bahamas Last Updated: Nov 14, 2018 - 7:48:00 AM
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VAT Bahamas
Insurance Industry VAT Guidance Notes Released - Apr 20, 2015 - 4:58:01 PM

Nassau, Bahamas - The Value Added Tax (VAT) Department of the Ministry of Finance has released the VAT Guidance Note as it relates to the Insurance Industry. The Public is advised that the Insurance Guidance is to be read in conjunction with the VAT Act 2014 Act and Regulations 2014.

The guidance notes reflect the Comptroller’s position on the administration and enforcement of the law relating to insurance and were prepared after intensive consultation and workshops with the insurance sector.

The public is further advised that they can view the Insurance Industry...
VAT Bahamas
Ministry of Finance: No Reversal on the VAT Treatment of Insurance - Nov 27, 2015 - 5:21:15 PM

The Ministry of Finance takes strong exception to the report in today’s newspaper, which suggests that officials in the ministry and the VAT Department have reneged on the understanding of insurance policies renewed before July 1st, 2015 and how they are to be treated under VAT.

Contrary to views attributed to representatives of the insurance industry, the ministry never agreed that polices on which premiums were exempt from VAT would accrue VAT credits when insurers paid out claims triggered on or after July 1st 2015...
VAT Bahamas
Department of Inland Revenue Launches New Website - Nov 9, 2015 - 7:54:36 AM

Nassau, Bahamas - The Department of Inland Revenue (DIR) wishes to advise the public that it now has a new website.

It can be accessed in two ways...

The website is more user-friendly and gives access to information on Value Added Tax (VAT), Business License, Real Property Tax and First Home Owners Exemption...

VAT Bahamas
Department of Inland Revenue Enforcing Business Licences Penalties and Surcharges - Nov 8, 2015 - 9:47:32 PM

Nassau, Bahamas - The Department of Inland Revenue (CRA) reminds the public that fines and penalties are now being imposed as a result of the July 2015 amendment to the Business Licence Act.

The department also reminds the public that the deadline for filing business licence renewal applications is January 31st and the deadline for the payment of taxes is March 31st...
VAT Bahamas
Department of Inland Revenue Staff to Travel to Long Island - Nov 5, 2015 - 10:25:09 PM

Nassau, Bahamas - The Department of Inland Revenue (DIR) will be in LongIsland next week to allow business owners to have the opportunity to meet with them and discuss the new Business Licence online system which is part of the existing Online Tax Administration System (OTAS).

The team will be in town from Monday, November 9th to Wednesday, November 11th, 2015.  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 Penalties and Fines Enforced - Sep 25, 2015 - 12:13:17 PM

Nassau, Bahamas - The Department of Inland Revenue encourages business owners to ensure that their Value Added Tax (VAT) returns are filed and paid on time to avoid facing penalties.

The Department is now activating the automatic enforcement of penalties for late returns. Penalties for late filing and late payments are as follows...
VAT Bahamas
VAT Dept. urges taxpayers to make use of the message tab in the Online Tax Administration System - May 20, 2015 - 4:02:11 PM

The Value Added Tax (VAT) Department of the Ministry of Finance urges taxpayers to make use of the message tab in the Online Tax Administration System (OTAS) to effectively manage their accounts and communicate with the VAT Department.

For all electronic correspondence regarding VAT account enquiries, taxpayers are encouraged to use their online account instead of the following email addresses - vatcustomerservice@bahamas.gov.bs or vat@bahamas.gov.bs...
VAT Bahamas
VAT Update: Checking the Online Tax Administration System - May 18, 2015 - 10:11:26 AM

The Value Added Tax (VAT) Department of the Ministry of Finance advises taxpayers of the importance of regularly checking their emails, using the Online Tax Administration System(OTAS), for VAT updates and relevant information to them.

Taxpayers are encouraged to check their messages to avoid missing out on pertinent information, reminders, guidance updates and more.

Failure to comply with the VAT Act will result in fines, penalties or imprisonment.For more information contact the VAT Department...
VAT Bahamas
Bahamas Department of Inland Revenue Introduces Online System - Mar 18, 2015 - 11:38:58 AM

March 18th , 2015 (Nassau, Bahamas) -The Department of Inland Revenue would like to advise the public of the introduction of its new online portal for Business Licence that is coming in April, 2015.

This online portal will provide businesses with a simple, user-friendly, online application and payment system.

This system will also provide an easy online form that requests similar information/documentation as the paper-based document. It will generate an automatic e-mail response confirming that you have submitted an application and/or payments...
VAT Bahamas
Ministry of Finance Explains Limitation on Flat Rate VAT Scheme for Grand Bahama Port Authority Licensees - Mar 18, 2015 - 3:13:37 AM

Nassau, Bahamas– The Ministry of Finance is providing more clarity on the Flat Rate Filing Scheme, as regard its non-availability for Grand Bahama Port Authority (GBPA) Licensees.

"The 4.5 percent flat rate was never conceived for Port Authority Licensees. We stated this in our Guidance Notes and in the VAT Rules which were published. Today's story in the press gives the impression that there has been a change in policy on use of the scheme. There has been no revision," said Financial Secretary and Acting VAT Comptroller, John Rolle...
VAT Bahamas
All small businesses placed on simplified VAT returns scheme - Mar 15, 2015 - 7:51:51 PM

Nassau, Bahamas- VAT Comptroller has now approved all small businesses with $1 million or less in revenues to use the Cash Accounting Scheme. "These businesses do not need to take any other steps to use this simplified approach to complete their returns," said a VAT Department spokesperson. "It will be available when they submit their first return in April."

Most Registrants have reported annual sales of $1 million or less, and will therefore be able to benefit from this process. Effective immediately, they are all placed on the Cash Accounting Scheme. If a business insists, it can go back to using accrual accounting, although it is not expected that this option will be chosen often...
VAT Bahamas
VAT Rule 2015-008 pertaining to Public Entertainment - Mar 13, 2015 - 5:00:51 PM

A. Authority This Rule is made under section 17 of the Value Added Act, 2014.

B. Legislation All legislative references are to the Value Added Tax Act, 2014 and/or the Value Added Tax Regulations 2014, unless otherwise stated.

C. This Rule applies in respect of: Value Added Tax Act, 2014 Sections 2, 19 & 22

D. Application of Rule This Rule is for the purpose of determining whether a public entertainment activity will be subject to VAT and to define who qualifies as a Promoter of Public Entertainment...
VAT Bahamas
Ministry of Finance Pleased with Results of First VAT Filing Deadline - Mar 11, 2015 - 9:45:18 PM

Nassau, Bahamas – The first monthly filing deadline for large businesses was on March 2nd, and the Ministry of Finance and VAT Department are pleased with the results and positive outcomes of the filing process. Nearly, 95 per cent of businesses with revenues of $5 million or greater successfully completed the filing process for the January tax period.

“We have worked with Bahamian businesses to ensure that they understand their VAT filing responsibilities and are happy to report that the vast majority of large businesses had a successful experience,” stated John Rolle, Financial Secretary...

VAT Bahamas
VAT Private Sector Education Task Force free VAT filing & returns seminar Nassau - Mar 5, 2015 - 4:48:34 PM

Attend the VAT Private Sector Education Task Force free VAT filing and returns seminar.

The seminar will be held on March 11th, 2015 at the Melia Hotel, Cable Beach. The seminar time will be 9:00 a.m. to 5:00 p.m. You must be a VAT registrant in order to register to attend. Please note that only one business representative per company will be allowed to attend.
Lunch will be provided.

For additional details on registration for the seminar, visit www.bahamas.gov.bs/VAT . On the website select the ‘VAT NOTICES ‘tab then select ‘VAT EDUCATION TASK FORCE VAT SEMINAR ’from the list. Click on the ‘Register Here’ link and fill...
VAT Bahamas
(VAT) Freeport area bonded fuel supplies to be monitored with new admin. procedures - Mar 4, 2015 - 11:59:12 PM

Nassau, Bahamas - The Ministry of Finance and VAT Department announced that new administrative procedures will be put in place to monitor bonded fuel supplies in the Freeport Area. “We will be working with petroleum distributors to track fuel sales, so that the proper follow up can be done to verify that purchases are for business and not personal use,” a spokesperson said.
A Port Licensee can purchase bonded fuel without having to pay VAT on such supplies. However, the benefit is only to be provided for use within the business. Bonded supplies that are not used within the business are liable for both the VAT and customs dutie
VAT Bahamas
VAT application for Charities and Fund Raising events - Mar 2, 2015 - 10:32:28 PM

Nassau, Bahamas - Since the rollout of VAT at the start of this year, many charitable organizations in The Bahamas have successfully registered for VAT and are operating with ease. However, it is important that all such organizations be aware of the VAT exemptions that may apply to their events as the work that charities do in The Bahamas is vital for the health and wellbeing of our nation.

Public attendance at organized charitable events is exempt from VAT. Exemption is without limit if the items sold for the fundraisers are donated. If the organizers buy and then resell the goods for the event, VAT will only have to be charged if revenue raised in this fashion is expected to exceed $50,000 per year...

VAT Bahamas
VAT rollout continues to exceed expectations - Mar 1, 2015 - 2:10:56 PM

NASSAU, Bahamas  – As the first VAT filing deadline approaches on Monday, March 1, and February 28 is the deadline for the transition to tax inclusive pricing display, the VAT Department and the Ministry of Finance are pleased with the remarkable progress of VAT rollout.

Due to the impressive compliance efforts of Bahamian businesses so far, the VAT Department does not see a need for official extension of the deadline for adoption of inclusive pricing displays. Now enforcement efforts will be heightened to ensure that retailers fulfil any residual requirements...
VAT Bahamas
Accounting process for VAT‏ video released - Feb 25, 2015 - 9:37:57 AM

The public is advised that the Value Added Tax (VAT) Department of the Ministry of Finance has released a short video to assist VAT Registrants with the accounting process.

This short video entitled ‘Accounting for VAT’ will provide taxpayers with information on how to account for VAT in preparation for the return filing period. This video should be viewed in conjunction with the department’s ‘How To File a Return’ video...
VAT Bahamas
VAT Rule 2015-008 Public Entertainment - Feb 17, 2015 - 8:40:10 PM

This Rule is for the purpose of determining whether a public entertainment activity will be subject to VAT and to define who qualifies as a Promoter of Public Entertainment.

This Rule applies to persons who provide entertainment occasionally and does not carry out such activities on a daily or weekly or continuously.

The purpose of this Rule is to provide guidance on registration of public entertainment activity for VAT and is to be used when a taxpayer requests permission to host a public entertainment activity as defined by the VAT Act...

VAT Bahamas
Bahamas VAT Department message to persons conducting events for the purposes of public entertainment - Feb 17, 2015 - 11:12:49 AM

The Ministry of Finance’s Value Added Tax (VAT) Department wishes to advise any person conducting events for the purposes of public entertainment to send a list of scheduled events to the department as soon as possible.

The list can be emailed to vat@bahamas.gov.bs

Events which will generate income from ticket sales and other revenue related activities must be registered with the department by applying to the VAT Comptroller before the event is advertised.

Public entertainment activities include sporting events, cultural events, concerts, dinner parties and balls. A promoter includes non-profit organizations, religious organizations and charities...

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