[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
VAT Bahamas Last Updated: Sep 22, 2018 - 6:08:02 PM
VAT Bahamas Feed


VAT Bahamas
First VAT filing period deadline for returns and payments is March 2nd - Feb 16, 2015 - 11:54:23 PM

Nassau, Bahamas - In accordance with Section 47(1) of the Value Added Tax Act 2014, members of the local insurance industry are advised that notwithstanding the supply of insurance being exempt until the 30th June 2015, businesses registered with the Value Added Tax (VAT) Department and required to submit returns and make VAT payments on a monthly basis must commence filing VAT returns and making VAT payments, if any, within 28 days after the end of the tax period. The first filing period deadline for VAT returns and payments is March 2nd, 2015...
VAT Bahamas
Information to help VAT registrants comply with VAT inclusive price display - Feb 11, 2015 - 3:11:16 PM

The VAT Department is pleased to acknowledge the progress most vendors have made in complying with requirements of the Value Added Tax Act 2014 to display retail prices that are inclusive of VAT. We take this opportunity to provide information to VAT registrants to help them meet their obligations before the transitional deadline of February 28th 2015.

All registrants must be fully compliant with tax-inclusive display requirements after this date.

If you are a VAT registrant, and make taxable supplies, the prices advertised or displayed must include the VAT...
VAT Bahamas
Notice for VAT Registrants who use Representatives to Manage their Account - Feb 6, 2015 - 1:32:45 PM

The Ministry of Finance’s Value Added Tax (VAT) Department has been advised that there are registrants who have representatives managing their taxpayer accounts in the Online Tax Administration System (OTAS), and have not been able to access their account.

Please note that while you may have a representative managing your account, you should ensure that the representative gives you full access to your taxpayer account i.e company’s account. If the representative does not grant you access, you should create an...
VAT Bahamas
VAT filing period due date approaching for taxpayers earning $5 million or more - Feb 6, 2015 - 12:43:26 PM

The Ministry of Finance’s VAT Department reminds the public that the deadline is fast approaching for the first VAT filing period for taxpayers making $5 million or more in gross sales. Taxpayers should do all they can to ensure that they are prepared and compliant.The deadline for the first filing period for large businesses is February 28th, 2015 which means registrants should file and pay on or before that date.


Two videos have been released by the VAT department in January – ‘How To File A VAT Return’ and ‘How To Make A Payment Online,’which can be viewed by selecting the appropriate link...
VAT Bahamas
VAT / Price Control Monitoring Continues - Feb 5, 2015 - 3:25:20 PM

NASSAU, The Bahamas -- In an effort to establish compliance with the newly-implemented Value Added Tax (VAT) and at the same time protect consumers from over-pricing, Price Control Inspectors with the Consumer Welfare Unit led by Price Commission Chairman Dr. E. J. Bowe and Chief Inspector McKenzie visited various food facilities on Wednesday, February 4.  The inspectors indicated violations and warned and reminded merchants of possible fines or prosecution if stores are not found in compliance by the March 31 deadline set by the government.
VAT Bahamas
VAT Department requirements for Public Entertainment - Feb 5, 2015 - 12:07:09 PM

The Ministry of Finance’s Value Added Tax (VAT) Department wishes to advise any person conducting events for the purposes of public entertainment which will generate income from ticket sales and other revenue related activities that they must apply to the VAT Comptroller for registration before advertising the activities.


Applicants must complete the normal registration form along with Form 41 – Notification of a Public Entertainment Event at least 48 hours before the event is
VAT Bahamas
VAT Department Issues Fines and Warning Letters for Late Registration - Feb 3, 2015 - 9:43:59 PM

Nassau, Bahamas - With the mandatory registration process well advanced beyond the November 30th 2014 deadline established in the law, the VAT Department began issuing fines and warnings today to nearly 200 businesses with declared turnover above the $100,000 threshold that submitted late applications.

The Department has been lenient during the transition. The penalties reflect a grace period for all applications that were no more than 16 days late. However for later submissions letter vary from a warning for very small business to fines ranging between $250 to $10,000 for large businesses...

VAT Bahamas
Bahamas VAT payment factsheet - Jan 28, 2015 - 1:30:42 PM

VAT and Your Business: Making VAT Payments

As your business settles into new operations and accounting activities with the onset of VAT, you should also prepare for your first electronic return and VAT payment. Your VAT return and payment must be received within 28 days after the end of a VAT period.

For monthly filers, the deadline for the first filing and payment due date is Monday, March 2, 2015 (February 28, 2015 falls on a weekend).

For quarterly filers, the first filing date is April 28, 2015 although payments can be made on a monthly basis in advance. Late payments would be subject to penalties.

All VAT Registrants file their returns electronically on the Government of The Bahamas Online Tax Administration System. For payment, several options are available...

VAT Bahamas
Bahamas Ministry of Finance releases 2 videos on VAT filing process - Jan 28, 2015 - 1:02:44 PM


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

The first filing period for large businesses is scheduled for February 28th, 2015. Smaller businesses will file quarterly beginning on April 30th.

The first video entitled “How To File A VAT Return” is a simple video taking you through a step-by-step process including creating the return, saving a draft of the return, adding supporting documents among other important issues.

The second video entitled “How To Make A Payment Online”
News : Bahamas Information Services Updates
VAT Appeal Commission Established - Jan 25, 2015 - 9:36:52 PM

Nassau, Bahamas - The Government has completed the appointment of members of the VAT Appeal Commission. The names which will be unveiled this week, include a retired Supreme Court Justice as Chairman, a retired senior Customs officer and a public accountant. These individuals will also serve as members of the Customs Appeal Commission.

The VAT Appeal Commission will operate independently of the VAT Department and the Ministry of Finance.

If a VAT registrant is unhappy with any decision made by the VAT Comptroller, they may lodge an appeal with the Commission...
News : Local
Only VAT registrants can charge VAT - Jan 22, 2015 - 6:57:56 PM

The public is advised that businesses registered for Tax Identification Numbers (TINs) only areNOT allowed to charge Value Added Tax (VAT). The TINs only allow the business to make transactions with the government and collect refunds on those transactions but they cannot charge VAT.

Only businesses registered for the tax can charge VAT. These businesses are known as VAT Registrants.

Once registered, they will be given a VAT Registration Certificate and a VAT Registration Number. These businesses that can charge and collect VAT, on behalf of the government (VAT Registrants) MUST prominently display the VAT Registration Certificate...
News : Local
Bahamian banks allowed to charge VAT on fees that are explicit in nature - Jan 20, 2015 - 12:57:26 PM

Nassau, Bahamas - The Value Added Tax (VAT) Department of the Ministry of Finance wishes to advise the public that banks are allowed to charge VAT on fees that are explicit in nature.

Explicit fees are those bank charges where a fixed amount is collected for services offered. These amounts can also be represented as a percentage of a particular figure. Examples of these are fees charged for ATM withdrawals, safety deposit boxes, annual credit card fees and service fees on savings accounts...

News : Bahamas Information Services Updates
Bahamas Ministry of Finance releases 3 videos to assist VAT Registrants - Jan 9, 2015 - 10:52:50 AM

VAT-videos.gif
The Value Added Tax (VAT) Department of the Ministry of Finance has released three short videos to assist VAT Registrants.

The first video entitled “Navigation from Home Page” is a simple video explaining the ten key areas of the home page and the additional navigation and functions of The Government of the Bahamas Online Tax Administration System.

The second video entitled “Manage User Access” explains for registrants how to enable other users to access the registrant’s taxpayer account on the Online Tax Administration System, and how to manage that access.

The third video entitled “Change of Circumstances” demonstrates the process of allowing the account user to make changes to their existing information such as banking information, address/location and contact details etc..


News : Local
Government update on VAT implementation - Jan 9, 2015 - 1:18:44 AM

VAT has been in effect for a week now. So where do we stand and what’s next?

On January 1, 2015, value added tax (VAT) was implemented throughout The Bahamas to help cement the government's program of public finance reform and reduce a debt burden that diverts funds from essential services such as education, healthcare and garbage collection. VAT applies one rate across all industries; broadening the tax base and making it more equitable by including both goods and services...
News : Bahamas Information Services Updates
VAT Department provides clarification and warning on compliance; VAT not to blame for exorbitant price increases - Jan 8, 2015 - 9:56:27 AM

The Ministry of Finance and the VAT Department are acting to provide clarifications and general warning on VAT compliance.

Some businesses have made impressive efforts to comply with the transitional provisions for tax inclusive pricing. However in some other cases progress has been insufficient. Business are cautioned that where product labels have not been changed to show VAT inclusive pricing, customers must still see visible signage that the tax is being added to final prices, or they must see general signage next to items that disclose what the final tax inclusive prices are. The VAT Department has started to bring this deficiency to the attention of some registrants through warning letters. Later into January these warnings will be replaced by administrative fines...
News : Bahamas Information Services Updates
Ongoing education to support VAT compliance push as registration continues; price control changes will accommodate the Reform - Jan 2, 2015 - 8:07:41 AM

Enclosed is a Statement by Ministry of Finance :

With the January 1 introduction of the VAT, the Ministry of Finance stresses that sustained education of businesses and consumers will support the enforcement and compliance efforts.  As to price controls, the Ministry announces that there has been extensive collaboration with the consumer protection division of the Ministry of Labour and National Insurance to allow adjustments to take effect on regulated margins. In the meantime, the number of VAT registrants is approaching 5,000, amid continued calls for those not yet presented in the mandatory category to come forward.
 
Businesses and consumers are encouraged to be vigilant: double check receipts and invoices...
News : Bahamas Information Services Updates
Updated VAT Guidance Notes Issued to Coincide with Rules - Dec 24, 2014 - 6:03:38 PM


The
Value Added Tax (VAT) Department of the Ministry of Finance has released updated VAT Guidance Notes to be read in conjunction with the VAT Act 2014 Act and Regulations 2014. The update also coincides with the release of the intended VAT Rules.

The public is further advised that they can view the guidance notes on the government’s website at www.bahamas.gov.bs/VAT.

News : Bahamas Information Services Updates
VAT Rules released by Bahamas Government - Dec 22, 2014 - 11:05:29 PM

Nassau, Bahamas - The Value Added Tax (VAT) Department of the Ministry of Finance has released for public dissemination, the VAT Rules in draft form to be read in conjunction with the VAT Act 2014 Act and Regulations 2014.

The public is further advised that they can view the draft VAT rules on the www. bahamas.gov.bs/VAT.    

Please note that the finalized rules will be gazetted by order of the VAT Comptroller in accordance with Section 17 of the Value Added Tax Act and thereafter released on or before 1st January, 2015.  

News : Bahamas Information Services Updates
VAT Update: Businesses Urged to Register Quickly to Avoid or Limit Fines - Dec 1, 2014 - 12:57:52 AM

To date a large majority of businesses have submitted applications to be registered for VAT. Remaining businesses that were required to register by November 30th, 2014 are urged to submit their applications as soon as possible. In fact, those businesses making best efforts to register within the first few weeks after the deadline may see their fines reduced or even waived altogether

The VAT Department will be issuing warnings and imposing fines during a transitional period following the registration deadline of November 30th, 2014. The fines for late registration will depend on the delay following the deadline, the size of the business, and whether the application is submitted voluntarily or as a result of prompting by the VAT Department.
News : Bahamas Information Services Updates
Ministry of Finance: Business Licensing Process Fast-Tracked for VAT Registrants - Nov 20, 2014 - 7:36:11 PM

The Ministry of Finance announces that with immediate effect the Business Licence Section of the Department of Inland Revenue has implemented fast-track procedures to allow affected businesses and organisations to complete the mandatory registration for VAT. Both first time applicants and those seeking renewals for 2014, will be given conditional letters of approval, until they have satisfied or been waived any other requirements for the issuance of a business license certificate. Those wanting to voluntarily register for VAT can also use these procedures.

Under the procedures business are being allowed to pay their licence fee in full or to agree on a payment plan arrangement and receive a 30 day letter of approval. They can use this letter to support their VAT registration application. First time applicants of existing businesses, including professionals...

Receive our Top Stories



Preview | Powered by CommandBlast

Latest Headlines
News
PM Dr. Hubert Minnis officially opens new Fire station in Grand Bahama
PHA Desires to continue working closely with Health Care Unions
PMH’s Corey Newbold Ward gets renovated
Minister Dames pleased to witness opening of Albert J. Miller Complex Police and Fire Station
UWP Concerned About SLP Sabotage
Community
RBPF: Police on the island of Bimini are investigating an alleged drowning
BTVI strengthens City and Guilds’ Internal Framework
RBPF: Police on the island of Abaco discover large marijuana
RBPF Nassau: Police continues investigation into armed robbery
Hundreds of volunteers in Nassau turn out to make a difference during International Coastal Cleanup
Bahamian Politics
DNA - Grand Lucayan: Fundamental issues remain unaddressed
Davis criticizes Resort purchase; advises that cost-effective approach should have been taken
Hon. I Chester Cooper House Contribution on the purchase of the Grand Lucayan
Davis warned Parliament that the Grand Lucayan Resort Sale is "A Bad Deal!"
Leader of the Opposition Statement at Monthly Press Conference
Bahamas Weather
Bahamas 3-Day Weather Forecast for Sat. Sept. 22
News item on Post-Tropical Cyclone Joyce
Tropical Depression Joyce 6pm 17th Sept. 2018
News items: Tropical Depression Florence and Joyce; Post-Tropical Cyclone Helene
News Items Hurricane Florence, Tropical Storm Joyce and Helene; Tropical Depression Isaac
Sports
Famed Triathlete brings message of motivation to Grand Bahama Youth Ahead of Conchman 2018
UB Mingoes starts soccer season with draw, loss; finds positives in opening leg
Sydney Clarke potential double crown winner, and Donte Armbrister doubles finalist in Tobago U18 ITF
BreAnn Ferguson is a double winner at two USTA Tournaments
Congratulations to the NCAA Woman of The Year Nominee Danielle Thompson
Columns
Predator - Movie review by Rouén Robinson
Pamela Burnside: Are we ready to ‘be who we is’?
The Darkest Minds - Movie review by Rouén Robinson
Mission: Impossible - Ghost Protocol - Movie review by Rouén Robinson
Mission: Impossible - Rogue Nation- Movie review by Rouén Robinson
Events Calendars
New Providence Events Calendar
Grand Bahama 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
Family Islands Events Calendar
Entertainment
GRAMMY Museum expands Executive Leadership Team as milestone 10th Anniversary approaches
Eight-Time GRAMMY Winner Dolly Parton to be honored as 2019 MusiCares Person Of The Year
Latin Recording Academy: 2018 Special Award Honorees
Anuschka Wright – Miss Globe Canada Pageant
Recording Academy announces new Advocacy Committee; reinforces commitment to Creatorsʹ Rights
Sales & Promotions
Grand Bahama Hurricane Resistant Warehouses for SALE
Grand Lucayan's 'No Stress Sunday Brunch'
Sushi back at Grand Lucayan every Friday and Saturday
Grand Lucayan Bahamas Reef Golf Course Summer Specials
Make your Friday Night Sizzle at Portobellos
Arts & Culture
The Freeport Players’ Guild Awards Life Membership
Creative works protection clarified at Legal Roundtable 2
Dwight Laaden Ferguson prepares for his Exhibition “Hope & Grace”
Shell Saxon Superstars and Platinum Knights win Inagural NJC MobileAssist Viewers Choice Award
Noella Smith’s Exhibition ‘Reflections’ opens on July 18
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
TheBahamasWeekly.com Celebrates 11 yrs! Online Survey
Moultrie Elected 54th Speaker of the House of Assembly
Receive our "Top 70 Stories of the Week"
Contact The Bahamas Weekly Team
50 Years of Majority Rule Celebrated in a People’s March, Speeches, Culture & Entertainment
Navigation (Site Directions)
Finding your way around our Website
Opportunities
HGTV's "Bahamas Life" Now Casting
HGTV's "Bahamas Life" Now Casting! Now Filming!
HGTV casting expats who have purchased in New Providence
Scholarship for aviation program at Canadian university builds connections
Male actor sought for ABC pilot shooting in The Bahamas
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
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
2003 Buick Regal for Sale in Grand Bahama
Focus on Fashion
Resin Textiles to Showcase at Eco Fashion Week Australia
Repurposing Men's Shirts at Eco Fashion Week Australia
Slow Fashion is Moving Fast in Australia
South Asian Fashion Week brings opulence into mainstream
Madame Adassa to show Empress Warrior Collection
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
Bahamas to host HEALinc Future Health Innovation Summit
National HIV Testing Day, 29th June 2018
Get vaccinated against measles and rubella before travelling to the World Cup
Mosquito Awareness Week: Calling all citizens to the frontlines of mosquito control
LEAP program to be introduced to Bahamas
Opinions
Table revised Fiscal Responsibility Bill before summer recess
Kreimild Saunders: Carnival Controversies
Former M.P. Pierre Dupuch comments on rumours of an FNM Coup.
Dr. Bethel: The Oban Debacle
"Forget The Potential Environmental Issues With The Oban Deal"
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