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Bahamas Ministry of Finance releases IDB Study on economic & social impacts of VAT - Dec 6, 2013 - 2:00:49 PM
Nassau, Bahamas -
Today the Ministry of Finance released the IDB’s study on the economic
and social impact of a value added tax in The Bahamas.
This is a highly
technical research, fully calibrated to the local circumstances and
based on a complete representation of the Bahamian economy. For
reference, the study presents the impacts of alternative rates for the
VAT in combination with corresponding, alternative compensating cuts in
customs tariffs and excise rates. This includes the structure set out in
the draft legislation, with a standard VAT rate of 15% and a rate of
10% for hotel accommodations and food and beverage sales in hotels...
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Bahamas Information Services Updates
Bahamas releases first draft of Value Added Tax (VAT) Bill and Regulations - Nov 29, 2013 - 10:57:39 AM
Nassau, Bahamas - In furtherance of the
public consultation process, the Ministry of Finance today released a
first draft of the Value Added Tax (VAT) Bill and Regulations. The
documents have been published on the Government's website
along with an explanatory guide to the draft
legislation.
The VAT is part of a comprehensive reform process to
reduce public debt, build a stronger economy, incentivize private
sector investments and expand employment opportunities. The government
is committed to keeping a tight reign on spending, strengthening
collection of existing taxes and enhancing programs to protect the most
vulnerable in society...
Community
VAT Bahamas Implementation Unit week of events, Nov 18th to 23rd - Nov 17, 2013 - 3:34:01 PM
Nassau, Bahamas – The
Value Added Tax (VAT) Implementation Unit of the Ministry of Finance
wishes to advise the general public of the upcoming informational
sessions, speeches, presentations and appearances on the VAT’s
Implementation and VAT’s Business Readiness as a part of the public
education exercises during the week of November 18th.
On Monday, November
18th presentation to the Yamacraw Constituency Association at their
monthly constituency meeting at the Thelma Gibson Primary School,
starting at 7:00pm until 9:30pm;
On
Tuesday, November 19thfrom the VAT Implementation Unit will give
speeches and brief presentations on the state of the economy and the
urgent need for tax reform at the Bahamas Financial Services Board’s...
News :
Bahamas Information Services Updates
Halkitis explains how VAT saves the Bahamian Economy - Nov 12, 2013 - 12:46:00 PM
Nassau, The Bahamas --
Garnering support from accounting professionals to direct the
sustainability of the Bahamas Financial sector, the Ministry of Finance
explains how the introduction of the valued added tax (VAT) would put
The Bahamas back into a more favourable economic standing. Minister of
State for Finance Michael Halkitis, recognised the Bahamas Institute of
Chartered Accountants (BICA) for continuing to provide education to
keep accountants aware of current trends.
“It is vital that our
financial services professionals remain on the cutting edge of the
industry, so that The Bahamas continues to remain relevant in the
context of both the Caribbean Region, and the world at large," he told
BICA members Nov. 11, 2013, as they celebrated the beginning of
Accountants Week, at the Sheraton Cable Beach Resort under the theme...
News :
Bahamas Information Services Updates
Finance Ministry to hold first public forum on VAT - Nov 12, 2013 - 9:54:13 AM
Nassau, The Bahamas -- The Ministry
of Finance invites the public to attend its first public forum on the
Value Added Tax (VAT) implementation at the Workers House on Tonique
Williams-Darling Highway on Thursday, November 14, at 7:30 p.m.
State Minister for Finance Michael
Halkitis said the new tax reform will provide the revenue the government
needs to reverse the economic situation to one with a reduced debt servicing
ratio.
“The Bahamas is at a very important
junction in its economic history and has come to the realisation that
while the current tax environment has worked to the benefit of our country
in the past, if steps are not taken now to make the necessary adjustments
to improve the efficiency of revenue collection...
Community
Bahamas Public Notice: VAT Implementation Education Series - Nov 10, 2013 - 1:40:18 PM
Nassau, Bahamas – The
Value Added Tax (VAT) Implementation Unit of the Ministry of Finance
wishes to advise the general public of our
upcoming informational events.
Ministry of Finance officials along with persons
from the VAT Implementation Unit will be presenting at the Bahamas
Institute of Chartered Accountants’ (BICA) Annual Accountants Week
Seminar Series, during the week of
November 11th through the 15th, 2013.
On
November 13th, 2013 there will be a
VAT Readiness Seminar to be held at
Workers House, Tonique Williams Darling Highway and on
November 14th, 2013 there will be a
VAT Town Hall Forum to be held at
Workers House,
Persons from the general public are invited and encouraged to
attend this very important forum.
Community :
Service Organizations :
Bahamas Chamber of Commerce
VAT and Tax Reform Day at BICA's Accountants Week - Nov 7, 2013 - 10:00:46 AM
From November 11-14,
The Bahamas Institute of Chartered Accountants will be hosting its
annual Accountants Week under the theme 'Broadening Our Expertise To
Support The Changing Economic Environment.'
This year the Bahamas
Institute of Chartered Accountants has partnered with the Ministry of
Finance to host a full day of conferences dedicated to education on
Value Added Tax (VAT) and Tax Reform, on November 11 at the Sheraton
Nassau Beach Resort and Casino. The Ministry of Finance has provided a
line-up of 13 speakers who will be addressing topics from ‘VAT –
Registration & De-registration’ to ‘VAT – Customs Transitional
Arrangements for Implementation Date’.
News :
Bahamas Information Services Updates
VAT Team acquires Integrated Tax Administration software - Oct 30, 2013 - 12:46:53 PM
Nassau, The Bahamas -- Considering 10
companies that responded to the Ministry of Finance’s Expression of
Interest (EOI), the VAT implementation team has chosen Data Torque
software as an Integrated Tax Administration Information System (ITAIS).
Data
Torque meets the criteria required of the Inter-American Developmental
Bank (IDB) in technical competence and costs, and appears to be the best
solution to record tax compliance information...
News :
Bahamas Information Services Updates
Finance Ministry opens the national discussion on VAT implementation - Sep 24, 2013 - 5:46:52 PM
Nassau, The Bahamas -- Competition and
AntiTrust legislation designed to target expected inflation, is of
concern to the financial and business community to insist that
Government considers more consultation on VAT implementation before
2014.
State Minister for Finance, the Hon. Michael Halkitis, on
September 18, explained that the White Paper on VAT implementation
responds to the commitment made by the Government during the 2012/2013
budget debate to address the issue of tax reform to include broadening
the tax base to include both goods and services...
Community :
Service Organizations :
GB Chamber of Commerce
GB Chamber Hold Informal Meetings with VAT Team - Aug 30, 2013 - 1:41:58 AM
Freeport,
Bahamas - The Grand Bahama Chamber of Commerce (GBCC) Board and guests
meet with Mr. John Rolle, Financial Secretary and Members of the Value
Added Tax Implementation Team last night at an informal meeting held at
the Pelican Bay, Canal House.
Secretary Rolle presented the
attendees with the proposed roll out plan for VAT in The Bahamas. He
then spent the evening in dialogue with the Chamber and guests about the
specific unique features of Freeport, under the Hawksbill Creek
Agreement...
News :
Bahamas Information Services Updates
Low Public Turnout at Bahamas VAT implementation meetings - Jul 25, 2013 - 3:44:28 PM
Nassau, The Bahamas -- Low public
turnout to Learn about the new Value Added Tax (VAT) implementation
has prompted the Ministry of Finance to invite the media houses, talk
show hosts, and college students to participate in one-on-one dialogue
about the impact of VAT.
On July 23, Financial Secretary John
Rolle held a VAT presentation in the College of The Bahamas' Harry C.
Moore Library Auditorium.
Mr Rolle introduced the role of Government
and its relationship to the business community in the process of collecting
taxes from consumers...
News :
Bahamas Information Services Updates
FS Rolle explains VAT concepts to APD Stakeholders - Jul 18, 2013 - 8:27:05 PM
Nassau, The Bahamas -- Spreading the word of how the Value Added
Tax (VAT) should be implemented to reform public sector finance lays the
foundation for business owners to partner with the Government to increase the
nation's global business profile. The Ministry of Finance are expected to
introduce draft legislation and regulations to craft policies for a VAT system
to work in The Bahamas, which is critical for businesses to plan for the next
financial year.
On July 15, Bahamas Financial Secretary John Rolle made a
presentation on the VAT implementation, as well as the changes and benefits...
News :
Bahamas Information Services Updates
Halkitis explains the VAT regime to Hotel and Tourism business owners - Apr 9, 2013 - 1:27:21 AM
Nassau, The Bahamas -
Explaining to relevant stakeholders how the Value Added Tax (VAT) regime
will apply to their Hotels and Tourism related businesses is the first
step in fine tuning this reformed tax policy.
State Minister for
Finance, the Hon. Michael Halkitis explained to stakeholders that the
Government is aware that investors will need details in a timely fashion
for financial year planning to include the most recent costs of doing
business in The Bahamas. Minister Halkitis also explained the
misconceptions of the VAT and dismissed the unsupported notions that
this new tax will merely represent an...
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