thebahamasweekly.com - VAT Penalties and Fines Enforced

From:TheBahamasWeekly.com

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:

A $100 penalty will apply to credit returns that are filed late.

Failure to file a VAT return or to pay amounts owed, are both very serious violations which, under the VAT Act and Regulations carry administrative fines of up to $150,000.

Administrative Fines can be found in section 16 of the Act and Section 44 of the VAT Regulations.

Please be reminded that the Department of Inland Revenue (CRA) is now located at the rear of the Shops at Carmichael Plaza, Carmichael Road.

For further information, visit our website www.bahamas.gov.bs/vat, email taxinquiries@bahamas.gov.bs or call toll free at (242) 225-7280 or (242) 461-8050.