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.
Throughout the filing process, the VAT Department has
been working hard to keep businesses informed of VAT regulations and will
continue to host workshops throughout the country and answer questions that
businesses may have.
In addition, the first filing deadline also provided the
VAT Department with the opportunity to review the filing system and address any
areas for improvement or clarification. The VAT Department highlighted the
following for registrants:
Ensure you meet the filing deadline
: If you are making a
payment through your financial institution, make sure that you allow for two full
business days for the government to receive the payment. The return filing is only recorded as complete
after the payment has been received.
Disclose VAT deferrals when you claim
the credits: Businesses that benefit from deferred
payment of VAT to Customs must disclose the liability on the same return as
when they claim the VAT credit. Some of the January returns will be amended to
correct for this omission.
Report total sales plus VAT:
When filing the return, businesses must report on total sales including all VAT
collected. The Revenue Management System
is equipped to verify the amount of VAT that was collected.
Refunds to be paid only on verified
banking details: In order to ensure that qualified
businesses receive their entitled VAT refunds, the VAT Department is dong secondary
checks to verify the banking information provided by registrants. This protocol will be followed whenever an
initial refund is to be paid out. Some refunds have already been requested.
“The results overall for the February filing process was
incredibly positive and we are confident that future filing processes will
continue to get smoother,” stated Minister of State Finance, Michael Halkitis.
“Tax reform is a key component of our Government’s plan to reduce the deficit
thereby reducing our need for additional borrowing,” continued the Minister.
The first quarterly filing deadline is set for the end
of April and will require all more than 5,000 businesses to complete their first
return. As always, the VAT Department will help guide these businesses through
the filing process and will continue their outreach efforts.
more information visit
or look up VATBahamas on
contact the VAT Department directly, please send an email to
or call VAT Client
Services at (242) 225-7280.