VAT procedures update for leases or purchases of land
By Bahamas Ministry of Finance
Jul 3, 2015 - 10:13:56 AM
The Value Added Tax (Amendment) Act 2015 has made leases of land and purchases of land subject to the payment of Value Added Tax (VAT).
The Stamp (Amendment) Act 2015 has reduced the stamp duty payable on deeds of conveyance and assignments or transfers of realty to two and a half per cent of the amount of value of the consideration. In the case of leases, stamp duty is payable at the rate of two and a half per cent of the annual rent reserved.
All documents as listed above, are to be presented, on behalf of the VAT Comptroller, to the Department of Inland Revenue, Ground Floor, Charlotte House, Shirley and Charlotte Streets, for assessment and payment of VAT prior to being presented to the Treasury Department for payment of Stamp Duty.
With immediate effect, the Treasurer will not accept any documents for stamping unless they have first been stamped for payment of VAT or exemption from VAT, on the Comptroller's behalf by the Department of Inland Revenue.
The Registrar General’s Department will also not accept any documents for recording which have been stamped as of 1st July, 2015 unless such documents shall each bear two stamps as evidence of payment or exemption of VAT and Stamp Duty.
July 2nd, 2015
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