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.
The details of this penalty structure, which is
transitional in nature, are being published on the Government's website. It covers late submission received up to
January 15. Mandatory registrants
applying after January 15 could face higher penalties, on a graduated scale.
The VAT Department remains steadfast in its
endeavours to ensure that business are operating in accordance with the VAT
Act, Rules and Regulations.
For more information, visit the VAT website at
www.bahamas.gov.bs/vat
or
contact VAT Taxpayer Services toll-free
at 1 (242) 225-7280.