[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
VAT Bahamas Last Updated: Feb 13, 2017 - 1:45:37 AM


VAT: Flat Rate Accounting Scheme Information
By Bahamas Ministry of Finance
Apr 23, 2015 - 7:35:18 AM

Email this article
 Mobile friendly page
The Value Added Tax (VAT) Department of the Ministry of Finance wants to advise quarterly taxpayers wishing to be placed under the Flat Rate Accounting Scheme for the quarter ending March 31st.

In order to be approved for the Flat Rate Scheme you must:

  • have an annual taxable turnover of $400,000 or less,
  • apply the flat rate of VAT to your taxable turnover in order to calculate the amount ofVAT to be paid to the Comptroller, and
  • keep the necessary documentation as outlined in the VAT Act to support your sales figures

Taxpayers are reminded that on the flat rate scheme VAT incurred on purchases or imports cannot be claimed as input tax; however, you can claim input tax on capital items used in your business.

Taxpayers are also encouraged to pay three (3) days prior to the deadline in order to avoid late payments.

For more information contact the VAT Department at vat@bahamas.gov.bs or call VAT Client Services at (242)-225-7280, 2015, that they should submit their request via their user account by April 23rd.


Bookmark and Share




© Copyright 2015 by thebahamasweekly.com

Top of Page

Receive our Top Stories



Preview | Powered by CommandBlast

VAT Bahamas
Latest Headlines
Free VAT Filing Workshop offered from June 13- June 15 in Grand Bahama
D.I.R Announces Operation Enhancement Measures
VAT Filing & Payment Deadline Changes
VAT: Request for Filing Extensions after Hurricane Matthew
VAT Taken Off Some Educational Fees