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From:TheBahamasWeekly.com VAT Bahamas
NASSAU, Bahamas – As the first VAT filing deadline approaches on Monday, March 1, and February 28 is the deadline for the transition to tax inclusive pricing display, the VAT Department and the Ministry of Finance are pleased with the remarkable progress of VAT rollout. Due to the impressive compliance efforts of Bahamian businesses so far, the VAT Department does not see a need for official extension of the deadline for adoption of inclusive pricing displays. Now enforcement efforts will be heightened to ensure that retailers fulfil any residual requirements. The VAT Department is still taking a light-handed approach and will issue warnings in the first instance before any firm is sanctioned with fines. “We are pleased to congratulate vendors that have made progress in complying with the requirements,” says Minister of State for Finance Michael Halkitis. The VAT Department continues to encourage consumers to file inquiries if they are unsure whether they were charged appropriately, as it is vital to focus on compliance and consumer protection. “When in retail establishments, display prices that reflect the final total at the cash register should be clearly visible,” says Minister Halkitis. “When they aren’t, consumers should contact the VAT Department.” VAT will play an integral part in reducing the national debt and will ensure that Bahamians will continue to receive essential services. As VAT revenues are realized and the debt burden reduced, the Government will retain more financial resources to provide a safer, more prosperous and modern Bahamas to all Bahamians. For more information visit www.bahamas.gov.bs/VAT or look up VATBahamas on Facebook, Twitter, Youtube and Instagram. To contact the VAT Department directly, please send an email to vatcustomerservice@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.
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