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VAT Bahamas Last Updated: Feb 13, 2017 - 1:48:09 PM
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VAT Bahamas
D.I.R Announces Operation Enhancement Measures - Jan 8, 2017 - 1:03:24 PM

The Department of Inland Revenue is embarking on operation enhancement measures, designed to facilitate a more efficient process of tax compliance, while improving the customer experience. The changes which seek to encourage the use of the department’s online platforms, focus primarily on payment methods and compliance deadlines. Effective January 1st, this year, the Value Added Tax filing and payment deadline changed. Businesses are advised that monthly and quarterly filings are now due on or before the 21st of the month following the monthly and quarterly tax filing periods...
VAT Bahamas
VAT Filing & Payment Deadline Changes - Nov 23, 2016 - 12:17:32 PM

November 22nd, 2016 (Nassau, Bahamas) - The Department of Inland Revenue wishes to ad- vise all taxpayers that effective January 1st, 2017 the deadline for VAT filing and payment will change. Registrants must now file their VAT returns and remit the VAT due within twenty-one (21) days after the end of each tax period in accordance with the Value Added Tax (Amendment) Act, 2016, Section 47, Subsection (1).

Please ensure that all VAT returns are filed and paid by the new deadline of the 21st. Failure to file and make payment on or before the deadline will result in fines and penalties being assessed...
VAT Bahamas
VAT: Request for Filing Extensions after Hurricane Matthew - Oct 30, 2016 - 6:34:41 PM


October 18th, 2016 (Nassau, Bahamas) - The Department of Inland Revenue wishes to advise all taxpayers adversely affected by Hurricane Matthew who are unable to file their VAT returns by the next filing period of October 28th, 2016, that they can apply to the VAT Comptroller for an Extension to File in accordance with section 47 (7) of the Value Added Tax Act 2014. Applications can be made through the online Tax Administration System.

Please be mindful that the grant of such extension does not alter the due date for payment of the taxes collected or the interest payable in respect to such taxes that must be paid on or before October 28th, 2016...

VAT Bahamas
VAT Taken Off Some Educational Fees - Aug 21, 2016 - 2:25:59 PM

Nassau, Bahamas – The Department of Inland Revenue (DIR) adviseseducation officials and the general public that Value Added Tax (VAT) is no longer applicable tocertain fees related to tuition.

The removal of VAT from educational ancilliary fees came into effect on July 1st, 2016following the 2016/2017 Budget Communication.

Ancillary fees are limited to the following:

VAT Bahamas
Department of Inland Revenue Urges Compliance on VAT Inclusive Pricing - Jun 28, 2016 - 10:42:01 AM

Value Added Tax (VAT) inclusive pricing should be fully adopted for the pricing of all items in The Bahamas and that only VAT registrants are permitted to charge VAT.

It is illegal for non-registrants to charge VAT and offenders will be subject to prosecution.

The Department of Inland Revenue is pleased with the compliance efforts of Bahamian businesses and the public can expect heightened enforcement efforts to ensure continued compliance with the law...
VAT Bahamas
The Department of Inland Revenue responds to Tribune Business Article on Tax Compliance Certificates - Jun 7, 2016 - 1:35:37 PM

Nassau, Bahamas – The Department of Inland Revenue wishes to advise members of the public, specifically business owners, that a Tax Compliance Certificate (TCC) is necessary when doing business with the government and has been in effect since July 1st, 2015.

The Financial Administration and Audit (Amendment) Act 2015 part IIB lays out the legal basis for provision of the TCC.

Businesses should note that the TCC will be issued to taxpayers who are compliant with their tax obligations to the government.
VAT Bahamas
Global Blue Service Fee Payment Can Now Be Made Online‏ - Apr 27, 2016 - 8:31:44 AM

Nassau, Bahamas – The Department of Inland Revenue is pleased to advise that effective May 1st, merchants who participate in the VAT Free Shopping Scheme will have the following payment options for settling their Global Blue service fees:

1. E-payment: Via the Online Tax Administration System (OTAS) participants will be able to sign into their account at vat.revenue.gov.bs, select the Business Licence payment option and make the necessary payment. Please note that the Business Licence option and NOT the VAT Return option must be selected...
VAT Bahamas
Suriname Delegates Visiting Bahamas on Fact-Finding Mission on VAT Implementation - Feb 8, 2016 - 6:32:51 PM

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Nassau, Bahamas – Officials from the Department of Inland Revenue welcomed four delegates from Suriname, who are in The Bahamas this week, on a fact finding mission on The Bahamas’ implementation of Value Added Tax (VAT).

The delegates, Marita Wijnerman, Jan Bolman, Remie Belliot and Joan Vuldhuizen, arrived on Sunday and will leave on Friday.

The Caribbean Regional Technical Assistance Centre (CARTAC) recommended to the Surinamese government, which is presently looking at ...
VAT Bahamas
Bahamas Chamber of Commerce meets with gov't to discuss business license requirements - Feb 3, 2016 - 6:11:46 PM

Nassau, Bahamas - Executives from The Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) met with officials of the Ministry of Finance on Friday, January 28th to discuss the new requirements for business licence.

The BCCEC was concerned that the new requirements placed an unnecessary financial and administrative burden on small and micro businesses (i.e. businesses with a turnover of less than $400,000) and the new timelines for certification of turnover by January 31st was too tight and unreasonable for full compliance...
VAT Bahamas
Bahamas Business Licence Certification Requirement Notice - Feb 2, 2016 - 2:04:58 PM

Nassau, Bahamas - The public is reminded that the deadline for the submission of all 2016 business licence renewal applications was January 31st, 2016. Renewal applications should have been submitted by this time to avoid the late application penalty of $100. Businesses should settle licence fees by March 31, 2016 to avoid the late payment penalty.

Further, the public is reminded that the Business Licence (Amendment) Regulation, 2015 requires businesses with a turnover of $100,000 or more to have their turnover certified. Certifications can be submitted up to March 31st 2016 without any penalty but will only be accepted from accountants who are licenced by the Bahamas Institute of Chartered Accountants (BICA)...
VAT Bahamas
No Consideration to VAT Being Removed From Healthcare - Dec 24, 2015 - 10:39:33 AM

December 24th, 2015 (Nassau, Bahamas) - In response to a statement appearing in yesterday’s newspaper, the Ministry of Finance advises that public that no proposals have been put forward by the Ministry of Finance to remove the VAT from health care services.

The Ministry is aware that various stakeholders including Bahamas Insurance Association have questioned whether healthcare should be exempt from VAT. The Ministry however has explained to stakeholders that adjustments to the VAT system cannot be made independently of technical advice on how the government is can offset any reduction in revenue sources, or advice on how the government can continue to maintain the low current low VAT rate.
VAT Bahamas
Department of Inland Revenue Business License Payment Methods - Dec 21, 2015 - 12:44:21 PM

Nassau, Bahamas - The Department of Inland Revenue reminds the public that the renewal and payment for business licenses can only be done online.

All business licenses expire on December 31st, 2015 and applications must be renewed on or before January 31st, 2016 to avoid a late fee. Payment for renewing your business license must be received on or by March 31st, 2016 to avoid a late payment penalty...
VAT Bahamas
Department of Inland Revenue Reissuance of Billings (Real Property Tax) - Dec 17, 2015 - 5:25:45 PM

Nassau, Bahamas - The Department of Inland Revenue advises taxpayers that due to a printing error, some property tax bills were directed to the wrong mailing addresses.

New bills are being issued for the affected accounts. If you are among the persons affected, you are asked to contact Taxpayer Services immediately...
VAT Bahamas
Department Reiterates Differences Between VAT & TIN Certificates - Dec 17, 2015 - 12:24:39 PM

Nassau, Bahamas – The Department of Inland Revenue wishes to remind taxpayers about the difference between Value Added Tax (VAT) Certificates and Tax Identification Number (TIN) Certificates.

A VAT Certificate allows registrants to charge and collect VAT as well as receive refunds where the amount of input VAT has exceeded the amount of output VAT. VAT Certificates also bears the Form Number 18 on the upper right hand corner and has the VAT logo watermark embedded in the center of the form.
VAT Bahamas
File/Pay On-Time to Avoid VAT Fines and Penalties - Dec 17, 2015 - 4:16:23 AM

Nassau, Bahamas - The Department of Inland Revenue reminds taxpayers that VAT returns and payments must be received within 28 days after the end of each tax period. Ensure that Value Added Tax (VAT) returns are filed and paid on time to avoid facing fines and/penalties.

Fines and penalties are automatically generated in the taxpayer’s account by the Online Tax Administration System (OTAS) when timely filing/returns and payments are not made. Fines and penalties for late filing/return and payments are as follows...
VAT Bahamas
Certified Statement of Turnover for Business Licences - Dec 9, 2015 - 2:45:02 PM

Nassau, Bahamas  - The Department of Inland Revenue reminds the public that Business Licence Regulation No 5 was amended in July 2015.

The regulation states that, “Where a business has a turnover of one hundred thousand dollars per annum or more, submitted financial results should be accompanied by a statement as to the turnover of the business certified by a person who is qualified in accounting and who has no interest in the business to which the certificate relates.”

VAT Bahamas
Department of Inland Revenue Staff to Travel to Bimini - Oct 28, 2015 - 10:11:20 PM

Nassau, Bahamas - The Department of Inland Revenue (DIR) will be in Bimini next week to allow business owners to have the opportunity to meet with them and discuss the new Business Licence online system which is part of the existing Online Tax Administration System (OTAS).

The team will be in town from Monday, November 2nd to Wednesday, November 4th, 2015...
VAT Bahamas
VAT Hurricane FAQ Published - Oct 18, 2015 - 3:43:52 PM

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Nassau, Bahamas - The Department of Inland Revenue wishes to advise the public of several frequently asked questions which will be published which address Value Added Tax (VAT), islands that were directly impacted by Hurricane Joaquin and hurricane relief This only applies to those registrants in Cat Island, Mayaguana, Inagua, Exuma, Long Island, San Salvador, Rum Cay, Acklins, Crooked Island, Long Cay and Samana Cay.

If you operate in one of the storm-affected areas the VAT Comptroller has extended your next return filing date by an extra month to November 30, 2015. This is for both quarterly and monthly returns that are due on October 28, 2015. You can contact the VAT Department to take advantage of this extension.

VAT Bahamas
VAT Exemptions Apply on Charitable Relief Operations - Oct 3, 2015 - 6:24:03 PM

The Ministry Finance advises the public that where disaster relief operations are carried out by charitable and non-profit organizations, provisions exist under the VAT Act for exemptions and refund of VAT expenses. Charities must register online and obtain a TIN or Tax identification number from the VAT Department. They must ensure that the TIN is quoted on all of their local expense receipts.

Most relief organizations have already received a TIN. Others are encouraged to register. In most cases, the process of getting a TIN takes less than 24 hours...
VAT Bahamas
VAT Free Shopping Rules Update‏ - Sep 8, 2015 - 12:48:16 PM

Nassau, Bahamas -The Department of Inland Revenue reminds business owners that are eligible for the VAT Free Tourist shopping scheme that there are several goods that are not part of the scheme.

Those items can be found in the VAT Rule on VAT Free Shopping and include all goods that may be consumed prior to departure such as food, confectionary items and beverages, alcoholic beverages, tobacco products, medicine and pharmaceutical products...
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