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 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).
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: 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 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(VAT) is no longer applicable tocertain fees related to tuition.
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:
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.
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...
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.
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...
Suriname Delegates Visiting Bahamas on Fact-Finding Mission on VAT Implementation
- Feb 8, 2016 - 6:32:51 PM
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
The delegates, Marita Wijnerman, Jan Bolman, Remie Belliot and Joan Vuldhuizen, arrived on Sunday and will leave on Friday.
Caribbean Regional Technical Assistance Centre (CARTAC) recommended to
the Surinamese government, which is presently looking at ...
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
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...
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)...
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
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
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...
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...
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.
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...
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.
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.”
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 Hurricane FAQ Published
- Oct 18, 2015 - 3:43:52 PM
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.
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 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.
relief organizations have already received a TIN. Others are encouraged
to register. In most cases, the process of getting a TIN takes less than
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.
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...