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News : Bahamas Information Services Updates Last Updated: Oct 16, 2019 - 4:15:07 PM

Department of Inland Revenue’s Advisory regarding VAT Payments on Insurance Claims
By Central Communications Unit, Ministry of Finance
Oct 16, 2019 - 4:00:46 PM

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The Department of Inland Revenue advises the general public that VAT is not charged on insurance claims. The Government of The Bahamas is only in receipt of VAT on insurance policies at the time premiums are paid on taxable policies. The Government does not under any circumstance demand a net VAT payment on claims settled between insurance companies and policy holders.

Any policy holder with concerns are kindly urged to contact the VAT Unit by emailing taxinquiries@bahamas.gov.bs or calling (242) 604-8072. Any further concerns or queries should be addressed to Ms. Gaynell Rolle, Actg. Controller of Inland Revenue.

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