Nassau, Bahamas - Just over 30 companies have registered online for Value Added
Tax (VAT) since the online registration was launched earlier this week.
The system was launched on October 13th and it is
expected that all businesses meeting the taxable sales of $100,000 or higher
within the next 12 months must complete registration by November 30th.
The online system allows for businesses to register for VAT
and in the future, to file for VAT. Businesses
under the taxable sales of $100,000 limit can still register voluntarily.
Financial Secretary John Rolle said the launch of the online
system brings businesses a step closer to being ready for the implementation of
VAT.
“We are on target to get all those businesses ready and the
October 13th launch is in keeping with our timeline for
implementation,” he said.
“We want all businesses to register so that if there are any
concerns they can be adequately addressed in time before that end of November
deadline. The portal makes it easy and convenient for businesses to register as
they can do some from the comforts of their own offices, homes or even their
smart phones.”
VAT is expected to come on stream on January 1st,
2015.