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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Continuing VAT education at Government High - Teachers at The Government High School listen as Livingston Ferguson, Senior Customs/Revenue Officer, Ministry of Finance and Ministry of Finance official Lucine Mingo address them recently during a session of their professional development workshop about the impending implementation of VAT.
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Nassau, Bahamas - Along with the establishment of The Central Revenue Agency (CRA) which will make the collection of taxes in The Bahamas more efficient, the government will be strengthening the Consumer Protection Department to ensure that the public will not be taken advantage of by businesses illegally collecting VAT from their customers, Ministry of Finance official Lucine Mingo told teachers at The Government High School recently.
The Bahamas has more than 30 departments and agencies collecting a variety of taxes and fees for the government. Mingo said that this has created a culture of poor communication between agencies resulting in the inefficient collection of government funds.
“If customs knows that you've brought in $100,000 worth of imports but then you have reported to the business licensing department that you have had a turnover of $50,000 for the year, which doesn’t make sense, you were able to get away with that because the two agencies were not speaking to one another,” he said.
While Mingo admitted that compliance with the law for major taxes and fees is often weak, he said that the ministry is making every effort to plug the holes in the system. The establishment of the CRA, he said, will ensure compliance with tax legislation and ease the burden of policing the 4,000 businesses and vendors collecting VAT on behalf of the government.
“Our new officers will be going to each one of these businesses, letting them know what will be expected of them,” Mingo said. “VAT will require greater discipline from the business community but will eventually mean improved infrastructure like schools and health care, along with enhanced social safety nets for the general population.”
The new agency will be responsible for collecting VAT, stamp tax, real property tax, business licenses and taxes, hotel occupancy tax, casino tax, and some bank and trust company fees.
For more information on the VAT implementation, please call the Ministry of Finance VAT hotline between 9 am and 5 pm, Monday-Friday at 225-7280.
You can also visit the official Facebook page at www.facebook.com/vatbah242.
Value Added Tax has been the 'choice' taxation method for over 160 countries worldwide since it was first implemented in 1950.
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