As the registration deadline for companies to register for
Value Added Tax (VAT) nears, the VAT Private Sector Education Task Force is
continuing its mandate to encourage businesses to get registered and prepared
for implementation on January 1st, 2015.
To date, over 900 businesses have registered.
Registration began back on October 13th and it is
expected that all businesses meeting 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.
Co-Chairs Jasmine Davis and Edison Sumner along with the
other members of the task force - Gregory Bethel and Andrew Rodgers - have
continued to encourage businesses, not only in New Providence, but throughout
the country to register for VAT.
“Businesses are registering and we know there will be a
spike over these next few days and weeks,” Sumner told reporters at a press
conference on Monday.
“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 company representatives
to register as they can do so from the comforts of their own offices, homes or
even their smart phones. We will continue to do our part by educating the
private sector along with the government and through our own private
organisations such as the Chamber of Commerce and others.”
Over the next few weeks, task force members will continue
their media blitz by appearing on radio and television talk shows.
The government also intends to publish a weekly supplement
where an updated list of registrants will be published. The list can also be
found at www.bahamas.gov.bs/VAT
“All businesses must register,” Davis added.
“If you don’t register or are trying to avoid the system for
whatever reason you will face strict penalties whether that be in the form of a
fine or imprisonment. The government is being strict on making sure that
everyone is in full compliance and that no one takes advantage of the system.
VAT is expected to come on stream on January 1st,
2015.
For more information contact the VAT Department at vatcustomerservice@bahamas.gov.bs
or call the Help Desk Hotline 225-7280.
REGISTRATION CHECKLIST
(Checklist also Attached below)
_Registered Business Name.
_Business Registration Number (available from Registrar General Department).
_Business National Insurance Number.
_Personal National Insurance Number.
_Business License Number and date Licensed Issued.
_Business License Control Number.
_Contacts Details: Name, Telephone Number, Email Address and Exact Business Address/Location (not registered office).
(Please include secondary contact for emergency Purposes.)
_Additional Details: Branch Information with specific addresses for each branch, Shareholders, Directors, Partners & Trustee Information (if applicable)
_Real Property Tax Assessment Number.
_Banking Information: Bank Name, Branch Location, Account Number, Account Type, and Credit Reference Letter. (Account related to your value added tax activities)
_Additional Information: Business Activity Details, Letter Authorizing a designated Representative (if required).
_Port Licensee Number (For Freeport only)
_Business Activities: Turnover
