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VAT Department issues guidance notes

The VAT Department recently issued guidance notes to further familiarize the public on value added tax. 

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Updated:
TheBahamasInvestor.com
Tuesday, September 2, 2014
Tuesday, September 2, 2014

The VAT Department recently issued guidance notes to further familiarize the public on value added tax, and in this instance on the tax as applied to certain services, namely: finance and insurance, transportation of passengers and goods, retail and wholesale trade, construction, land and property information, medical and healthcare, education, charities, clubs and associations.

There is also information on VAT and the Hawksbill Creek Agreement, and the tax with respect to motor vehicles.


The department stated that additional guidance notes will be issued to apply to the areas of hotel and holiday accommodations, duty free shopping, cash accounting and flat rate schemes, and transitional arrangements.

The government’s tax education campaign advises the public and the local business community of their civic responsibility to register and comply with the new legislation, which will be in effect January 1, 2015.

The VAT Department disseminated the new guidance notes to complement the General VAT Guide, released on July 30, 2014.

More detailed information specific to industry sectors is provided with details of situations and circumstances to be expanded and revised, based on feedback.

The department stated that the documents in the Value Added Tax Bill 2014 and the draft Value Added Tax Regulations 2014 are general in nature and intended to provide an overview of details and legal information essential to public awareness.

VAT information may be obtained on the Bahamas government website:
www.bahamas.gov.bs.

Prime Minister Perry Christie along with members of his Cabinet toured Baha Mar yesterday with the luxury resort’s chairman and chief executive officer, Sarkis Izmirlian.

Minister of State in the Ministry of National Security Keith Bell addressed the House of Assembly yesterday in regards to the Investment Condominium (ICON) Act and associated bills. Read his comments here.

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