The Value Added Tax (VAT) Department of the Ministry of Finance has released the VAT Guidance Note as it relates to the insurance industry. The public is advised that the insurance guidance is to be read in conjunction with the VAT Act 2014 Act and Regulations 2014.

The guidance note reflects the comptroller’s position on the administration and enforcement of the law relating to insurance and was prepared after intensive consultation and workshops with the insurance sector.

The public is further advised that they can view the insurance industry guidance note, as well as other sector guides, on the government’s website at www.bahamas.gov.bs/VAT.

For more information contact the VAT Department at vat@bahamas.gov.bs or call VAT Client Services at (242)-225-7280.