VAT Bahamas
First VAT filing period deadline for returns and payments is March 2nd - Feb 16, 2015 - 11:54:23 PM
 Nassau,
Bahamas - In accordance with Section 47(1) of the Value Added Tax Act
2014, members of the local insurance industry are advised that
notwithstanding the supply of insurance being exempt until the 30th June
2015, businesses registered with the Value Added Tax (VAT) Department
and required to submit returns and make VAT payments on a monthly basis
must commence filing VAT returns and making VAT payments, if any, within
28 days after the end of the tax period. The first filing period
deadline for VAT returns and payments is March 2nd, 2015...
VAT Bahamas
Information to help VAT registrants comply with VAT inclusive price display - Feb 11, 2015 - 3:11:16 PM
The VAT Department is
pleased to acknowledge the progress most vendors have made in complying
with requirements of the Value Added Tax Act 2014 to display retail
prices that are inclusive of VAT. We take this opportunity to provide
information to VAT registrants to help them meet their obligations
before the transitional deadline of February 28th 2015.
All registrants must be fully compliant with tax-inclusive display requirements after this date.
If you are a VAT registrant, and make taxable supplies, the prices advertised or displayed must include the VAT...
VAT Bahamas
Notice for VAT Registrants who use Representatives to Manage their Account - Feb 6, 2015 - 1:32:45 PM
The Ministry of
Finance’s Value Added Tax (VAT) Department has been advised that there
are registrants who have representatives managing their taxpayer
accounts in the Online Tax Administration System (OTAS), and have not
been able to access their account.
Please note that while you may have a representative managing your
account, you should ensure that the representative gives you full access
to your taxpayer account i.e company’s account. If the representative
does not grant you access, you should create an...
VAT Bahamas
VAT filing period due date approaching for taxpayers earning $5 million or more - Feb 6, 2015 - 12:43:26 PM
The Ministry of
Finance’s VAT Department reminds the public that the deadline is fast
approaching for the first VAT filing period for taxpayers making $5
million or more in gross sales. Taxpayers should do all they can to
ensure that they are prepared and compliant.The deadline for the first
filing period for large businesses is February 28th, 2015 which means
registrants should file and pay on or before that date.
Two
videos have been released by the VAT department in January – ‘How To
File A VAT Return’ and ‘How To Make A Payment Online,’which can be
viewed by selecting the appropriate link...
VAT Bahamas
VAT / Price Control Monitoring Continues - Feb 5, 2015 - 3:25:20 PM
NASSAU, The Bahamas -- In an effort to
establish compliance with the newly-implemented Value Added Tax (VAT) and at
the same time protect consumers from over-pricing, Price Control Inspectors
with the Consumer Welfare Unit led by Price Commission Chairman Dr. E. J. Bowe and
Chief Inspector McKenzie visited various food facilities on Wednesday, February
4. The inspectors indicated violations
and warned and reminded merchants of possible fines or prosecution if stores
are not found in compliance by the March 31 deadline set by the government.
VAT Bahamas
VAT Department requirements for Public Entertainment - Feb 5, 2015 - 12:07:09 PM
The Ministry of Finance’s Value Added Tax (VAT) Department wishes to advise any person
conducting events for the purposes of public entertainment which will generate income from
ticket sales and other revenue related activities that they must apply to the VAT Comptroller for
registration before advertising the activities.
Applicants must complete the normal registration form along with Form 41 – Notification of a
Public Entertainment Event at least 48 hours before the event is
VAT Bahamas
VAT Department Issues Fines and Warning Letters for Late Registration - Feb 3, 2015 - 9:43:59 PM
 Nassau, Bahamas - With the mandatory registration process well
advanced beyond the November 30th 2014 deadline established in the law, the VAT
Department began issuing fines and warnings today to nearly 200 businesses with
declared turnover above the $100,000 threshold that submitted late
applications.
The Department has been lenient during the
transition. The penalties reflect a
grace period for all applications that were no more than 16 days late. However for later submissions letter vary
from a warning for very small business to fines ranging between $250 to $10,000
for large businesses...
VAT Bahamas
Bahamas VAT payment factsheet - Jan 28, 2015 - 1:30:42 PM
VAT and Your Business: Making VAT Payments
As your business settles into new operations and accounting activities with the onset of VAT, you
should also prepare for your first electronic return and VAT payment. Your VAT return and
payment must be received within 28 days after the end of a VAT period.
For monthly filers, the deadline for the first filing and payment due date is Monday,
March 2, 2015 (February 28, 2015 falls on a weekend).
For quarterly filers, the first filing date is April 28, 2015 although payments can be made
on a monthly basis in advance.
Late payments would be subject to penalties.
All VAT Registrants file their returns electronically on the Government of The Bahamas Online
Tax Administration System. For payment, several options are available...
VAT Bahamas
Bahamas Ministry of Finance releases 2 videos on VAT filing process - Jan 28, 2015 - 1:02:44 PM
The public is advised that the Value Added Tax (VAT) Department of the Ministry of Finance
has released two short videos to assist VAT Registrants with the filing process.
The first filing period for large businesses is scheduled for February 28th, 2015. Smaller
businesses will file quarterly beginning on April 30th.
The first video entitled “How To File A VAT Return” is a simple video taking you through a
step-by-step process including creating the return, saving a draft of the return, adding supporting
documents among other important issues.
The second video entitled “How To Make A Payment Online”
News :
Bahamas Information Services Updates
VAT Appeal Commission Established - Jan 25, 2015 - 9:36:52 PM
Nassau, Bahamas - The
Government has completed the appointment of members of the VAT Appeal
Commission. The names which will be unveiled this week, include a
retired Supreme Court Justice as Chairman, a retired senior Customs
officer and a public accountant. These individuals will also serve as
members of the Customs Appeal Commission.
The VAT Appeal Commission will operate independently of the VAT Department and the Ministry of Finance.
If a VAT registrant is unhappy with any decision made by the VAT Comptroller, they may lodge an appeal with the Commission...
News :
Local
Only VAT registrants can charge VAT - Jan 22, 2015 - 6:57:56 PM
The public is advised
that businesses registered for Tax Identification Numbers (TINs) only
areNOT allowed to charge Value Added Tax (VAT). The TINs only allow the
business to make transactions with the government and collect refunds on
those transactions but they cannot charge VAT.
Only businesses registered for the tax can charge VAT. These businesses are known as VAT Registrants.
Once
registered, they will be given a VAT Registration Certificate and a VAT
Registration Number. These businesses that can charge and collect VAT,
on behalf of the government (VAT Registrants) MUST prominently display
the VAT Registration Certificate...
News :
Local
Bahamian banks allowed to charge VAT on fees that are explicit in nature - Jan 20, 2015 - 12:57:26 PM
Nassau,
Bahamas - The Value Added Tax (VAT) Department of the Ministry of
Finance wishes to advise the public that banks are allowed to charge VAT
on fees that are explicit in nature.
Explicit
fees are those bank charges where a fixed amount is collected for
services offered. These amounts can also be represented as a percentage
of a particular figure. Examples of these are fees charged for ATM
withdrawals, safety deposit boxes, annual credit card fees and service
fees on savings accounts...
News :
Bahamas Information Services Updates
Bahamas Ministry of Finance releases 3 videos to assist VAT Registrants - Jan 9, 2015 - 10:52:50 AM
The Value Added Tax
(VAT) Department of the Ministry of Finance has released three short videos to
assist VAT Registrants.
The first video entitled
“Navigation from Home Page” is a simple video explaining the ten key areas of
the home page and the additional navigation and functions of The Government of
the Bahamas Online Tax Administration System.
The second video
entitled “Manage User Access” explains for registrants how to enable other
users to access the registrant’s taxpayer account on the Online Tax
Administration System, and how to manage that access.
The third video entitled
“Change of Circumstances” demonstrates the process of allowing the account user
to make changes to their existing information such as banking information,
address/location and contact details etc..
News :
Local
Government update on VAT implementation - Jan 9, 2015 - 1:18:44 AM
VAT has been in effect for a week now. So where do we stand and what’s next?
On
January 1, 2015, value added tax (VAT) was implemented throughout The
Bahamas to help cement the government's program of public finance reform
and reduce a debt burden that diverts funds from essential services
such as education, healthcare and garbage collection. VAT applies one
rate across all industries; broadening the tax base and making it more
equitable by including both goods and services...
News :
Bahamas Information Services Updates
VAT Department provides clarification and warning on compliance; VAT not to blame for exorbitant price increases - Jan 8, 2015 - 9:56:27 AM
The Ministry of Finance and the VAT Department are acting to provide clarifications and general warning on VAT compliance.
Some
businesses have made impressive efforts to comply with the transitional
provisions for tax inclusive pricing. However in some other cases
progress has been insufficient. Business are cautioned that where
product labels have not been changed to show VAT inclusive pricing,
customers must still see visible signage that the tax is being added to
final prices, or they must see general signage next to items that
disclose what the final tax inclusive prices are. The VAT Department has
started to bring this deficiency to the attention of some registrants
through warning letters. Later into January these warnings will be
replaced by administrative fines...
News :
Bahamas Information Services Updates
Ongoing education to support VAT compliance push as registration continues; price control changes will accommodate the Reform - Jan 2, 2015 - 8:07:41 AM
 Enclosed is a Statement by Ministry of Finance :
With the January 1 introduction of the VAT,
the Ministry of Finance stresses that sustained education of businesses
and consumers will support the enforcement and compliance efforts. As
to price controls, the Ministry announces that there has been extensive
collaboration with the consumer protection division of the Ministry of
Labour and National Insurance to allow adjustments to take effect on
regulated margins. In the meantime, the number of VAT registrants is
approaching 5,000, amid continued calls for those not yet presented in
the mandatory category to come forward.
Businesses and consumers are encouraged to be vigilant: double check receipts and invoices...
News :
Bahamas Information Services Updates
VAT Rules released by Bahamas Government - Dec 22, 2014 - 11:05:29 PM
Nassau, Bahamas - The Value Added Tax (VAT) Department of the Ministry of
Finance has released for public dissemination, the VAT Rules in draft form to
be read in conjunction with the VAT Act 2014 Act and Regulations 2014.
The public is further
advised that they can view the draft VAT rules on the www. bahamas.gov.bs/VAT.
Please note that the
finalized rules will be gazetted by order of the VAT Comptroller in accordance
with Section 17 of the Value Added Tax Act and thereafter released on or before
1st January, 2015.
News :
Bahamas Information Services Updates
VAT Update: Businesses Urged to Register Quickly to Avoid or Limit Fines - Dec 1, 2014 - 12:57:52 AM
To date a large majority of businesses
have submitted applications to be registered for VAT. Remaining
businesses that were required to register by November 30th, 2014 are
urged to submit their applications as soon as possible. In fact, those
businesses making best efforts to register within the first few weeks
after the deadline may see their fines reduced or even waived altogether
The
VAT Department will be issuing warnings and imposing fines during a
transitional period following the registration deadline of November
30th, 2014. The fines for late registration will depend on the delay
following the deadline, the size of the business, and whether the
application is submitted voluntarily or as a result of prompting by the
VAT Department.
News :
Bahamas Information Services Updates
Ministry of Finance: Business Licensing Process Fast-Tracked for VAT Registrants - Nov 20, 2014 - 7:36:11 PM
The Ministry of Finance announces that
with immediate effect the Business Licence Section of the Department of Inland
Revenue has implemented fast-track procedures to allow affected businesses and
organisations to complete the mandatory registration for VAT. Both first time applicants and those seeking
renewals for 2014, will be given conditional letters of approval, until they
have satisfied or been waived any other requirements for the issuance of a
business license certificate. Those
wanting to voluntarily register for VAT can also use these procedures.
Under the procedures business are being
allowed to pay their licence fee in full or to agree on a payment plan
arrangement and receive a 30 day letter of approval. They can use this letter to support their VAT
registration application. First time applicants of existing businesses, including
professionals...
|
