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Last Updated: Feb 6, 2017 - 2:32:04 PM |
 Nassau, Bahamas – The Value Added Tax (VAT) Implementation Unit of the Ministry of Finance had a successful week of public education events for the general public and specific sector groups.
On Monday, November 11, 2013, the VAT Implementation Unit, led by the Minister of State for Finance, The Honourable Michael Halkitis, kicked off the Bahamas Institute of Chartered Accountants “Accountants Week” with a series of presentations and information sessions for accounting professionals. Topics covered were VAT Accounting Principles, Registration processes for prospective VAT businesses, Compliance with VAT and the Central Revenue Agency, and Business Preparedness tips for prospective VAT Registrants.
On Wednesday, November 13, 2013, the Ministry of Finance sponsored a Business Readiness Seminar at the Workers House on Tonique Williams Darling Highway.
According to many of the participants in attendance at the Seminar, the information presented was insightful and very timely. One participant stated his pleasure with the information provided and had hoped that the information is continually presented to more persons in an attempt for more persons to see and understand the benefits of VAT and tax reform overall.
On Thursday, November 14, 2013, there was a Value Added Tax Town Hall Forum held at the Workers House at 7:30pm. The major news organizations were represented and the Forum was broadcast live throughout New Providence and the Family of Islands via ZNS Radio. This was the VAT Implementation Unit’s first major outreach to the general public.
Speakers included: Financial Secretary in the Ministry of Finance, John A. Rolle; VAT Coordinator in the Ministry of Finance, Mr. Ishmael Lightbourne; and VAT Consultant in the Ministry of Finance, Ms. Paulene Peters. Other VAT Team Members were in attendance during the session and were also available to the public after the session had concluded, in an attempt to answer any follow up questions after the initial question and answer period had concluded, along with the initial speakers. It was explained at the Forum that the introduction of VAT would coincide with a distinct and noticeable reduction in customs duties. Businesses would be required to pass these savings from the lowering of customs duties, on to their customers, as a residual effect of free-market competition laws.
Also, as the law would require that prices on the shelf state their pre-VAT price sub-total as well as the total price inclusive of the VAT, consumers will see directly and clearly the benefits of the reduction in the customs duties.
The Financial Secretary cautioned, however, once the VAT is added on to the final bill of sales, consumers should expect to see more direct and complete billing cost totals on their receipts and invoices, and in many, if not all cases, their out of pocket expenses will be less overall.
The Ministry of Finance also announced that the results of the IDB's study on the economic and social impact of VAT would be released to the public in the coming days.
The study predicts that investment, growth and employment would strengthen as a result of successful fiscal reforms.
To neutralize the impact of higher prices on the very poor, the aged and very vulnerable, Ministry of Finance officals stated that the government would expand its targeted spending on programs that benefit the poor. For the same reason, Ministry officials explained that basic food items, medcial care and education would be exempted from VAT.
UPCOMING:
On
Monday, November 18th presentation to the Yamacraw Constituency
Association at their monthly constituency meeting at the Thelma Gibson
Primary School, starting at 7:00pm until 9:30pm. All interested persons
in the Yamacraw Constituency are urged to attend.
On
Tuesday, November
19th from the VAT Implementation Unit will give speeches and brief
presentations on the state of the economy and the urgent need for tax
reform at the Bahamas Financial Services Board’s Speech Competition
Finals being held at the Sheraton, Nassau Beach Hotel, starting at
10:00am. On November 19th Implementation Unit will be giving a
presentation at the Oakes Field Primary School Parents/Teachers
Association, from 6:30pm to 7:30pm.
On
November 21st
presentation to the Seabreeze Constituency Association at the Sadie
Curtis Primary School from 7:00pm to 9:30pm. All interested persons in
the Seabreeze Constituency are urged to attend.
For more information you can contact the VAT Implementation Unit:
Web Site: http://www.bahamas.gov.bs/vat
Email: vat@bahamas.gov.bs
© Copyright 2013 by thebahamasweekly.com
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