FREEPORT, Grand Bahama - Three weeks into 2015 and the topic of value-added tax (VAT) continues to intensify. Generally there are two business categories: those who have registered and wonder...what's next, and those that have little to no understanding of VAT and its potential impact on their businesses.
A collaborative initiative between The Grand Bahama Port Authority, Limited (GBPA), its Invest Grand Bahama Small Business Bureau (IGBSBB) and the Grand Bahama Chamber of Commerce (GBCC), announced last week, will help Grand Bahama businesses breathe a little easier. The "VAT & Small Businesses" symposium will shed light on common VAT myths as it relates to micro, small and medium-sized enterprises (MSME) in particular.
"Businesses need more information," stated Deann Seymour, chief financial officer for the GBPA Group. "We are finding that a large percentage of our licensees, which are MSMEs have very little knowledge of VAT. Some have registered, most have not, and even more are misguided by incorrect public opinions rather than factual information," Seymour expressed.
Adding that businesses really must pay attention, Seymour said that information is essential. "It is important that business owners understand VAT guidelines and policies relative to their business sector and structure," she noted. "GBPA is excited to partner with the GB Chamber on this initiative, to bring clear, concise and factual VAT information to our licensees and business owners throughout Grand Bahama."
Newly-elected GBCC Director Charles Pratt emphasized the importance of businesses understanding the dynamics of VAT.
"There are some common misconceptions out there which the "VAT & Small Businesses" symposium will address. Topics include: Registering versus not registering for VAT; How has VAT changed my business sector, i.e. (competition, inventory or service pricing, etc.) and so on," Pratt advised.
Considering that VAT is a topic that will be discussed for months to come, Pratt noted that the GBCC has plans to extend the small business training to outlying settlements in the east and west of the island as the year progresses.
Slated for Thursday, January 22, the "VAT & Small Businesses" symposium will offer a morning and evening session, beginning at 9:30 a.m. and again at 5:30 p.m.
Businesses are encouraged by both GBPA and the Chamber to take advantage of VAT information seminars as they are made available. "The more information you have, the better prepared you can be," Seymour commented. "For MSMEs especially...VAT will change the way you conduct business. Understanding it will help you to effectively manage these changes," she concluded.

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