The Ministry of Finance confirmed yesterday in a press statement that the Department of Inland Revenue (DIR) now has full responsibility for all tax matters that apply to real estate transactions, following government’s changes to the Stamp Act and Value Added Tax (VAT) Act that came into effect July 1.

“Last month the government announced that realty transactions would no longer attract stamp tax; instead they attract VAT,” the statement noted. The changes are primarily administrative as the rates are the same.

Acting Controller of Inland Revenue Gaynell Rolle said the DIR recognizes that the public has been “looking for guidelines on implementing the new amendments”.

“So we are happy to announce the streamlined process and that information is now available online,” she said in the statement.

Click here to read more at The Nassau Guardian