Department of Inland Revenue
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Central Revenue Administration. The mission is: To educate the Bahamian public on the efforts of the Value Added Tax Implementation Unit, and the overall taxation reforms taking place in the Ministry of Finance, Nassau, Bahamas.
Department Reiterates Differences Between VAT & TIN Certificates:
The Department of Inland Revenue wishes to remind taxpayers about the difference between Value Added Tax (VAT) Certificates and Tax Identification Number (TIN) Certificates.
A VAT Certificate allows registrants to charge and collect VAT as well as receive refunds where the amount of input VAT has exceeded the amount of output VAT. VAT Certificates also bears the Form Number 18 on the upper right hand corner and has the VAT logo watermark embedded in the center of the form.
A TIN Certificate does not allow a registrant to charge and collect VAT. Any person or business that wishes to carry out business with the government requires a TIN Certificate. TIN Certificates bears the Form Number 18 A on the upper right hand corner along with the coat of arms as a watermark in the center of the form.
By paying attention to these details, you can help the Department of Inland Revenue prevent fraud.
Certified Statement Of Turnover For Business Licences
The Department of Inland Revenue reminds the public that Business Licence Regulation No 5 was amended in July 2015. The regulation states that, “Where a business has a turnover of one hundred thousand dollars per annum or more, submitted financial results should be accompanied by a statement as to the turnover of the business certified by a person who is qualified in accounting and who has no interest in the business to which the certificate relates.”
To avoid processing delays, businesses falling in this category should ensure that certifications accompany their 2016 business licence renewal application.
For more information, visit our website at http://inlandrevenue.finance.gov.bs, email email@example.com or contact the Department of Inland Revenue toll free at (242) 225–7280 or (242) 461–8050.
The Ministry of Finance takes strong exception to the report in today’s newspaper, which suggests that officials in the ministry and the VAT Department have reneged on the understanding of insurance policies renewed before July 1st, 2015 and how they are to be treated under VAT.
Contrary to views attributed to representatives of the insurance industry, the ministry never agreed that polices on which premiums were exempt from VAT would accrue VAT credits when insurers paid out claims triggered on or after July 1st 2015.
While provisions were included in the June 2015 Amendments to the VAT Act to allow insurance companies to earn credits for settlements on claims triggered before June 30th, the Government only provided this concession to defray the cost of administering policies during the six-month transition period... read the entire story here.