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544 million in VAT projected for 2015/2016
May 31, 2015
544 million in VAT projected for 2015/2016
The government expects to earn a whopping $544.2 million in value-added tax (VAT) in fiscal year 2015/2016 - over $200 million more than the initial estimate of $300 million for a full fiscal year and nearly quadruple the estimated VAT revenue for 2014/2015.
Top 15 topics for 2015
January 06, 2015
Top 15 topics for 2015
The year 2015 is now in full swing and as the melody of the Auld Lang Syne fades for the time being, several Bahamians would have wrapped up their celebrations and are settling down into a year with expectations and aspirations. As we turn the page and focus on all that 2015 has in store for our country, there are quite a number of topics that we expect will receive attention and make news headlin...
December 16, 2014
VAT consultant recommends fiscal responsibility, FOIA legislation
New Zealand VAT consultant Don Brash said yesterday that he still "absolutely" recommends a Freedom of Information Act (FOIA) and Fiscal Responsibility Act (FRA) for building public confidence in value-added tax (VAT) and the government's usage of its tax revenue.
Speaking with Guardian Business, Brash clarified that while he is not in the country to specifically address those concerns, he persona...
September 26, 2014
Ministry to register large taxpayers until self-service system ready
Aiming to settle confusion in some quarters about whether businesses will be able to register for the new virtual bonded warehouse, Financial Secretary John Rolle is insisting that the Ministry of Finance has "a definite registration plan in place".
Rolle's comments bring a degree of clarity to an issue that has perplexed some in the business community: The ability of businesses to place themselve...
VAT regulation agency on course
September 19, 2014
VAT regulation agency on course
The government's point man on value-added tax (VAT) said the agency designed to administer the new tax is on course to be up and running in time for VAT.
Speaking with NB12, Financial Secretary John Rolle noted that the Central Revenue Agency (CRA), which the government hopes will eventually administer its VAT, business license, and real property tax departments, was still in the works and would b...
Government abandons plans for revenue court
August 04, 2014
Government abandons plans for revenue court
The new Value-Added Tax Bill 2014 has eliminated the establishment of a revenue court to prosecute Value-Added Tax (VAT) evaders and other tax evaders.
Minister of State for Finance Michael Halkitis confirmed that tax evaders will be prosecuted in the magistrates' courts and the Supreme Court.
The revenue court was intended to fast-track prosecutions for tax evasion.
Under the 2013 draft of the bi...
Realtors question impact of new VAT Bill
July 24, 2014
Realtors question impact of new VAT Bill
Members of the real estate industry have expressed considerable concern over yesterday's tabled value-added tax (VAT) legislation, claiming that it raised more questions than answers.
"We're still trying to comb through the bill," said a realtor, who wished to remain unnamed, adding that several realtors shared concerns over the taxes applicable to professional fees within the industry, including ...
Extra protection for consumers pledged after VAT
March 11, 2014
Extra protection for consumers pledged after VAT
ALONG with the establishment of the Central Revenue Agency (CRA) which will make the collection of taxes in the Bahamas more efficient, the government will be strengthening the Consumer Protection Department to ensure that the public will not be taken advantage of by businesses illegally collecting VAT from their customers.
Extra protection for consumers pledged after VAT
March 10, 2014
Extra protection for consumers pledged after VAT
ALONG with the establishment of the Central Revenue Agency (CRA) which will make the collection of taxes in the Bahamas more efficient, the government will be strengthening the Consumer Protection Department to ensure that the public will not be taken advantage of by businesses illegally collecting VAT from their customers.
March 10, 2014
Protection for Consumers Will Increase Under VAT, Says Financial Official.
Along with the establishment of The Central Revenue Agency (CRA) which will make the collection of taxes in The Bahamas more efficient, the government will be strengthening the Consumer Protection Department...
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