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Call for due process in VAT prosecutions
December 12, 2014
Call for due process in VAT prosecutions
Association of Certified Fraud Examiners (ACFE) President Kendrick Christie yesterday expressed concern over the possibility of businesses facing strict value-added tax (VAT) penalties without adequate fraud examination.
Christie told Guardian Business that he anticipates a rocky implementation phase as businesses adapt to the tax once it comes into force on January 1. While he expects some busine...
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 ...
July 01, 2014
BICA awaits VAT legislation before education can begin
The newly-elected president of the Bahamas Institute of Chartered Accountants (BICA) has stated that the institute cannot proceed with its proposed value-added tax (VAT) educational initiatives until the legislation is revealed.
Darnell Osbourne, who was elected BICA president yesterday, claimed that BICA would "work closely with governmental agencies, specifically the Ministry of Finance" to impl...
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.
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.
March 10, 2014
Finance official: Consumer protection increase under 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 strengthen the Consumer Protection Department to ensure that the public will not be taken advantage of by businesses illegally collecting VAT from their customers, Ministry of Finance official Lucine Mingo told teachers at Government High Scho...
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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