Search results for : VAT
February 08, 2015
Central Bank: VAT could spike inflation, but low oil prices should help
The Central Bank of The Bahamas (CBOB) said the implementation of the value-added tax (VAT) could mean a spike in the inflation rate as a consequence of price hikes across a broad range of goods and services at the start of the year, but plunging oil prices should keep inflation down.
February 08, 2015
Roberts: Filing process will mark success of VAT implementation
A top hotel official has stated that while he expects The Bahamas' tourism sector to largely weather the post-value-added tax (VAT) environment, the government needs to adopt tougher fiscal responsibility and accountability measures in 2015.
March 22, 2023
Insurers welcome health VAT treatment deferral but issue "not off the table".
NASSAU, BAHAMAS — Insurers say that while they welcome the government's decision to defer the implementation of changes to the treatment of Value-Added Tax (VAT) on health insurance, the issue has been taken "off the table." Marcus Bosland, Chairman of The Bahamas Insurance Association's (BIA) health insurance committee said: "The government has indicated and we first [...]
March 13, 2023
Halkitis on Airbnb taxes: Any taxation consistent with VAT threshold
Responding to criticism from the opposition over the government's new requirement that all vacation rental property owners register with the Department of Inland Revenue (DIR), Minister of Economic Affairs Michael Halkitis said any taxes levied against Bahamians will be consistent with the current value-added tax (VAT) threshold of $100,000 revenue annually. East Grand Bahama Member ...
The post H...
Quickbooks to remit VAT to The Bahamas government
March 13, 2023
Quickbooks to remit VAT to The Bahamas government
NASSAU, BAHAMAS — Intuit Limited, the company which developed and markets the popular Quickbooks accounting software package is the latest international company to announce that it will begin remitting Value-Added Tax (VAT) to The Bahamas government. The company in a recent notice to Quickbooks subscribers said that based on VAT legislation in the Bahamas it is [...]
March 13, 2023
Insurers say no formal notice from gov't regarding VAT on health insurance
NASSAU, BAHAMAS — The insurance industry has not received a formal advisory from the government regarding a reported deferral of the implementation of changes to the treatment of Value-Added Tax (VAT) on health insurance, according to Marcus Bosland chair of the BIA's health insurance committee. Bosland said: "While the BIA has read with interest the [...]
Halkitis: No health insurance VAT changes on April 1
March 10, 2023
Halkitis: No health insurance VAT changes on April 1
After meeting with medical professionals and getting crucial information, Minister of Economic Affairs Michael Halkitis yesterday confirmed the government will not implement the changes to the treatment of value-added tax (VAT) on health insurance on April 1. "No. We will maintain the status quo so that people do not postpone critical medical treatment for fear ...
The post Halkitis: No health ins...
VAT yield still not at full potential
March 02, 2023
VAT yield still not at full potential
NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that despite the improvement in Value-Added Tax (VAT) collection, he believes the VAT yield has "not reached its full potential." While kicking-off debt on the mid-year budget, Davis told Parliament that his administration can further increase the yield with more compliance efforts. He noted that for the [...]
PM: VAT yield still not at full potential
March 02, 2023
PM: VAT yield still not at full potential
NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that despite the improvement in Value-Added Tax (VAT) collection, he believes the VAT yield has "not reached its full potential." While kicking-off debt on the mid-year budget, Davis told Parliament that his administration can further increase the yield with more compliance efforts. He noted that for the [...]
Davis on VAT cut: we were right
February 23, 2023
Davis on VAT cut: we were right
Prime Minister and Minister of Finance Philip Davis yesterday hailed the government's value-added tax (VAT) reduction from 12 percent to ten percent in 2021 as a successful economic boost, explaining that in the first six months of the current fiscal year 2022/2023, VAT receipts grew by $23.7 million when compared to the same period in the previous fiscal year.
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