Search results for : VAT
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.
February 23, 2023
PM: VAT rate adjustment yields nearly $24 mil for first half of fiscal year
NASSAU, BAHAMAS — Prime Minister Philip Davis KC yesterday said VAT receipts grew by nearly $24 million for the first half of the fiscal year 2022/2023. During his address in Parliament on the mid-year fiscal results, Davis said that his administration's decision to reduce the Value-Added Tax (VAT) rate from 12 percent to 10 percent [...]
BIA: Health insurers did not violate VAT law
February 20, 2023
BIA: Health insurers did not violate VAT law
Health insurers' redemption of value-added tax (VAT) paid on behalf of their policyholders since the implementation of VAT has not been in contravention of the law, the Bahamas Insurance Association (BIA) said in a statement yesterday, insisting that the government's policy, set to come into effect in April, is a new policy and a new tax burden on ...
The post BIA: Health insurers d...
Insurer: New VAT policy will increase costs
February 17, 2023
Insurer: New VAT policy will increase costs
BAHAMIAN consumers will "undoubtedly" see increased cost of services at pharmacies and other places due to the new interpretation of the VAT Act regarding remittance on medical insurance and healthcare services.
February 14, 2023
Govt will monitor impact of VAT policy on health insurance
Minister of Economic Affairs Michael Halkitis said yesterday that the government is not interested in "declaring war" on any industry in the country, as lawmakers continue to contend with the insurance sector's strong opposition to a shift in policy which places on consumers the burden of value-added tax (VAT) on health insurance claims. Health insurers claim this will cause .....
February 10, 2023
Government won't try to recoup VAT on health insurance claims
The government won't try to recoup millions of dollars from insurance companies as a new tax treatment of health insurance claims is set to take effect on April 1, 2023, according to Minister of Economic Affairs Michael Halkitis. Government and the Bahamas Insurance Association (BIA) have been at odds over the industry's previous practice of ...
The post Government won't try to recoup VAT on healt...
February 10, 2023
No healthcare cost rise from VAT treatment come April 1
NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis yesterday reaffirmed the government's position that its treatment of Value-Added Tax (VAT) on health insurance will not drive up health care costs, noting that it is not a new tax. The Bahamas Insurance Association (BIA) has warned in recent weeks that medical bills and treatment costs for [...]
OPPOSITION: Expand VAT exempt status on medical care to all medical services throughout the country
February 06, 2023
OPPOSITION: Expand VAT exempt status on medical care to all medical services throughout the country
NASSAU, BAHAMAS — The Opposition is calling on the government to expand the current Value-Added Tax (VAT) exempt status for medical care provided in public healthcare facilities to cover all necessary medical services throughout the country. Opposition leader Michael Pintard in a statement noted that current medical services provided by a public health care facility [...]
Insurers concerned about VAT burden on consumers
February 03, 2023
Insurers concerned about VAT burden on consumers
Refuting accusations made against the insurance industry by Prime Minister Philip Davis in the House of Assembly on Wednesday, Chairman of the Bahamas Insurance Association (BIA) Anton Sealy said while insurers are hopeful the government will reconsider placing on consumers the burden of value-added tax (VAT) on health insurance claims, he is doubtful it will.
February 02, 2023
Bosland: BIA did not agree fully to terms on health insurance VAT claims
The Bahamas Insurance Association (BIA) did not agree fully to the terms set out by the government that will lead to increased costs for those with health insurance, who will now have to pay their own value-added tax (VAT) on health-related services, said chair of the BIA's health insurance committee, Marcus Bosland. The government plans ...
The post Bosland: BIA did not agree fully to terms on he...
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