Search results for : VAT
Inland Revenue releases VAT holiday instructions
August 02, 2023
Inland Revenue releases VAT holiday instructions
The Department of Inland Revenue (DIR) released instructions yesterday for its holiday on value-added tax (VAT), which runs from August 19 to September 10. This comes after Free National Movement Shadow Minister for Finance Kwasi Thompson released a statement criticizing the government's tardiness in implementing the money saving scheme. In his statement, Thompson cited high inflation ...
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July 17, 2023
Small business revenue declines blamed on VAT on charter yachts
SMALL business owners said the imposition of VAT on foreign-owned yacht charter fees had contributed tremendously to the industry's decline in the past year.
St. Lucia: Vat Amnesty On Building Materials
July 14, 2023
St. Lucia: Vat Amnesty On Building Materials
ST. LUCIA - St. Lucia's Prime Minister Philip J. Pierre, has tabled a resolution in the parliament to provide economic relief to the public with the removal of VAT on select building materials.
July 13, 2023
VAT on foreign-owned yachts blamed for decline in business over the last year
SMALL business owners said the imposition of VAT on foreign-owned yacht charter fees had contributed tremendously to the industry's decline in the past year.
July 07, 2023
Bahamas Prime Minister Removes VAT and Duty Rates from Foreign Boat Registration
The Prime Minister affirmed that taxes amounting to a combined 20% of a vessel’s value have been eliminated in the 2023-2024 budget.
June 29, 2023
BREA: Delay VAT change on real estate purchases by foreigners
The Bahamas Real Estate Association (BREA) is calling on the government to delay its fixed value-added tax (VAT) of 10 percent on all foreign real estate purchases for 90 days, and to consult with real estate professionals on the change that they say could affect transactions they have already negotiated, and calls for them to ...
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June 22, 2023
VAT, customs duty being removed on importation of water sports vessels
Seeking to level the playing field for Bahamian-owned and foreign-owned vessels operating in the local water sports and sport fishing industries, Minister of Transport and Housing JoBeth Coleby-Davis yesterday announced that vessels imported into The Bahamas for those purposes will pay a first-time registration fee in lieu of import duties and value-added taxes. Contributing to ...
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June 21, 2023
Chamber criticizes new VAT rules, cites lack of consultation
Decrying the lack of consultation regarding policy changes in the upcoming fiscal year that impact the business community, Chair of the Bahamas Chamber of Commerce and Employers' Confederation (BCCEC) Khrystle Rutherford-Ferguson said yesterday that business owners are hamstrung by the uncertainty and insecurity surrounding new rules regarding value-added tax (VAT) returns.
Govt to increase annual boat registration fees while eliminating duty and VAT on new vessels
June 08, 2023
Govt to increase annual boat registration fees while eliminating duty and VAT on new vessels
THE government is increasing annual boat registration fees while eliminating duty and value-added tax on vessel purchases.
Govt to eliminate duty and VAT on boat registration
June 08, 2023
Govt to eliminate duty and VAT on boat registration
The government's changes to vessel registration could have the knock-on effect of allowing Bahamians to get into the yacht chartering business, become charter brokers and increase the amount of Bahamians becoming mates on ships, the chief of Bay Street Marina Peter Maury said yesterday. Prime Minister and Minister of Finance Philip Davis, who opened the ...
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