Search results for : VAT
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 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.
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.
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.
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.
January 30, 2023
Ministry of Finance’s Response to the Bahamas Insurance Association’s Statement on the VAT Treatment of Health Insurance Claims
The Ministry of Finance has sight of a press release by the Bahamas Insurance Association (BIA) with respect to the VAT treatment on health insurance claims.
Halkitis says public no longer frightened by VAT
February 17, 2015
Halkitis says public no longer frightened by VAT
Minister of State for Finance Michael Halkitis yesterday acknowledged that the government will eventually have to amend the Value-Added Tax Act to improve its impact.
'We will cut VAT and save economy'
October 07, 2021
'We will cut VAT and save economy'
THE Davis administration has pledged to "rescue" the economy, stabilise public finances, decrease value added tax, as well as ensure anti-corruption and government transparency.
Davis: VAT cut coming - once the dust settles
September 24, 2021
Davis: VAT cut coming - once the dust settles
PRIME Minister Philip “Brave” Davis said his administration will work on implementing campaign promises such as increased minimum wage and reducing value added tax to ten percent “as soon as the dust settles”.
Relatively smooth VAT transition, says lawyer
January 28, 2015
Relatively smooth VAT transition, says lawyer
The recent implementation of value-added tax (VAT) and the relatively smooth transition by local businesses may send an encouraging message to potential investors given the implications of the tax on the country's macroeconomic health, according to a leading attorney.
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