Search results for : VAT
March 02, 2015
VAT Dept. pleased with 'incredible progress' on inclusive pricing
While the grace period for businesses to provide value-added tax (VAT) inclusive pricing on items ended yesterday, the government will not issue excessive fines against those large businesses that have failed to fully comply.
March 01, 2015
VAT filing today, no extension for pricing transition
Today, March 1, is the deadline for filing the first returns for the value-added tax (VAT), and will mark the beginning - as many see it - of the true test of the success of the implementation of the tax.
February 11, 2015
Christie: Large, very large registrants responsible for most of VAT revenue
Businesses with annual turnovers higher than $20 million, together with those with annual turnover between $5 million and $20 million, make up nine percent of total registrants for the value-added tax (VAT), but Prime Minister Perry Christie says those businesses will be responsible for as much as 80 percent of the VAT revenue.
PM: VAT will be a major success story
February 12, 2015
PM: VAT will be a major success story
Despite the predictions of the "doomsday prophets and pundits", Prime Minister Perry Christie said yesterday the implementation of value-added tax (VAT) has been "remarkably smooth" and did not lead to hysteria.
New VAT rules, 10K fines issued
February 04, 2015
New VAT rules, 10K fines issued
The Ministry of Finance and the VAT (value-added tax) Department have begun issuing fines up to $10,000 and warnings to more than 200 businesses who have declared turnover above the $100,000 threshold and who submitted late applications.
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.
Turnquest: VAT appeal commission absolutely vital
January 28, 2015
Turnquest: VAT appeal commission absolutely vital
Shadow Minister of Finance Peter Turnquest welcomed the appointment of a VAT (value-added tax) appeal commission as an absolute necessity, particularly in light of lingering uncertainty in the commercial and consumer sectors.
VAT appeal commission established
January 28, 2015
VAT appeal commission established
A week before the first reports are due for collection of the value-added tax (VAT), the Ministry of Finance has announced the formation of a VAT Appeal Commission, populated by a retired Supreme Court justice as chairman, a retired senior customs officer, a public accountant, and others, all to be named this week.
January 22, 2015
Hundreds of warning letters issued, VAT fines being levied
"Hundreds" of letters have been issued to businesses for varying non-compliance with the value-added tax (VAT) despite a largely successful implementation phase, Private Sector Task Force Co-chair Jasmine Davis revealed yesterday.
February 22, 2013
CBA Analytical Report ? Is VAT A Premature Economic Development Mirage
The Bahamas Government recently announced its intention to implement a Value Added Tax (VAT) by July of 2014. The impetus for such a move has been touted as the result of International Monetary Fund (IMF) concerns. Major questions persist however as to whether it is a move that will benefit economic development in the Country, or even raise more government revenue than the current tax regime. Detr...
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