The VAT Department is pleased to acknowledge the progress most vendors have made in complying with requirements of the Value Added Tax Act 2014 to display retail prices that are inclusive of VAT.
The Ministry of Finance announces that with immediate effect the Business Licence Section of the Department of Inland Revenue has implemented fast-track procedures to allow affected businesses and organisations to complete the mandatory registration for VAT.
It has come to the attention of the Minister of Education, Science and Technology that one of the Ministry’s school official disseminated information that is inaccurate and untrue.
Tourism related businesses throughout Grand Bahama gathered at the Bahamas Hotel and Tourism Association’s (BHTA) facilitated VAT workshop in Freeport, Grand Bahama on Monday October 20th 2014.
With the implementation of Value Added Tax less than three months away, tourism industry businesses are stepping up their readiness activities as the Bahamas Hotel and Tourism Association works closely with the Ministry of Finance and industry stakeholders to prepare businesses for the transition.
The Prime Minister addressed recent agreement by the Government to remove various customs fees paid by Port Licencees from July 2013, while touring the Grand Bahama Shipyard.
With Financial Secretary John Rolle confirming that the VAT rate will increase “in the not too distant future”, it appears the implementation of VAT at 7.5% was only the thin end of the wedge so to speak.
Prime Minister Christie announced yesterday in his annual budget communication that Government will introduce Value Added Tax at 7.5%, down from the 15% originally proposed.
Business readiness is the key to minimizing the expense and challenges of converting to a Value Added Tax scheme, particularly for small and medium-sized businesses according to Bahamas Hotel and Tourism Association President Stuart Bowe.