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.
Tourism-related businesses are being urged to become VAT registered now to avoid potential problems by waiting until the November 30th deadline.
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.
VAT readiness training for the tourism industry moved into the Family Islands last week as nearly 100 participants attended the intensive VAT Readiness and Registration workshops on Abaco and Exuma.
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.
Executives at the Grand Bahama Port Authority, Limited (GBPA) announced plans for Value Added Tax (VAT) readiness training for businesses to commence on Grand Bahama in the coming weeks.
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.