No Removal of Value Added Tax (VAT) from Heathcare Services

December 24th, 2015 (Nassau, Bahamas) – In response to a statement appearing in yesterday’s newspaper, the Ministry of Finance advises the public that no proposals have been put forward by the Ministry of Finance to remove the VAT from health care services. The Ministry is aware that various stakeholders including Bahamas Insurance Association have questioned…

Department of Inland Revenue Business License Payment Methods

December 21st, 2015 (Nassau, Bahamas) -The Department of Inland Revenue reminds the public that the renewal and payment for business licenses can only be done online. All business licenses expire on December 31st, 2015 and applications must be renewed on or before January 31st, 2016 to avoid a late fee. Payment for renewing your business…

File/Pay On-Time to Avoid VAT Fines and Penalties

December 16th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue reminds taxpayers that VAT returns and payments must be received within 28 days after the end of each tax period. Ensure that Value Added Tax (VAT) returns are filed and paid on time to avoid facing fines and/penalties. Fines and penalties are automatically generated…

Department Reiterates Differences Between VAT & TIN Certificates

December 16th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue wishes to remind taxpayers about the difference between Value Added Tax (VAT) Certificates and Tax Identification Number (TIN) Certificates. A VAT Certificate allows registrants to charge and collect VAT as well as receive refunds where the amount of input VAT has exceeded the amount…