Certified Statement of Turnover for Business Licences

December 9th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue reminds the public that Business Licence Regulation No 5 was amended in July 2015. The regulation states that, “Where a business has a turnover of one hundred thousand dollars per annum or more, submitted financial results should be accompanied by a statement as to…

Ministry of Finance: No Reversal on the VAT Treatment of Insurance

The Ministry of Finance takes strong exception to the report in today’s newspaper, which suggests that officials in the ministry and the VAT Department have reneged on the understanding of insurance policies renewed before July1st, 2015 and how they are to be treated under VAT. Contrary to views attributed to representatives of the insurance industry,…

Department of Inland Revenue Launches New Website

November 8th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue (DIR) wishes to advise the public that it now has a new website. It can be accessed in two ways: http://inlandrevenue.finance.gov.bs http://www.inlandrevenue.finance.gov.bs The website is more user-friendly and gives access to information on Value Added Tax (VAT), Business License, Real Property Tax and First…