DIR Advises No VAT on Ancillary Education Fees

August 21st, 2016 (Nassau, Bahamas) – The Department of Inland Revenue (DIR) advises education officials and the general public that Value Added Tax (VAT) is no longer applicable to certain fees related to tuition. The removal of VAT from educational ancilliary fees came into effect on July 1st, 2016 following the 2016/2017 Budget Communication. Ancillary…

Commercially Scheduled Air Services for VAT Purposes and VAT on Fuel

January 4th, 2016 (Nassau, Bahamas) – The Ministry of Finance and Department of Inland Revenue wishes to advise the public that effective January 1st, 2016, zero-rated treatment is only to apply to regularly scheduled passenger, freight and courier services. The treatment also extends to the equivalent of C135 operators who can provide evidence to the…

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…

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…