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…

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

November 27th, 2015 (Nassau, Bahamas): 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 July 1st, 2015 and how they are to be tread under VAT. Contrary to views attributed…

Department Publishes Updated VAT Guidance Notes

November 1st, 2015 (Nassau, Bahamas) – The Department of Inland Revenue wishes to advise the public that it has released updated VAT Guidance Notes to be read in conjunction with the VAT Act 2014 and Regulations 2014. The updates were done as some of the information relevant to all of the guides have been revised….

List of Approved Charities/ Non-Profits

October 7th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue advises the public of the list of approved charities and non-profit organizations for VAT purposes which are eligible to receive VAT refunds on expenses with respect to hurricane relief efforts. It has already been announced, where disaster relief operations are carried out by charitable…