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

Posted on: December 16, 2015

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 in the taxpayer’s account by the Online Tax Administration System (OTAS) when timely filing/returns and payments are not made. Fines and penalties for late filing/return and payments are as follows:

vatnews

  • A $100 penalty will apply to credit returns that are filed late.
  • Failure to file a VAT return and make payment, are both very serious violations which, under the VAT Act and Regulations carry administrative fines of up to $150,000.

Administrative Fines can be found in section 16 of the Act and Section 44 of the VAT Regulations.

For further information, visit the Department of Inland Revenue’s new website at
www.inlandrevenue.finance.gov.bs, email: taxinquiries@bahamas.gov.bs or call (242) 461-8050.



Post a Comment

All News

New Cabinet Sworn In by the Governor General

Free National Movement Members of Parliament forming the new Government of the Commonwealth of The Bahamas were sworn in as Cabinet Ministers by Governor General Her Excellency Dame Marguerite Pindling at Government House on Monday, May 15, 2017 Read More…

M.P. Hon, K. Peter Turnquest Appointed Minister of Finance by the Governor General

     K. Peter Turnquest was appointed Minister of Finance  by Governor General Her Excellency Dame Marguerite Pindling during a brief ceremony at Government House, Friday, May 12, 2017. Read More…   (BIS Photo/Letisha Henderson)

Prime Minister, Hon Hubert A Minnis: “Today Represents a New Day for The Bahamas”

NASSAU, The Bahamas — Newly-sworn-in Prime Minister of the Commonwealth of The Bahamas the Hon. Dr. Hubert Minnis, said, on May 11, 2017, that the day represented “a new day” for the Commonwealth of The Bahamas, and one that was also steeped in ancient tradition. “Today also represents a renewal and reaffirmation of our democratic…

COTA- 5th Essay Competition

Click play to listen to the CARICOM Essay competition advertisement. May 1, 2017 (Nassau, Bahamas) – The Department of Inland Revenue in conjunction with the Caribbean Community Secretariat – CARICOM presents The Caribbean Organization of Tax Administrators 5th Annual Essay competition. This competition is opened to ALL Junior & Senior High schools across The Bahamas….

Exuma and The Cays Education Workshops

March 31, 2017 (Nassau, Bahamas) – The Department of Inland Revenue wishes to inform Taxpayers of the upcoming VAT and Business License Education Workshops that will be hosted on Exuma, April 4, 2017 thru April 7, 2017. The schedule for the workshops are as follows: April 4, 2017 at The Resource Center, Hooper’s Bay, 10:00…