Businesses that have been de-registered or approved for cancellation of VAT must cease to collect VAT.

Posted on 12-May-2015 12:45:17
Authored by: Value Added Tax Department
Source: Ministry of Finance
Date: May 12, 2015

FOR IMMEDIATE RELEASE

The Value Added Tax (VAT) Department would like to advise taxpayers who have been de-registered or received approval to cancel VAT to remove their VAT certificates from their establishments.

Businesses that have been de-registered or approved for cancellation of VAT must cease to collect VAT. Those businesses where VAT has been collected must account for any VAT which should have been paid in the meantime.

Any taxpayer not in compliance with the law would be subject to a fine, imprisonment or both.

For more information contact the VAT Department at vat@bahamas.gov.bs or call VAT Client Services at (242)-225-7280

May 12th, 2015