Flat Rate Accounting Scheme for the quarter ending March 31st, 2015

FOR IMMEDIATE RELEASE

The Value Added Tax (VAT) Department of the Ministry of Finance wants to advise quarterly taxpayers wishing to be placed under the Flat Rate Accounting Scheme for the quarter ending March 31st, 2015, that they should submit their request via their user account by April 23rd, 2015.

In order to be approved for the Flat Rate Scheme you must:

1) have an annual taxable turnover of $400,000 or less,

2) apply the flat rate of VAT to your taxable turnover in order to calculate the amount of VAT to be paid to the Comptroller, and

3) keep the necessary documentation as outlined in the VAT Act to support your sales figures

Taxpayers are reminded that on the flat rate scheme VAT incurred on purchases or imports cannot be claimed as input tax; however, you can claim input tax on capital items used in your business.
Taxpayers are also encouraged to pay three (3) days prior to the deadline in order to avoid late payments.

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