Administrative Controls for Bonded Fuel Sales in the Port Authority Area

Posted on: March 4, 2015

Authored by: Ministry of finance
Source: Ministry of Finance
Date: March 4, 2015

Ministry of Finance, Customs and VAT Department
Reviewing Administrative Controls for Bonded Fuel Sales in the Port Authority Area

March 3, 2015 (Nassau, Bahamas) – The Ministry of Finance and VAT Department announced that new administrative procedures will be put in place to monitor bonded fuel supplies in the Freeport Area.  

“We will be working with petroleum distributors to track fuel sales, so that the proper follow up can be done to verify that purchases are for business and not personal use,” a spokesperson said.

A Port Licensee can purchase bonded fuel without having to pay VAT on such supplies. However, the benefit is only to be provided for use within the business.  Bonded supplies that are not used within the business are liable for both the VAT and customs duties.

Going forward, the Ministry of Finance, Customs and the VAT Department will establish audit procedures to track the use of bonded fuel supplies.  These procedures will be explored instead of considerations to have licensees pay the VAT and then claim a credit or refund.  Use of the credit and refund policy has been suspended. The Ministry of Finance spokesperson added that “in the coming days we will begin our discussions with the fuel distributors in the Port Area to perfect these systems.”

For more information visit www.bahamas.gov.bs/VAT or look up VATBahamas on Facebook, Twitter, Youtube and Instagram.

To contact the VAT Department directly, please send an email to vat@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.



All News

Real Property Tax Notice of Assessment 2020

In accordance with the Real Property Tax Act, Chapter 375 as amended, the Chief Valuation Officer has hereby given the 2020 RPT Notice Click the link below to see the Real Property Tax Notice 2020. https://inlandrevenue.finance.gov.bs/wp-content/uploads/2019/10/RPT-Notice-2020.pdf  

Advisory Regarding VAT Payments on Insurance Claims

Department of Inland Revenue’s Advisory regarding VAT Payments on Insurance Claims The Department of Inland Revenue advises the general public that VAT is not charged on insurance claims. Click link below for full press release Press Release – VAT on Insurance

VAT Filing Extension & Business Licence Suspension (Abaco & Grand Bahama)

In the aftermath of Hurricane Dorian, The Department of Inland Revenue wishes to advise all VAT registrants operating businesses on Abaco, the Abaco Cays and/or Grand Bahama that the filing of VAT returns due September 21, 2019 and October 21, 2019 have now been extended until November 30, 2019; for businesses requiring an extension. Click the link below for full…

New Year to bring several ‘ease of doing business’ reforms for starting a new business

The Ministry of Finance will roll out a provisional business license in the New Year to significantly reduce the time it takes to start a new business. This addition was approved by Parliament during the 2018/2019 budget exercise, and will be implemented by the Department of Inland Revenue in the first quarter of 2019. Click…

Inland Revenue Open on Saturdays in January

The Department of Inland Revenue is opening its Client Services Centre on Saturdays for the month of January to support businesses applying for business licence renewals. Click the link below for the full Press Release Press Release – Inland Revenue open on Saturdays in January