Ministry of Finance: Business Licensing Process Fast-Tracked for VAT Registrants

Authored by: Ministry of Finance Source: Ministry of Finance Date: November 20, 2014 The Ministry of Finance announces that with immediate effect the Business Licence Section of the Department of Inland Revenue has implemented fast-track procedures to allow affected businesses and organisations to complete the mandatory registration for VAT.  Both first time applicants and those…

VAT Department Preparing Revised Guide– Important Updates for Financial Services, Real Estate and Tourism

Authored by: Bahamas Information Services Source: Bahamas Information Services Date: November 16, 2014 The Ministry of Finance and the VAT Department continue to incorporate private sector feedback into revision of the VAT guidance notes.  The notes foreshadow the administrative framework for the VAT.  “We want to ensure that the private sector receives ongoing clarity about…

VAT Family Island Clinics To Begin

Authored by: VAT Department Source: VAT Department Date: October 23, 2014 VAT Family Island Clinics To Begin The Value Added Tax (VAT) Implementation Team along with a team from the Business License Department will be hosting a series of registration clinics in the Family Islands beginning on October 29th. The first clinic is scheduled for…

Ministry of Finance: Condo and Homeowners’ Association Fees Subject to VAT

Authored by: Ministry of Finance Source: Ministry of Finance Date: October 14, 2014 Amid increasing enquiries the Ministry of Finance explained today that maintenance fees for condominium and homeowners’ associations will be subject to VAT if the annual billings exceed the mandatory registration threshold of $100,000.  For some associations this threshold may not be reached…