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

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…

Department Reiterates Differences Between VAT & TIN Certificates

December 16th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue wishes to remind taxpayers about the difference between Value Added Tax (VAT) Certificates and Tax Identification Number (TIN) Certificates. A VAT Certificate allows registrants to charge and collect VAT as well as receive refunds where the amount of input VAT has exceeded the amount…

Certified Statement of Turnover for Business Licences

December 9th, 2015 (Nassau, Bahamas) – The Department of Inland Revenue reminds the public that Business Licence Regulation No 5 was amended in July 2015. The regulation states that, “Where a business has a turnover of one hundred thousand dollars per annum or more, submitted financial results should be accompanied by a statement as to…

Ministry of Finance: No Reversal on the VAT Treatment of Insurance

The Ministry of Finance takes strong exception to the report in today’s newspaper, which suggests that officials in the ministry and the VAT Department have reneged on the understanding of insurance policies renewed before July1st, 2015 and how they are to be treated under VAT. Contrary to views attributed to representatives of the insurance industry,…