Joint Press Statement Ministry of Finance and Coalition for Responsible Taxation

Posted on: November 19, 2013

Authored by: Ministry of Finance
Source: Ministry of Finance
Date: November 19, 2013

Nassau, Bahamas, November 19, 2013: The Bahamas Chamber of Commerce and Employers Confederation Coalition for Responsible Taxation (the Coalition) and the Ministry of Finance (the Ministry) met on early in November to commence discussions regarding the issues related to the state of the fiscal affairs of The Bahamas, the need for tax reform and expenditure management, and the various options available to the Government in its efforts to turn the tide of fiscal deficits and increasing debt levels.

At the meeting, consensus was arrived at on the following issues:

  1. the state of the fiscal affairs of The Bahamas was at a critical stage and requires urgent attention and action;
  2. there is a need for tax reform as part of the solution to the fiscal challenges of the country, coupled with sustainable action in the area of the expenditure control by the Government; and
  3. the Government’s plan for fiscal reform, including new tax initiatives, should be the subject of broad based consultation. Such a plan should involve the greatest collaboration possible among the Government, the private sector and cross-section of constituents, while protecting the goal of timely development and implementation.

In respect to point (iii) the Ministry welcomes the creation of the Coalition and views it as an additional and major conduit for consultation with the private sector.

With respect to the issues surrounding the introduction of the Value Added Tax, the Coalition has presented to the Ministry a report setting out macroeconomic concerns, including among others, the possible negative impacts on price levels and economic activity, the proposed timeline for implementation and the revenue administration strategy to ensure enforcement.

The initial discussions between the Coalition and the Ministry on the matters raised were meaningful and established a commitment from each entity to have regular, structured, results-oriented dialogue on the matters already raised, and other issues related to the plan for fiscal reform, going forward.

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.  

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