Ministry of Finance Launches VAT Hotline

he Ministry of Finance announced today it has launched a hotline with experts standing by to answer questions about the proposed Value Added Tax system set to go into effect July 1.

The hotline number is 225-7280. It is staffed between 9 am and 5 pm daily Monday-Friday. The VIBE line is toll-free throughout The Bahamas.

“Since we launched the number two days ago without a lot of fanfare in the testing stage, we have had very interesting calls reflecting that people understand change is needed, but they just want more information,” said Financial Secretary John Rolle. “Although it is early days what we have heard so far is evidence that the greatest need for information is on the part of the consumer as businesses have made it a point of learning as much as they can to date. When you hear questions like ‘Should I buy a new car now or wait? Which will be least expensive in taxes?’ or ‘Do I have to pay VAT on my condo association fees?’ or ‘How will it affect the price of baby formula?’ it’s clear that the upcoming schedule for VAT items and exemptions will be very helpful.” Government intends to publish the first schedule for consideration on January 17. 

The hotline is also accepting comments for consideration.

A series of town meetings is planned with the first set tentatively for Exuma next week.