|Authored by:||Value Added Tax Department|
|Source:||Value Added Tax Department|
|Date:||January 23, 2015|
FOR IMMEDIATE RELEASE
The public is advised that businesses registered for Tax Identification Numbers (TINs) only are NOT allowed to charge Value Added Tax (VAT). The TINs only allow the business to make transactions with the government and collect refunds on those transactions but they cannot charge VAT. Only businesses registered for the tax can charge VAT. These businesses are known as VAT Registrants.
Once registered, they will be given a VAT Registration Certificate and a VAT Registration Number. These businesses that can charge and collect VAT, on behalf of the government (VAT Registrants) MUST prominently display the VAT Registration Certificate at their place of business. As a consumer you can also check the VAT register that is located on the Ministry of Finance’s website www.bahamas.gov.bs/VAT for a listing of those who are registered for VAT.
A TIN certificate also looks different from a VAT certificate. One distinguishable factor is that the TIN certificate has the Coat of Arms on it while the VAT certificate has a VAT logo watermark.
Businesses registered for TIN only, can be viewed on www.bahamas.gov.bs/VAT
January 22nd, 2014