Vat Registration Continues: Businesses Urged To Register Quickly To Avoid Or Limit Fines

Posted on: December 1, 2014

Authored by: VAT Department
Source: VAT Department
Date: December 1, 2014

To date a large majority of businesses have submitted applications to be registered for VAT. Remaining businesses that were required to register by November 30th, 2014 are urged to submit their applications as soon as possible. In fact, those businesses making best efforts to register within the first few weeks after the deadline may see their fines reduced or even waived altogether.

The VAT Department will be issuing warnings and imposing fines during a transitional period following the registration deadline of November 30th, 2014. The fines for late registration will depend on the delay following the deadline, the size of the business, and whether the application is submitted voluntarily or as a result of prompting by the VAT Department.

Businesses that register late, but on their own volition may be issued a warning or fined an amount of up to $10,000. Businesses that register as a result of direct contact by the VAT Department may be issued a warning or face stricter fines up to $20,000.

As the statutory deadline approached on November 30, some 4,417 applications had been submitted to the VAT Department. The Ministry of Finance expects at least 4,000 of these to be processed as VAT registrants. The rest could qualify for tax identification numbers (TIN) as very small firms who do business with the Government or as entities eligible for refunds under the VAT Act.

Businesses are invited to contact the VAT Department for support to register and to prepare for the implementation of VAT on January 1st, 2015.

Register online: www.vat.revenue.gov.bs

Register in person Monday-Friday 9am-5pm: Gladstone Freight Terminal, Nassau

Call toll-free Help-Desk: 1-(242)-225-7280

Email: vatcustomerservice@bahamas.gov.bs

November 30 2014



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. https://inlandrevenue.finance.gov.bs/wp-content/uploads/2019/10/RPT-Notice-2020.pdf  

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