Bahamas Begins Enforcing VAT Penalties
by Mike Godfrey, Lowtax.net, Washington
11 February, 2015
The Bahamas VAT Department has begun issuing fines and warnings to nearly 200 businesses that submitted late value-added tax (VAT) registration applications.
Businesses with an annual turnover exceeding USD100,000 were required to register for VAT in the Bahamas by November 30, 2014, to comply with the new regime from January 1, 2015.
The issuance of fines and warning letters marks the end of the period of leniency following the introduction of the regime. The penalties for late submission vary, from a warning for very small businesses, to fines of up to USD10,000 for larger businesses. Higher penalties apply to persistent offenders, with details of the transitional penalty structure published on the Government's website.
See all of today's news