Bahamas Cautions VAT Deregistered Businesses

The Bahamas Value Added Tax (VAT) Department has advised taxpayers that have been deregistered or received approval to cancel VAT registration that they must remove their VAT certificates from their establishments.

The VAT Department also said that deregistered businesses must cease collecting VAT.

The VAT office has issued a reminder that any taxpayer not in compliance with the law could be subject to a fine or imprisonment, or both.