Bahamas Clarifies VAT Filing Rules For Insurers

The Bahamas Government has released a statement on value-added tax (VAT) return filing and payment obligations for the local insurance industry.

The local insurance industry is exempt from the territory's new VAT on the supply of insurance until June 30, 2015. Nevertheless, the Government has stated that all businesses registered with the VAT Department that are required to submit returns and make VAT payments on a monthly basis must do so within 28 days of the end of the tax period. The first filing period deadline for VAT returns and payments is March 2, 2015, it said.

Those businesses required to submit VAT returns and pay VAT on a quarterly basis are expected to commence filing VAT returns and making VAT payments, if any, within 28 days of the end of the tax period in which they are required to file the return, it added.