Bahamas Launches VAT Calculation App

To support taxpayers' understanding of the territory's new value-added tax regime, a new Bahamas VAT Calculator application for smartphones has been launched by the VAT Department.

The application is free and can be found on the Google Play Store or the Apple Store. The app allows consumers to calculate the proper VAT for purchases using the VAT calculator, add or remove VAT from a price, and call the toll-free VAT Hotline.

The territory's new VAT regime, featuring a 7.5 percent headline rate, was introduced in the territory from January 1, 2015. All businesses with taxable sales of BSD100,000 (USD100,000) or more were required to register by November 30, 2014.