Bahamas Tax Compliance Required For Government Contracts
by Mike Godfrey, Lowtax.net, Washington
08 June, 2016
The Bahamas Department of Inland Revenue has reminded business owners that a Tax Compliance Certificate is necessary for persons wishing to do business with The Bahamas Government or a public body.
A Certificate is also necessary to register ownership or a change of ownership of taxable goods, or claim concessions under an enactment (for churches and schools, etc.).
Before the Department of Inland Revenue can issue a Certificate, government agencies are contacted to ensure the taxpayer is fully compliant with its obligations in the following areas: customs, immigration, business licensing, value-added tax, road traffic, real property tax, and national insurance contributions.
A Certificate is valid for one month where the value of the contract is BSD10,000 (USD10,000) or more, and six months where the value of the contract is less than BSD10,000 (USD10,000).
The requirement to hold a Tax Compliance Certificate was introduced on July 1, 2015, and is contained in the Financial Administration and Audit (Amendment) Act 2015.
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