Bahamas Welcomes High VAT Compliance Rate
by Mike Godfrey, Lowtax.net, Washington
18 March, 2015
Nearly 95 percent of large Bahamas businesses – companies with revenues of USD5m or greater – successfully completed the value-added tax filing process for the first January tax period, according to the Bahamas Government.
The first monthly filing deadline for large businesses was on March 2, 2015, and the Ministry of Finance and the VAT Department have reported that they are pleased with the results and positive outcomes of the filing process. The first filing deadline for companies with turnover below USD5m is April 28.
All 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 territory's new regime from January 1, 2015. Minister of State Finance, Michael Halkitis, said: "The results overall for the February filing process was incredibly positive and we are confident that future filing processes will continue to get smoother. Tax reform is a key component of our Government's plan to reduce the deficit thereby reducing our need for additional borrowing."
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