5 Major Developments in Bahamas

5 Major Developments in Bahamas

• VAT, Customs Duty being Removed on Importation of Water Sports Vessels
• Government Proposes to Replace VAT on Boat Registrations With Fees
• Government Plans to Change VAT Reporting Period for Large Taxpayers
• Plans to change VAT Reporting Period for Large Taxpayers
• Small Businesses Urge Government to Reconsider 10% VAT on Yachts

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Customs

• VAT, Customs Duty being Removed on Importation of Water Sports Vessels

Deduction (Input Tax Credit)

• Receivables Fear if VAT Health Claims Change

• FNM chair: VAT Health Claims Change ‘Insane’

E-Commerce / Electronic Services

• Intuit Ltd. (Quickbooks) to Remit VAT to Tax Authorities on Behalf of Subscribers

• Quickbooks to Remit VAT to The Bahamas Government

Exemption

• Insurers Say no Formal Notice from Gov’t Regarding VAT on Health Insurance

Fraud / Tax Evasion

• ‘A lot more’ than $193m is owed to govt in VAT

Implementation / Reform

• Government Proposes to Replace VAT on Boat Registrations With Fees

Legislative Change

• VAT Filing Cut for $5m Companies

Rate

• Small Businesses Urge Government to Reconsider 10% VAT on Yachts

• FNM chair: VAT Health Claims Change ‘Insane’

• ‘Everything is On Table’ over VAT Health Claims

Real Time Reporting/Continuous Transaction Controls

• VAT filing deadline reduction for $5m companies

Reporting / Compliance

• Government Plans to Change VAT Reporting Period for Large Taxpayers

• Plans to change VAT Reporting Period for Large Taxpayers

• VAT Filing Cut for $5m Companies