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The Bahamas Value-Added Tax Department has released a short video to assist VAT registrants with the accounting process, following the introduction of value-added tax (VAT) at the start of this year.
The short video, "Accounting for VAT," is intended to provide taxpayers with the information necessary to account for VAT in preparation for the return filing period. The video is intended to be viewed in conjunction with the Department's video "How To File A Return."
The video features a flow chart explaining the VAT accounting process, with samples of input and output tax worksheets, and examples of a VAT account, a VAT return form, a tax invoice, and receipts. It also provides information on working papers that have been released to assist with the completion of the return filing process.
The filing deadline for those taxpayers with a turnover exceed BSD5m (USD5m) was on March 2, and the deadline for those with a turnover below this threshold is April 28.
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