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The Bahamas Department of Inland Revenue has reminded taxpayers that as of January 1, 2017, the deadline for value-added tax (VAT) filing and payment has changed.
Monthly and quarterly VAT filings must now be made by the 21st of the month following the relevant monthly or quarterly tax filing period.
While recognizing that businesses will need to adjust to the new payment and filing deadlines, the Controller at the Department of Inland Revenue, Roger Forbes, urged business owners to "move expeditiously to comply", reminding them that penalty and interest fees will be applied to all late payments.
The Department has also reminded individuals with Real Property Tax arrears that the end of an amnesty period is fast approaching. Taxpayers paying their arrears in full by March 31, 2017, will receive a 100 percent waiver of their surcharge. However, those who are unable to meet that deadline but can pay their arrears in full on or before June 30, 2017, will receive a 50 percent discount on the surcharge.
Payment of VAT and all other taxes, including Real Property Tax, can now be made electronically through the Department's online payment platform.
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