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The Bahamas Ministry of Finance has released new guidance to support businesses in completing their first value-added tax return.
The Bahamas introduced its new value-added tax regime, featuring a 7.5 percent headline rate, on January 1, 2015.
Large businesses are required to file their first return on March 2, 2015 (as February 28, 2015, falls on a weekend), while smaller businesses, who are required to file quarterly, must file by April 30.
The Ministry has released two short videos to explain the filing and payment process. The first video, How To File A VAT Return, explains the step-by-step process of completing a return and including the required supporting documents, among other issues. The second video, How To Make A Payment Online, explains how to make a payment using the Online Taxpayer Administration System.
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