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Today’s Top Headlines

VAT Registration Begins In The Bahamas

by Mike Godfrey,, Washington

16 October 2014

Authorities in the Bahamas, on October 13, 2014, began accepting applications from businesses to register for the territory's value-added tax regime, which will be introduced from January 1, 2015.

To guide businesses through the process, the Government has released a new video on how to complete an application. It has also released a Registration Guide and specific guides to completing the process for individuals and for companies.

Earlier, the Ministry of Finance clarified that businesses will not be required to provide a taxpayer identification number when registering for VAT, as this information will be requested by the Customs Department afterwards. The Ministry's statement comes after some firms signaled concerns about not being able to complete applications until they had registered for VAT and had been assigned a TIN.

A spokesperson for the Ministry said: "We know who all of the large VAT registrants will be. Their enrollment for VAT will be a matter of formality. Customs is likewise familiar with the large importers who are destined to become registrants."

TAGS: individuals | compliance | Finance | VAT tax authority guidance | VAT registration / deregistration | tax | business | value added tax (VAT) | Bahamas | international financial centres (IFC) | tax authority | offshore | VAT compliance matters

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