The Tribune

IN this short feature, we present the questions and concerns from business owners and the general public as it to relates to the implementation of Value Added Tax 11 months from now.

As the owner of her own law firm – CG Chambers – Christina Galanos has several concerns about the implementation of VAT. The majority of the issues revolve around the need for training for either herself or the persons in her fledgling firm who will be responsible for the proper accounting and collection of VAT from her clients and the costs associated with that.

Christina’s Questions:

• If we have to file every month, is it okay if I prepare the filing myself or would I be required to get an outside / certified accountant to check my final statement, and if so, who would have pay for it? That kind of expense would be crushing for new business.

• At the end of the day, lawyers sell time. If I have to prepare my own statements, that’s time I am taking away from my business. So if you take me away from my business to spend say five hours a month to figure out my tax filing, that could be thousands of dollars I could be losing.

• Will there be public accountants who could provide this kind of service for free?

• Will I be subject to audits by the government?

• What will be the penalties attached? Will they attach fines and jail time when there really wasn’t sufficient education of this?

• Will there be free clinics for business owners and business managers to get updated and up to speed.

• In order to remain competitive, it’s about pricing. Lawyer fees in the Bahamas are admittedly high already. When you pass that 15 per cent onto the consumer, people might decide to represent themselves or just plead guilty.

• If you would like to have your VAT questions or concerns highlighted in The Tribune, please send a two-sentence description of your business, your name and bullet-pointed questions or concerns to rmissick@tribunemedia.net.