The Tribune

By NATARIO McKENZIE

Tribune Business 
Reporter

nmckenzie@tribunemedia.net

The Government is aiming to register 4,500 businesses over the $100,000 mandatory Value-Added Tax (VAT), a Cabinet minister said yesterday, revealing the four-member private sector Task Force expected to oversee the public education campaign.

Speaking at a VAT seminar hosted by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), Michael Halkitis said the VAT education process would continue after the January 1, 2015, implementation date.

The Task Force will comprise BCCEC chief executive, Edison Sumner; former Bahamas Institute of Chartered Accountants (BICA) president, Jasmine Davis; Fidelity Bank (Bahamas) president Gregory Bethel; and Andrew Rodgers, the Nassau Glass and Bahamas Aluminum Manufacturing principal.

“Over the last month we have been delivering a lot of the general messaging about VAT. We are now at the cusp of registration, and this is where the messaging will be more emphatic. Our objective is to register approximately 4,500 business over the $100,000 threshold by November 30,” the Minister of State for Finance said.

“The VAT offices commenced advisory visits with the top 100 businesses in the country and corporate service providers on September 15.

“There will also be focus group discussions and workshops on how to register for VAT commencing the first week of October for medium and small businesses. Online registration will officially commence on October 13, and the registration form is designed to be complete online in 15 minutes.”

Mr Halkitis said the private sector Task Force, which was created following recommendations from the New Zealand tax consultants, will be responsible for being the ‘eyes and ears’ of the private sector, and ensuring that the Government is aware and responsive to the needs and concerns of the private sector.

“The Task Force will participate in outreach to build a deeper understanding of VAT within the private sector. The Task Force will complement the Government’s own messaging and communication plan and, at a high level, allow us to cover more of the key messages that must reach businesses and consumers,” said Mr Halkitis.