The Tribune

The Grand Bahama Port Authority (GBPA) yesterday announced plans to launch Value Added Tax (VAT) readiness training for businesses in the coming weeks.

Ian Rolle, its president, said Freeport companies will require help to ready their businesses for VAT, with education and planning essential for a ‘smooth as possible’ implementation process come January 1, 2015.

“While there are still some concerns looming as to how VAT will be implemented in the city of Freeport, it does not change the fact that businesses need to be prepared,” Mr Rolle said.

“We have met with the Ministry for Grand Bahama, and Minister Darville has assured us that the Government is carefully reviewing all concerns regarding VAT on services put forward by GBPA and its licencees.

“More importantly, this initiative is to assist licencees in planning, organising and educating themselves and customers regarding VAT. Getting started with training is the best course of action. Time is of the essence as we have less than 15 weeks before the start of the New Year.”

Mr Rolle added that tentative dates have been set for October 14– 17, and will cover aspects of VAT registration, reporting and compliance, as well as training on software application.

Derek Newbold, the GBPA’s business development manager, said the initiative will be organised through its Invest Grand Bahama Small Business Bureau (IGBSBB).

“We can safely say all businesses will be impacted by VAT in some form, and that businesses throughout the country still have a number of concerns regarding its implementation,” said Mr Newbold.

“However, we also have a very clear understanding that while businesses and government may not agree on all points, effective January 1, 2015, VAT in the amount of 7.5 per cent will be enforced across the country. And, in order for businesses to be ready, education, information and training is crucial at this time.

“The training will span four days, and will engage businesses from all sectors of Grand Bahama’s economy. We encourage licencees, especially small businesses, to capitalise on this opportunity to get preparations for their businesses underway.”

Mr Newbold added that details on the training will be announced shortly, but that persons interested in participating in the VAT Readiness Training should contact the IGBSBB office at 350-9061 or 350-9305 to begin registering as space will be limited.