THE government has promised “heightened” enforcement measures for the implementation of value added tax.
Today is the first filing deadline for VAT collections for large businesses, those making $5m or more in gross sales.
February 28 marked the deadline for the transition to tax inclusive pricing display.
The government said yesterday it is still pleased “with the remarkable progress” of the roll out of the new tax.
“Due to the impressive compliance efforts of Bahamian businesses so far the VAT Department does not see a need for an official extension of the deadline for adoption of inclusive pricing displays,” a statement from the government said. “Now enforcement efforts will be heightened to ensure that retailers fulfil any residual requirements. The VAT Department is still taking a light handed approach and will issue warnings in the first instance before any firm is sanctioned with fines.”
The VAT Department continues to encourage consumers to file inquiries if they are unsure whether they were charged appropriately.
“When in retail establishments, display prices that reflect the final total at the cash register should be clearly visible,” Minister of State for Finance Michael Halkitis said. “When they aren’t, consumers should contact the VAT Department.”
VAT was rolled out on January 1 at a rate of 7.5 per cent on most goods and services.
For more information, visit www.bahamas.gov.bs/VAT. To contact the VAT Department directly, please send an email to vatcustomerservice@bahamas.gov.bs or call VAT Client Services at (242) 225-7280.
Comments
TheMadHatter 9 years, 8 months ago
Sure ... very funny
asiseeit 9 years, 8 months ago
These people better stop their threats. The private sector is doing their job because they are abject failures at collecting taxes. VAT will be the tax that is most adhered to simply because the private sector collects it, not our corrupt civil service.
Tarzan 9 years, 8 months ago
Ah yes, but what happens to the cash when the businesses remit????
The_Oracle 9 years, 8 months ago
Impressive Compliance efforts? Try Massive compliance requirements! The whole re-tagging exercise could have been avoided completely, also alleviating public suspicion on price hikes, Filing returns is done with remedial software and website, Loose ends and questions all over the place, The whole thing was run as a Junior Achievement exercise! No offense to J.A, they would have done it more competently!
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