Bahamas VAT rises to 12% Jul 2018

May 31st, 2018

The Bahamas is to raise its Value Added Tax rate from 7% to 12% on 1 July 2018. The country’s Minister for Finance, Peter Turnquest, announced the rise to help meet a projected budget deficit this year. Some basic foodstuffs will become zero-rated to help soften the effects of the rise. VAT was introduced in …


Bahamas VAT due date change

January 13th, 2017

The Bahamas has amended its VAT reporting deadline from 1 January 2017. Quarterly or monthly VAT returns must now be submitted by the 21st of the month following the reporting period. The deadline had previously been the 28th. VAT was introduced to the Bahamas in 2015 at 7.5%.


Bahamas VAT update

June 4th, 2015

Following the introduction of 7.5% VAT to Bahamas at the start of 2015, the latest budget has provided with changes to the consumption tax regime. These include: VAT registered businesses will be henceforth required to retain output VAT collected on sale in a separate bank account from the company’s main account VAT payers must provide …


Bahamas 7.5% VAT 2015 nears agreement

August 31st, 2014

The timetable for the introduction of VAT in the Bahamas has been confirmed. The implementation date will be 1 January 2015, and the standard VAT rate will be 7.5%. However, the Senate has yet to confirm its approval. The introduction of Bahamas VAT at 15% in 2014 was dropped in June following much criticism. Whilst …


Bahamas backtracks on 15% VAT rate and faces delays

March 23rd, 2014

The Bahamas plans to reduce the planned 15% VAT rate for the planned introduction on VAT in July 2015. It looks certain that the Bahamas VAT July 2014 implementation date will be missed too. Introduction of VAT for WTO membership The implementation of VAT is a key criteria for the Bahamas’ entry into the World …


Bahamas to introduce 15% VAT from July 2014

February 21st, 2013

As part of plans to join the World Trade Organisation (WTO), the Bahamas has announced plans to introduce a full Value Added Tax regime from 1 July 2014. The roll out of a VAT system will help meet the required reductions in import tariffs as laid down in WTO membership. The new VAT rate will …