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Bahamas VAT update

  • VAT
  • 03 June 2015 | Richard Asquith

Bahamas VAT update

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 electronic ledgers for submission to the tax authorities with details of taxable transactions and adjustments through returns or credit notes
  • Require VAT payers submitting quarterly returns to remit VAT payments of collected tax on a monthly basis
  • Fresh guidance on the deductibility of VAT and anti-avoidance rules for insurers

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.