Just over 30 companies have registered online for Value Added Tax (VAT) since the online registration was launched earlier this week. The system was launched on October 13th and it is expected that all businesses meeting the taxable sales of $100,000 or higher within the next 12 months must complete registration by November 30th.
The online system allows for businesses to register for VAT and in the future, to file for VAT. Businesses under the taxable sales of $100,000 limit can still register voluntarily. Financial Secretary John Rolle said the launch of the online system brings businesses a step closer to being ready for the implementation of VAT.
“We are on target to get all those businesses ready and the October 13th launch is in keeping with our timeline for implementation,” he said.
“We want all businesses to register so that if there are any concerns they can be adequately addressed in time before that end of November deadline. The portal makes it easy and convenient for businesses to register as they can do some from the comforts of their own offices, homes or even their smart phones.”
VAT is expected to come on stream on January 1st, 2015. For more information contact the VAT Department at vatcustomerservice@bahamas.gov.bs or call the Help Desk Hotline 225-7080.
