Value Added Tax (VAT) 

On May 30, 2013, in its 2012/13 Budget Communication, the Government of The Bahamas announced its plans to address tax reform.

Subsequently, on February 13, 2013 The Bahamas Government tabled in Parliament a White Paper on Tax Reform to Secure Adequate Revenues for the Future. The White Paper proposed that the current ‘‘narrow’’ tax base should be extended to include taxation of goods and services with the implementation of a Value Added Tax (VAT), which is proposed to come into effect on July 1, 2014 at a rate of 15 percent.

Recently, The Ministry of Finance of The Bahamas issued a draft of the “Value Added Tax Bill 2013” in conjunction with the “Value Added Tax regulations 2013” which will have force of law along with a “Summary and Explanation of the draft legislation”. KPMG have reviewed these documents and prepared a report of the key terms to help businesses understand and prepare themselves accordingly.

How can KPMG help?


KPMG can provide you with a full range of services from an initial impact review for your business to ongoing assistance with filing VAT returns and importation documents. Outlined below are the advisory and compliance services we can offer:

Advisory services:

    •  Impact review
    •  VAT planning and structuring
    •  Advice on land and property matters
    •  Advice on international services
    •  Advice on import of goods and services 
  •  Requesting a pre-transaction ruling

 

Compliance services:

            • Registering for VAT
            • Completion of VAT returns
            • Apportionment calculations
            • Applications for a VAT refund
            • Completion of import documents
            • Investigations by the authorities
  • Training

Click here for an overview of our VAT Advisory Services.

 

If you would like to learn more about our services, please contact us:

 

Tracy E. Knowles

Head of Tax

T: + 1 242 393 2007

E: teknowles@kpmg.com.bs

 

Simon Townend

Head of Advisory

T: + 1 242 393 2007

E: stownend@kpmg.com.bs