Business
$875M In Arrears Owed to Department of Inland Revenue
NASSAU, BAHAMAS – The Department of Inland Revenue revealing some startling figures during a compliance and enforcement press conference Wednesday morning, where they also discussed the future of tax collection and penalties.
NASSAU, BAHAMAS – The Department of Inland Revenue revealing some startling figures during a compliance and enforcement press conference Wednesday morning, where they also discussed the future of tax collection and penalties.
The department previously announced that outstanding taxes amounted to over $1 billion.
Since they’ve started cracking down on suspected offenders, new numbers released today reveal they’ve been able to bring the number down to $875 million so far.
Acting Controller of the Department of Inland Revenue, Shunda Strachan.
They discussed some of their powers of enforcement today, including: freezing bank accounts, getting warrants to search and seige businesses’ records and assetsas s well as getting third party data from banks and wholesalers and power of sale.
There are several fixed penalties associated with tax fraud and evasion.
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