National

“There’s A Lot of Room To Increase Vat Collection”

NASSAU, BAHAMAS – While VAT collections have held steady, the Department of Inland Revenue is concerned with the level of arrears and non-filings being reported.

Published

2 years ago

August 12, 2023

Berthony McDermott

NASSAU, BAHAMAS – While VAT collections have held steady, the Department of Inland Revenue is concerned with the level of arrears and non-filings being reported.

Department of Inland Revenue Controller Shunda Strachan admits more must be done.

For the first six months of the 2021/2022 fiscal year, The Bahamas collected $588 million in VAT revenue.

That accounts for 59% of collections.

The government announced it will again implement its back-to-school vat holiday from August 19th to September 10th.

Last year, businesses were not happy with the little notice given for them to prepare for the tax break.

This year the controller says it seems businesses are prepared.