Health
BIA Does Not Support Increased VAT Tax on Insured
NASSAU, BAHAMAS – The Bahamas Insurance Association does not support the change by the government to pass on all VAT charges to the insured.
NASSAU, BAHAMAS – The Bahamas Insurance Association does not support the change by the government to pass on all VAT charges to the insured, according to Chairman of Bahamas Insurance Association Health Insurance Committee Marcus Bosland.
The Department of Inland Revenue advised The Bahamas Insurance Association that they intend to increase the VAT burden on medical, dental and vision insurance effective April 1st, 2023.
This means, in addition to continuing to pay VAT on premiums, clients will now also be responsible for all of the VAT on the underlying medical service.
“The insured can escape the tax burden by receiving treatment overseas, however; this will reduce the clientele of Bahamian providers”, says Bosland.
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