6 July 2018
The Bahamas Department of Inland Revenue has published new VAT guides reflecting the increase in the VAT rate from 7.5% to 12.0% and other VAT changes effective 1 July as provided for in the 2018/19 Budget. One of the key guides regarding the increased rate is VAT Guidance on Transitional Arrangements. The guide includes that:
The guide also covers special provisions for certain industries. This includes that:
The other updated guidance includes the General VAT Guide and VAT Guidance on the Cash Accounting and Flat Rate Schemes.
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