Letter to the EDITOR
The time draweth neigh for VAT to come on stream. I am very pleased with the government’s diligence in making every Bahamian knowledgeable about its upcoming taxation system. It is working and everyone is getting ready.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) have been holding seminars supporting the government in educating the public and business owners, in particular about VAT. This is an exciting time for business owners and citizens alike. At this point, the only people who don’t know about VAT are those who do not want to know. The information is in the newspapers, on TV on government websites – everywhere.
Besides VAT education being a priority, the objective of the government is to register approximately 4,500 businesses that earn more than $100,000 per annum by November 30, of this year. This is an extended deadline and businesses should take advantage of it.
We are only three months away and Bahamians should not fear the unknown. We should comply with what is asked of us business owners and read up on everything VAT related.
We are going to be just fine.