Nassau, Bahamas –– Commercial importers are encouraged to begin to submit their applications for the VAT transitional virtual warehouse arrangements. Applications for the warehousing privilege must be submitted by October 15.
A spokesperson for the Ministry of Finance stressed that “there should be no concerns about having a taxpayer identification number (TIN) to include on the application. Firms will be asked to provide this information to the Customs Department afterwards.”
This assurance is being given after some local firms signaled concerns about not being able to complete applications until they are enrolled as VAT registrants and assigned TINs.
“We know who all of the large VAT registrants will be. Their enrollment for VAT will be a matter of formality. Customs is likewise familiar with the large importers who are destined to become registrants,” the Ministry Finance official said.
VAT registration is being launched with targeted enrollment of large taxpayers who will be taken through a manual process. All potential taxpayers though are being given access to manual forms over the Government’s website as of Friday September 26, to allow them to assemble all information needed for registration. They will be permitted to submit this information through the online system that will be activated during October.
Meanwhile, the Ministry of Finance also announced that official steps to enact the VAT legislation have been completed. The Act has now been sent for Gazetting.
On Tuesday September 30, the members of the VAT Education Task Force will be introduced to the public. This will add momentum to the education process.