In an era when Bahamians feel a lot safer living behind the protection of gated communities paying moderate fees for maintenance and security, they should bear in mind that after VAT comes on stream in Jan. 15, 2015, those fees will rise.
The education on Valued Added Tax is very critical at this stage as the taxation system’s implementation is only about six weeks away. ONLY seven and a half per cent VAT will be added to all applicable fees and as a homeowner in a gated community I am making the responsible decision to go the Ministry of Finance’s Website AND check with the Bahamas Chamber of Commerce to get a ball park figure of what I will be paying come January 2015. It is responsible and will put you in a better way in terms of preparation.
In general its important to know everything you can about VAT as it will affect so many areas in your life. Get VAT ready!.