The public is advised that the Value Added Tax (VAT) Department of the Ministry of Finance has released a short video to assist VAT Registrants with the accounting process.
This short video entitled ‘Accounting for VAT’ will provide taxpayers with information on how to account for VAT in preparation for the return filing period. This video should be viewed in conjunction with the department’s ‘How To File a Return’ video.
The video features an Accounting for VAT flow chart, sample input and output tax worksheets, a VAT account, VAT return form, tax invoices or receipts, and working papers to assist with the completion of a filing return.
The filing deadline for those taxpayers making a turnover sale of $5 million or more is March 2nd and for those taxpayers under $5 million the deadline for filing will be April 28th.
VAT Registrants are advised that they can view VAT’s ‘How To’ videos by selecting the appropriate link under Video Tab on the government’s website at www.bahamas.gov.bs/VAT.
For more information contact the VAT Department at email@example.com or call Client Services toll free at 1-(242)-225-7280
February 25th, 2015