YOU DON’T KNOW WHAT VAT IS YET?
I know this is shocking to some members of the public, BUT some people STILL DO NOT know what Value Added Tax is. I wish to school them in this letter as I find it appalling.
This is what is posted on the Ministry of Finance’s website:
“Value Added Tax (VAT), is an indirect tax which is considered broadly based consumption tax charged on the value added to goods and services. It applies to almost all goods and services that are imported, bought and sold for use or consumption. Conversely goods exported supplied to customers abroad are exempted or zero-rated.”
Further to what is posted above, the Government of The Bahamas in its wisdom, saw fit to implement a taxation system to be one of the tools used to sustain our country and bring down our national debt. This is a GOOD thing! Most advancing countries have a proper taxation system.
BE EDUCATED my Bahamian people. No one is trying to hoodwink you. The government has made every attempt to educate ALL Bahamians on VAT. Take advantage of it.
For more information about Value Added Tax, log on to the Ministry of Finance’s website.