According to a press release issued by the VAT Department of the Bahamas Ministry of Finance, the department has begun issuing fines and warning letters to businesses with declared turnover of BSD 100,000 that have submitted late registration applications. In general, any business that missed the 30 November 2014 deadline by more than 16 days will be subject to a fine of BSD 250 to BSD 10,000. Higher penalties may apply for any business required to register that has failed to do so by 15 January 2015.
VAT is first introduced in the Bahamas from 1 January 2015, the standard rate is 7.5% and applies to the supply of most goods and services in the country.
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